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    RENAISSANCE
      HOME EQUITY LOAN TRUST 2006-3

     

    Issuer

     

    

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

     

    Indenture
      Trustee

     

    and

     

    

     

    WELLS
      FARGO BANK, N.A.

     

    Securities
      Administrator

     

    

     

    _____________________________

     

    INDENTURE

     

    Dated
      as
      of September 28, 2006

     

    _____________________________

     

    HOME
      EQUITY LOAN ASSET-BACKED NOTES, SERIES 2006-3

     

    ________________

     

    

     

    
      

      

    

     

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

    
      	
              ARTICLE
                I

            
	
              DEFINITIONS

            
	
              Section
                1.01.

            	
              Definitions

            
	
              Section
                1.02.

            	
              Incorporation
                by Reference of Trust Indenture Act

            
	
              Section
                1.03.

            	
              Rules
                of Construction

            
	 	 
	
              ARTICLE
                II

            
	
              ORIGINAL
                ISSUANCE OF THE NOTES

            
	
              Section
                2.01.

            	
              Form

            
	
              Section
                2.02.

            	
              Execution,
                Authentication and Delivery

            
	
              Section
                2.03.

            	
              Acceptance
                of Mortgage Loans by Indenture Trustee.

            
	
              Section
                2.04.

            	
              Acceptance
                of the Interest Rate Swap Agreement by Owner Trustee

            
	 	 
	
              ARTICLE
                III

            
	
              COVENANTS

            
	
              Section
                3.01.

            	
              Collection
                of Payments with respect to the Mortgage Loans; Investment of
                Accounts.

            
	
              Section
                3.02.

            	
              Maintenance
                of Office or Agency

            
	
              Section
                3.03.

            	
              Money
                for Payments To Be Held in Trust; Paying Agent

            
	
              Section
                3.04.

            	
              Existence

            
	
              Section
                3.05.

            	
              Payment
                of Principal and Interest.

            
	
              Section
                3.06.

            	
              Protection
                of Collateral.

            
	
              Section
                3.07.

            	
              Opinions
                as to Collateral.

            
	
              Section
                3.08.

            	
              Performance
                of Obligations.

            
	
              Section
                3.09.

            	
              Negative
                Covenants

            
	
              Section
                3.10.

            	
              [Reserved.]

            
	
              Section
                3.11.

            	
              [Reserved.]

            
	
              Section
                3.12.

            	
              Representations
                and Warranties Concerning the Mortgage Loans

            
	
              Section
                3.13.

            	
              Amendments
                to Servicing Agreement

            
	
              Section
                3.14.

            	
              Servicer
                as Agent and Bailee of the Indenture Trustee

            
	
              Section
                3.15.

            	
              Investment
                Company Act

            
	
              Section
                3.16.

            	
              Issuer
                May Consolidate, etc.

            
	
              Section
                3.17.

            	
              Successor
                or Transferee.

            
	
              Section
                3.18.

            	
              No
                Other Business

            
	
              Section
                3.19.

            	
              No
                Borrowing

            
	
              Section
                3.20.

            	
              Guarantees,
                Loans, Advances and Other Liabilities

            
	
              Section
                3.21.

            	
              Capital
                Expenditures

            
	
              Section
                3.22.

            	
              [Reserved].

            
	
              Section
                3.23.

            	
              Restricted
                Payments

            
	
              Section
                3.24.

            	
              Notice
                of Events of Default

            
	
              Section
                3.25.

            	
              Further
                Instruments and Acts

            
	
              Section
                3.26.

            	
              Statements
                to Noteholders

            
	
              Section
                3.27.

            	
              [Reserved].

            
	
              Section
                3.28.

            	
              Certain
                Representations Regarding the Trust.

            
	
              Section
                3.29.

            	
              Allocation
                of Realized Losses.

            
	
              Section
                3.30.

            	
              [Reserved].

            
	
              Section
                3.31.

            	
              [Reserved]

            
	
              Section
                3.32.

            	
              [Reserved]

            
	 	 
	
              ARTICLE
                IV

            
	
              THE
                NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

            
	
              Section
                4.01.

            	
              The
                Notes

            
	
              Section
                4.02.

            	
              Registration
                of and Limitations on Transfer and Exchange of Notes; Appointment
                of Note
                Registrar and Certificate.

            
	
              Section
                4.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Notes

            
	
              Section
                4.04.

            	
              Persons
                Deemed Owners

            
	
              Section
                4.05.

            	
              Cancellation

            
	
              Section
                4.06.

            	
              Book-Entry
                Notes.

            
	
              Section
                4.07.

            	
              Notices
                to Depository

            
	
              Section
                4.08.

            	
              Definitive
                Notes

            
	
              Section
                4.09.

            	
              Tax
                Treatment

            
	
              Section
                4.10.

            	
              Satisfaction
                and Discharge of Indenture

            
	
              Section
                4.11.

            	
              Application
                of Trust Money

            
	
              Section
                4.12.

            	
              Derivative
                Contracts for Benefit of the Certificates

            
	
              Section
                4.13.

            	
              Repayment
                of Monies Held by Paying Agent

            
	
              Section
                4.14.

            	
              Temporary
                Notes

            
	
              Section
                4.15.

            	
              Representation
                Regarding ERISA

            
	
              Section
                4.16.

            	
              Transfer
                Restrictions for Class N Notes.

            
	 	 
	
              ARTICLE
                V

            
	
              DEFAULT
                AND REMEDIES

            
	
              Section
                5.01.

            	
              Events
                of Default

            
	
              Section
                5.02.

            	
              Acceleration
                of Maturity; Rescission and Annulment

            
	
              Section
                5.03.

            	
              Collection
                of Indebtedness and Suits for Enforcement by Indenture
                Trustee.

            
	
              Section
                5.04.

            	
              Remedies;
                Priorities.

            
	
              Section
                5.05.

            	
              Optional
                Preservation of the Collateral

            
	
              Section
                5.06.

            	
              Limitation
                of Suits

            
	
              Section
                5.07.

            	
              Unconditional
                Rights of Noteholders To Receive Principal and
                Interest.

            
	
              Section
                5.08.

            	
              Restoration
                of Rights and Remedies

            
	
              Section
                5.09.

            	
              Rights
                and Remedies Cumulative

            
	
              Section
                5.10.

            	
              Delay
                or Omission Not a Waiver

            
	
              Section
                5.11.

            	
              Control
                By Noteholders

            
	
              Section
                5.12.

            	
              Waiver
                of Past Defaults

            
	
              Section
                5.13.

            	
              Undertaking
                for Costs

            
	
              Section
                5.14.

            	
              Waiver
                of Stay or Extension Laws

            
	
              Section
                5.15.

            	
              Sale
                of Trust.

            
	
              Section
                5.16.

            	
              Action
                on Notes

            
	
              Section
                5.17.

            	
              Performance
                and Enforcement of Certain Obligations.

            
	 	 
	
              ARTICLE
                VI

            
	
              THE
                INDENTURE TRUSTEE AND THE SECURITIES ADMINISTRATOR

            
	
              Section
                6.01.

            	
              Duties
                of Indenture Trustee and the Securities Administrator.

            
	
              Section
                6.02.

            	
              Rights
                of Indenture Trustee and Securities Administrator.

            
	
              Section
                6.03.

            	
              Individual
                Rights of Indenture Trustee and Securities
                Administrator

            
	
              Section
                6.04.

            	
              Indenture
                Trustee’s and Securities Administrator’s Disclaimer

            
	
              Section
                6.05.

            	
              Notice
                of Event of Default

            
	
              Section
                6.06.

            	
              Reports
                by Securities Administrator to Holders and Tax
                Administration.

            
	
              Section
                6.07.

            	
              Compensation
                and Indemnity

            
	
              Section
                6.08.

            	
              Replacement
                of Indenture Trustee or Securities Administrator

            
	
              Section
                6.09.

            	
              Successor
                Indenture Trustee or Securities Administrator by Merger

            
	
              Section
                6.10.

            	
              Appointment
                of Co-Indenture Trustee or Separate Indenture Trustee.

            
	
              Section
                6.11.

            	
              Eligibility;
                Disqualification

            
	
              Section
                6.12.

            	
              Preferential
                Collection of Claims Against Issuer

            
	
              Section
                6.13.

            	
              Representations
                and Warranties

            
	
              Section
                6.14.

            	
              Directions
                to Indenture Trustee and Securities Administrator

            
	
              Section
                6.15.

            	
              The
                Agents

            
	 	 
	
              ARTICLE
                VII

            
	
              NOTEHOLDERS’
                LISTS AND REPORTS

            
	
              Section
                7.01.

            	
              Issuer
                To Furnish Securities Administrator Names and Addresses of
                Noteholders.

            
	
              Section
                7.02.

            	
              Preservation
                of Information; Communications to Noteholders.

            
	
              Section
                7.03.

            	
              Reports
                of Issuer.

            
	
              Section
                7.04.

            	
              Reports
                by Securities Administrator

            
	
              Section
                7.05.

            	
              Statements
                to Noteholders.

            
	 	 
	
              ARTICLE
                VIII

            
	
              ACCOUNTS,
                DISBURSEMENTS AND RELEASES

            
	
              Section
                8.01.

            	
              Collection
                of Money

            
	
              Section
                8.02.

            	
              Trust
                Accounts.

            
	
              Section
                8.03.

            	
              Officer’s
                Certificate

            
	
              Section
                8.04.

            	
              Termination
                Upon Payment to Noteholders

            
	
              Section
                8.05.

            	
              Release
                    of Collateral.

            
	
              Section
                8.06.

            	
              Surrender
                of Notes Upon Final Payment

            
	
              Section
                8.07.

            	
              Optional
                Redemption of the Notes.

            
	 	 
	
              ARTICLE
                IX

            
	
              SUPPLEMENTAL
                INDENTURES

            
	
              Section
                9.01.

            	
              Supplemental
                Indentures Without Consent of Noteholders.

            
	
              Section
                9.02.

            	
              Supplemental
                Indentures With Consent of Noteholders

            
	
              Section
                9.03.

            	
              Execution
                of Supplemental Indentures

            
	
              Section
                9.04.

            	
              Effect
                of Supplemental Indenture

            
	
              Section
                9.05.

            	
              Conformity
                with Trust Indenture Act

            
	
              Section
                9.06.

            	
              Reference
                in Notes to Supplemental Indentures

            
	 	 
	
              ARTICLE
                X

            
	
              MISCELLANEOUS

            
	
              Section
                10.01.

            	
              Compliance
                Certificates and Opinions, etc.

            
	
              Section
                10.02.

            	
              Form
                of Documents Delivered to Indenture Trustee

            
	
              Section
                10.03.

            	
              Acts
                of Noteholders.

            
	
              Section
                10.04.

            	
              Notices
                etc., to Indenture Trustee, Securities Administrator, Issuer and
                Rating
                Agencies.

            
	
              Section
                10.05.

            	
              Notices
                to Noteholders; Waiver

            
	
              Section
                10.06.

            	
              Conflict
                with Trust Indenture Act

            
	
              Section
                10.07.

            	
              Effect
                of Headings

            
	
              Section
                10.08.

            	
              Successors
                and Assigns

            
	
              Section
                10.09.

            	
              Separability

            
	
              Section
                10.10.

            	
              [Reserved.]

            
	
              Section
                10.11.

            	
              Legal
                Holidays

            
	
              Section
                10.12.

            	
              GOVERNING
                LAW

            
	
              Section
                10.13.

            	
              Counterparts

            
	
              Section
                10.14.

            	
              Recording
                of Indenture

            
	
              Section
                10.15.

            	
              Issuer
                Obligation

            
	
              Section
                10.16.

            	
              No
                Petition

            
	
              Section
                10.17.

            	
              Inspection

            
	
              Section
                10.18.

            	
              No
                Recourse to Owner Trustee

            
	
              Section
                10.19.

            	
              Proofs
                of Claim

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBITS

    

    
      	
              Exhibit
                A-1

            	
              Form
                of Offered Notes

            
	
              Exhibit
                A-2

            	
              Form
                of Class N Notes

            
	
              Exhibit
                B

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                C-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                C-2

            	
              Form
                of Final Certification

            
	
              Exhibit
                D

            	
              Interest
                Rate Swap Agreement

            
	
              Exhibit
                E

            	
              Form
                of Custodial Agreement

            
	
              Exhibit
                F-1

            	
              Form
                of Transferor Certificate for Transfers of Class N
                Notes

            
	
              Exhibit
                F-2

            	
              Form
                of Transferee Certificate for Transfers of the Class N
                Notes

            
	 	
              (Including
                ERISA Certification)

            
	
              Exhibit
                G-1

            	
              Form
                of Transfer Certificate for Transfer from Restricted Global Security
                to
                Regulation S Global Security

            
	
              Exhibit
                G-2

            	
              Form
                of Transfer Certificate for Transfer from Regulation S Global Security
                to
                Restricted Global Security

            

    

    

     
      Appendix A      Definitions

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Indenture, dated as of September 28, 2006, is entered into among Renaissance
      Home Equity Loan Trust 2006-3, a Delaware statutory trust, as Issuer (the
“Issuer”), HSBC Bank USA, National Association, a national banking association,
      as Indenture Trustee (the “Indenture Trustee”) and Wells Fargo Bank, N.A., a
      national banking association, as Securities Administrator (the “Securities
      Administrator”).

     

    WITNESSETH
      THAT:

     

    Each
      party hereto agrees as follows for the benefit of the other party and for the
      equal and ratable benefit of the Holders of the Issuer’s Home Equity Loan
      Asset-Backed Notes, Series 2006-3 (the “Notes”).

     

    GRANTING
      CLAUSE

     

    The
      Issuer hereby Grants to the Indenture Trustee at the Closing Date, as trustee
      for the benefit of the Holders of the Notes, all of the Issuer’s right, title
      and interest in and to whether now existing or hereafter created by (a) the
      Mortgage Loans, Eligible Substitute Mortgage Loans and the proceeds thereof
      and
      all rights under the Related Documents; (b) all funds on deposit from time
      to
      time in the Collection Account allocable to the Mortgage Loans excluding any
      investment income from such funds; (c) all funds on deposit from time to time
      in
      the Payment Account and in all proceeds thereof; (d) all rights under (i) the
      Mortgage Loan Sale and Contribution Agreement as assigned to the Issuer, (ii)
      the Servicing Agreement, (iii) any title, hazard and primary insurance policies
      with respect to the Mortgaged Properties and (iv) the rights with respect to
      the
      Interest Rate Swap Agreement and (e) all present and future claims, demands,
      causes and choses in action in respect of any or all of the foregoing and all
      payments on or under, and all proceeds of every kind and nature whatsoever
      in
      respect of, any or all of the foregoing and all payments on or under, and all
      proceeds of every kind and nature whatsoever in the conversion thereof,
      voluntary or involuntary, into cash or other liquid property, all cash proceeds,
      accounts, accounts receivable, notes, drafts, acceptances, checks, deposit
      accounts, rights to payment of any and every kind, and other forms of
      obligations and receivables, instruments and other property which at any time
      constitute all or part of or are included in the proceeds of any of the
      foregoing (collectively, the “Collateral”).

     

    The
      foregoing Grant is made in trust to secure the payment of principal of and
      interest on, and any other amounts owing in respect of, the Notes, equally
      and
      ratably without prejudice, priority or distinction, and to secure compliance
      with the provisions of this Indenture, all as provided in this
      Indenture.

     

    The
      Indenture Trustee, as trustee on behalf of the Holders of the Notes,
      acknowledges such Grant, accepts the trust under this Indenture in accordance
      with the provisions hereof and agrees to perform its duties as Indenture Trustee
      as required herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01.  Definitions.
      For all
      purposes of this Indenture, 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
      attached hereto as Appendix A which is incorporated by reference herein. All
      other capitalized terms used herein shall have the meanings specified
      herein.

     

    Section
      1.02.  Incorporation
      by Reference of Trust Indenture Act.
      Whenever this Indenture refers to a provision of the Trust Indenture Act (the
      “TIA”), the provision is incorporated by reference in and made a part of this
      Indenture. The following TIA terms used in this Indenture have the following
      meanings:

     

    “Commission”
      means the Securities and Exchange Commission.

     

    “indenture
      securities” means the Notes.

     

    “indenture
      security holder” means a Noteholder.

     

    “indenture
      to be qualified” means this Indenture.

     

    “indenture
      trustee” or “institutional trustee” means the Indenture Trustee.

     

    “obligor”
      on the indenture securities means the Issuer and any other obligor on the
      indenture securities.

     

    All
      other
      TIA terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by Commission rules and have the
      meanings assigned to them by such definitions.

     

    
      	Section
              1.03.  	
              Rules
                of Construction.
                Unless the context otherwise
                requires:

            

    

     

    (i) a
      term
      has the meaning assigned to it;

     

    (ii) an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect from
      time
      to time;

     

    (iii) “or”
is
      not exclusive;

     

    (iv) “including”
      means including without limitation;

     

    (v) words
      in
      the singular include the plural and words in the plural include the singular;
      and

     

    (vi) 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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      II

     

    ORIGINAL
      ISSUANCE OF THE NOTES

     

    Section
      2.01.  Form.
      The
      Notes, together with the Securities Administrator’s certificate of
      authentication, shall be in substantially the form set forth in Exhibit A-1
      and
      Exhibit A-2 to this Indenture, respectively, with such appropriate insertions,
      omissions, substitutions and other variations as are required or permitted
      by
      this Indenture.

     

    The
      Notes
      shall be typewritten, printed, lithographed or engraved or produced by any
      combination of these methods (with or without steel engraved
      borders).

     

    The
      terms
      of the Notes set forth in Exhibit A-1 and Exhibit A-2 to this Indenture are
      part
      of the terms of this Indenture. To the extent the Notes and the terms of the
      Indenture are inconsistent, the terms of the Indenture shall
      control.

     

    Section
      2.02.  Execution,
      Authentication and Delivery.  The
      Notes shall be executed on behalf of the Issuer by any of its Authorized
      Officers. The signature of any such Authorized Officer on the Notes may be
      manual or facsimile.

     

    Notes
      bearing the manual or facsimile signature of individuals who were at any time
      Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that
      such individuals or any of them have ceased to hold such offices prior to the
      authentication and delivery of such Notes or did not hold such offices at the
      date of such Notes.

     

    The
      Securities Administrator shall upon Issuer Request authenticate and deliver
      the
      Notes for original issue in an aggregate initial principal amount of
      $800,253,000. The Notes shall have the following Initial Note
      Balances:

     

    
      	
              Class
                AV-1

            	 	
              $

            	
              56,800,000

            	 
	
              Class
                AV-2

            	 	
              $

            	
              23,500,000

            	 
	
              Class
                AV-3

            	 	
              $

            	
              29,700,000

            	 
	
              Class
                AF-1

            	 	
              $

            	
              194,300,000

            	 
	
              Class
                AF-2

            	 	
              $

            	
              116,400,000

            	 
	
              Class
                AF-3

            	 	
              $

            	
              82,200,000

            	 
	
              Class
                AF-4

            	 	
              $

            	
              68,400,000

            	 
	
              Class
                AF-5

            	 	
              $

            	
              46,694,000

            	 
	
              Class
                AF-6

            	 	
              $

            	
              56,444,000

            	 
	
              Class
                M-1

            	 	
              $

            	
              25,988,000

            	 
	
              Class
                M-2

            	 	
              $

            	
              24,338,000

            	 
	
              Class
                M-3

            	 	
              $

            	
              14,438,000

            	 
	
              Class
                M-4

            	 	
              $

            	
              14,025,000

            	 
	
              Class
                M-5

            	 	
              $

            	
              11,963,000

            	 
	
              Class
                M-6

            	 	
              $

            	
              10,313,000

            	 
	
              Class
                M-7

            	 	
              $

            	
              9,075,000

            	 
	
              Class
                M-8

            	 	
              $

            	
              8,250,000

            	 
	
              Class
                M-9

            	 	
              $

            	
              7,425,000

            	 
	
              Class
                N-1

            	 	
              $

            	
              29,700,000

            	 
	
              Class
                N-2

            	 	
              $

            	
              4,700,000

            	 

    

    

    Each
      of
      the Notes shall be dated the date of its authentication. The Notes shall be
      issuable as registered Notes and the Notes shall be issuable in the minimum
      initial Note Balances of $25,000 and in integral multiples of $1 in excess
      thereof; provided that Offered Notes must be purchased in minimum total
      investments of $100,000 per Class.

     

    No
      Note
      shall be entitled to any benefit under this Indenture or be valid or obligatory
      for any purpose, unless there appears on such Note a certificate of
      authentication substantially in the form provided for herein executed by the
      Securities Administrator by the manual signature of one of its authorized
      signatories, and such certificate upon any Note shall be conclusive evidence,
      and the only evidence, that such Note has been duly authenticated and delivered
      hereunder.

     

    
      	Section
              2.03.  	
              Acceptance
                of Mortgage Loans by Indenture Trustee.

            

    

     

    (a)  The
      Indenture Trustee acknowledges receipt of, subject to the exceptions it notes
      pursuant to the procedures described below, the documents (or certified copies
      thereof) referred to in Section 2.1(b) of the Mortgage Loan Sale and
      Contribution Agreement, and declares that it or the Custodian holds and will
      continue to hold those documents and any amendments, replacements or supplements
      thereto and all other assets of the Trust as Indenture Trustee in trust for
      the
      use and benefit of all present and future Holders of the Notes.

     

    On
      the
      Closing Date or no later than the 45th
      day
      following the Closing Date, the Indenture Trustee or the Custodian on behalf
      of
      the Indenture Trustee shall certify to the Seller, the Depositor and the
      Servicer (and the Indenture Trustee if the Custodian is so certifying) that
      it
      has reviewed each Mortgage File and that, as to each Mortgage Loan listed in
      the
      related Mortgage Loan Schedule (other than any Mortgage Loan paid in full or
      any
      Mortgage Loan specifically identified in the certification in the form annexed
      hereto as Exhibit C-1 as not covered by such certification), (i) all documents
      constituting part of such Mortgage File required to be delivered to it pursuant
      to paragraphs (i) - (v) and (vii) of Section 2.1(b) of the Mortgage Loan Sale
      and Contribution Agreement are in its possession, (ii) such documents have
      been
      reviewed by it and appear regular on their face and relate to such Mortgage
      Loan, (iii) based on its examination and only as to the foregoing, the
      information set forth in the Mortgage Loan Schedule which corresponds to items
      (ii) and (iii) of the definition of “Mortgage Loan Schedule” accurately reflects
      information set forth in the Mortgage File. If within such 45-day period the
      Indenture Trustee or the Custodian on behalf of the Indenture Trustee finds
      any
      document constituting a part of a Mortgage File not to have been executed or
      received or to be unrelated to the Mortgage Loans identified in said Mortgage
      Loan Schedule or, if in the course of its review, the Indenture Trustee or
      the
      Custodian on behalf of the Indenture Trustee determines that such Mortgage
      File
      is otherwise defective in any material respect, the Indenture Trustee or the
      Custodian on behalf of the Indenture Trustee shall promptly upon the conclusion
      of its review notify the Seller in the form of an exception report and the
      Seller shall have a period of ninety (90) days after such notice within which
      to
      correct or cure any such defect.

     

    On
      the
      360th
      day
      following the Closing Date, the Indenture Trustee or the Custodian on behalf
      of
      the Indenture Trustee shall deliver to the Seller and the Servicer an exception
      report showing the documents outstanding pursuant to Section 2.1(b) of the
      Mortgage Loan Sale and Contribution Agreement along with a final certification
      annexed hereto as Exhibit C-2 updated from the previous certification issued
      in
      the form of Exhibit C-1. The Indenture Trustee or the Custodian on behalf of
      the
      Indenture Trustee shall also maintain records adequate to determine the date
      on
      which any document required to be delivered to it after such 360th
      day
      following the Closing Date must be delivered to it, and on each such date,
      the
      Indenture Trustee or the Custodian on behalf of the Indenture Trustee shall
      review the related Mortgage File to determine whether such document has, in
      fact, been delivered. After the delivery of the final certification, a form
      of
      which is attached hereto as Exhibit C-2, (i) the Indenture Trustee or the
      Custodian on behalf of the Indenture Trustee shall provide to the Servicer
      and
      the Seller (and to the Indenture Trustee if delivered by the Custodian), no
      less
      frequently than monthly, updated exception reports showing the documents
      outstanding pursuant to Section 2.1(b) of the Mortgage Loan Sale and
      Contribution Agreement until all such exceptions have been eliminated and (ii)
      the Seller shall provide to the Indenture Trustee or the Custodian on behalf
      of
      the Indenture Trustee and the Servicer, no less frequently than monthly, updated
      certifications indicating the then current status of exceptions until all such
      exceptions have been eliminated; provided
      that the
      delivery of the final certification shall not act as a waiver of any of the
      rights the Noteholders may have with respect to such exceptions, and all rights
      are reserved with respect thereto.

     

    Neither
      the Indenture Trustee nor the Custodian makes any representations as to, and
      shall not be responsible to verify, (i) the validity, sufficiency, legality,
      due
      authorization, recordation or genuineness of any document or (ii) the
      collectability, insurability or effectiveness of any of the Mortgage
      Loans.

     

    (b)  Neither
      the Indenture Trustee nor the Custodian on behalf of the Indenture Trustee
      shall
      have any responsibility for reviewing any Mortgage File except as expressly
      provided in Section 2.02. Without limiting the effect of the preceding sentence,
      in reviewing any Mortgage File pursuant to such subsection, neither the
      Indenture Trustee nor the Custodian shall have any responsibility for
      determining whether any document is valid and binding, whether the text of
      any
      assignment or endorsement is in proper or recordable form (except, if
      applicable, to determine if the Indenture Trustee is the assignee or endorsee),
      whether any document has been recorded in accordance with the requirements
      of
      any applicable jurisdiction, or whether a blanket assignment is permitted in
      any
      applicable jurisdiction, but shall only be required to determine whether a
      document has been executed, that it appears to be what it purports to be, and,
      where applicable, that it purports to be recorded, but shall not be required
      to
      determine whether any Person executing any document is authorized to do so
      or
      whether any signature thereon is genuine.

     

    The
      parties hereto understand and agree that it is not intended that any Mortgage
      Loan be included in the Trust that is a high-cost home loan as defined by the
      Homeownership and Equity Protection Act of 1994 or any other applicable
      predatory or abusive lending laws.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Indenture Trustee with respect to the custody, acceptance,
      inspection and release of the Mortgage Files, including but not limited to
      certain insurance policies and documents contemplated by this Agreement and
      the
      Servicing Agreement, and preparation and delivery of any applicable
      certifications shall be performed by the Custodian pursuant to the terms and
      conditions of the Custodial Agreement.

     

    Section
      2.04.  Acceptance
      of the Interest Rate Swap Agreements by Owner Trustee.
      The
      Issuer hereby directs the Owner Trustee to execute and the Securities
      Administrator (on behalf of the Owner Trustee) to deliver and perform the Owner
      Trustee’s obligations under the Interest Rate Swap Agreement on the Closing Date
      and thereafter on behalf of the Holders of the Class N Notes. The Issuer and
      the
      Holders of the Class N Notes by their acceptance of such Notes acknowledge
      and
      agree that the Owner Trustee shall execute and the Securities Administrator
      (on
      behalf of the Owner Trustee) shall deliver and perform the Owner Trustee’s
      obligations under the Interest Rate Swap Agreement and shall do so solely in
      its
      capacity as Owner Trustee or Securities Administrator, as applicable, and not
      in
      its respective individual capacity.

     

    The
      Owner
      Trustee acknowledges receipt of the Interest Rate Swap Agreement and declares
      that it holds and will continue to hold these documents and any amendments,
      replacements or supplements thereto for the use and benefit of all present
      and
      future Holders of the Class N Notes. Every provision of this Indenture affording
      protection to the Owner Trustee shall apply to the Owner Trustee’s execution of
      the Interest Rate Swap Agreement and the performance of its duties and
      satisfaction of its obligations thereunder.

     

    

     

    ARTICLE
      III

     

    COVENANTS

     

    
      	Section
              3.01.  	
              Collection
                of Payments with respect to the Mortgage Loans; Investment of
                Accounts. 

            

    

     

    (a)  The
      Securities Administrator shall establish with itself, a separate account (the
      “Payment Account”) titled “HSBC Bank USA, National Association, as Indenture
      Trustee, in trust for the registered holders of Renaissance Home Equity Loan
      Trust 2006-3 Home Equity Loan Asset-Backed Notes, Series 2006-3.” The Payment
      Account shall be an Eligible Account. The Securities Administrator shall deposit
      any amounts representing payments on and any collections in respect of the
      Mortgage Loans received by it immediately following receipt thereof, including,
      without limitation, all amounts withdrawn by the Servicer from the Collection
      Account pursuant to Section 3.03 of the Servicing Agreement for deposit to
      the
      Payment Account. Amounts on deposit in the Payment Account may be invested
      in
      Eligible Investments pursuant to Section 3.01(b). In addition, the Securities
      Administrator shall deposit the Initial Deposit in the Payment Account on the
      Closing Date. Immediately prior to each Payment Date, the Securities
      Administrator shall withdraw from the Payment Account and pay to the Master
      Servicer an amount equal to the Master Servicing Fee for such Payment Date
      and
      any unreimbursed Monthly Advances made by the Master Servicer. The Securities
      Administrator shall make all payments of principal of and interest on the Notes,
      subject to Section 3.03 as provided in Section 3.05 herein from monies on
      deposit in the Payment Account.

     

    (b)  Consistent
      with any requirements of the Code, all or a portion of any Account held by
      the
      Securities Administrator shall be invested and reinvested by the Securities
      Administrator (in the case of the Payment Account) or as directed in writing
      by
      the Servicer (in the case of the Collection Account) or the Seller (in the
      case
      of any other Account) (the applicable Person, the “Directing Party”), in one or
      more Eligible Investments bearing interest or sold at a discount. If the
      applicable Directing Party does not provide investment directions, or if the
      Directing Party is the Servicer and a Servicer Event of Default shall have
      occurred and be continuing, the Securities Administrator shall invest all
      Accounts in Eligible Investments described in paragraph (vi) of the definition
      of Eligible Investments. No such investment in any Account shall mature later
      than the Business Day immediately preceding the next Payment Date (except that
      for any such Account other than the Payment Account (i) if such Eligible
      Investment is an obligation of the Securities Administrator or a money market
      fund for which the Securities Administrator or any Affiliate is the manager
      or
      the advisor, then such Eligible Investment shall mature not later than such
      Payment Date and (ii) any other date may be approved by the Rating
      Agencies).

     

    (c)  If
      any
      amounts are needed for disbursement from any Account held by the Securities
      Administrator and sufficient uninvested funds are not available to make such
      disbursement, the Securities Administrator shall cause to be sold or otherwise
      converted to cash a sufficient amount of the investments in such Account. The
      Securities Administrator shall not be liable for any investment loss or other
      charge resulting therefrom unless the Securities Administrator’s failure to
      perform in accordance with this Section 3.01(c) is the cause of such loss or
      charge.

     

    (d)  The
      Securities Administrator shall not in any way be held liable by reason of any
      insufficiency in any Account held by the Securities Administrator resulting
      from
      any investment loss on any Eligible Investment included therein (except to
      the
      extent that the Securities Administrator is the obligor and has defaulted
      thereon or as provided in subsection (c) of this Section 3.01).

     

    (e)  The
      Securities Administrator shall invest and reinvest funds in the Accounts held
      by
      the Securities Administrator, to the fullest extent practicable, in such manner
      as the applicable Directing Party shall from time to time direct as set forth
      in
      Section 3.01(b), but only in one or more Eligible Investments.

     

    (f)  So
      long
      as no Servicer Event of Default shall have occurred and be continuing, all
      net
      income and gain realized from investment of, and all earnings on, funds
      deposited in the Collection Account shall be for the benefit of the Servicer
      as
      Servicing Compensation (in addition to the Servicing Fee), and shall be subject
      to withdrawal on or before the first Business Day of the month following the
      month in which such income or gain is received. The Servicer shall deposit
      in
      the Collection Account, the amount of any loss incurred in respect of any
      Eligible Investment held therein which is in excess of the income and gain
      thereon immediately upon realization of such loss, without any right to
      reimbursement therefore from its own funds.

     

    (g)  All
      net
      income and gain realized from investment of, and all earnings on, funds
      deposited in the Collection Account shall be for the benefit of the Servicer
      for
      the period from the date of deposit to the Deposit Date, as Servicing
      Compensation in addition to the Servicing Fee. All net income and gain realized
      from investment of, and all earnings on, funds deposited in the Payment Account
      shall be for the benefit of the Securities Administrator for the period from
      the
      Deposit Date to the Payment Date, as compensation. Any such income shall be
      subject to withdrawal on or before the first Business Day of the month following
      the month in which such income or gain is received. The Securities
      Administrator, as applicable, shall deposit in the Payment Account from its
      own
      funds the amount of any loss incurred in respect of any Eligible Investment
      held
      therein which is in excess of the income and gain thereon payable to Securities
      Administrator immediately upon the realization of such loss, without any right
      to reimbursement therefor.

     

    Section
      3.02.  Maintenance
      of Office or Agency.
      The
      Issuer will maintain an office or agency where, subject to satisfaction of
      conditions set forth herein, Notes may be surrendered for registration of
      transfer or exchange, and where notices and demands to or upon the Issuer in
      respect of the Notes and this Indenture may be served. The Issuer hereby
      initially appoints the Securities Administrator to serve as its agent for the
      foregoing purposes. If at any time the Issuer shall fail to maintain any such
      office or agency or shall fail to furnish the Indenture Trustee with the address
      thereof, such surrenders may be made at the office designated by the Securities
      Administrator for such purpose.

     

    Section
      3.03.  Money
      for Payments To Be Held in Trust; Paying Agent.
      As
      provided in Section 3.01, all payments of amounts due and payable with respect
      to any Notes that are to be made from amounts withdrawn from the Payment Account
      pursuant to Section 3.01 shall be made on behalf of the Issuer by the Securities
      Administrator or by the Paying Agent, and no amounts so withdrawn from the
      Payment Account for payments of Notes shall be paid over to the Issuer except
      as
      provided in this Section 3.03. The Issuer hereby appoints the Securities
      Administrator as its Paying Agent.

     

    The
      Securities Administrator will cause each Paying Agent other than the Securities
      Administrator to execute and deliver to the Securities Administrator an
      instrument in which such Paying Agent shall agree with the Securities
      Administrator (and if the Securities Administrator acts as Paying Agent it
      hereby so agrees), subject to the provisions of this Section 3.03, that such
      Paying Agent will:

     

    (i)  hold
      all
      sums held by it for the payment of amounts due with respect to the Notes in
      trust for the benefit of the Persons entitled thereto until such sums shall
      be
      paid to such Persons or otherwise disposed of as herein provided and pay such
      sums to such Persons as herein provided;

     

    (ii)  give
      the
      Securities Administrator notice of any default by the Issuer of which it has
      actual knowledge in the making of any payment required to be made with respect
      to the Notes;

     

    (iii)  at
      any
      time during the continuance of any default described in (ii) above, upon the
      written request of the Securities Administrator, forthwith pay to the Securities
      Administrator all sums so held in trust by such Paying Agent;

     

    (iv)  immediately
      resign as Paying Agent and forthwith pay to the Securities Administrator all
      sums held by it in trust for the payment of Notes if at any time it ceases
      to
      meet the standards required to be met by a Paying Agent at the time of its
      appointment;

     

    (v)  comply
      with all requirements of the Code with respect to the withholding from any
      payments made by it on any Notes of any applicable withholding taxes imposed
      thereon and with respect to any applicable reporting requirements in connection
      therewith; and

     

    (vi)  not
      commence a bankruptcy proceeding against the Issuer in connection with this
      Indenture.

     

    The
      Issuer may at any time, for the purpose of obtaining the satisfaction and
      discharge of this Indenture or for any other purpose, by Issuer Request direct
      any Paying Agent to pay to the Securities Administrator all sums held in trust
      by such Paying Agent, such sums to be held by the Securities Administrator
      upon
      the same trusts as those upon which the sums were held by such Paying Agent;
      and
      upon such payment by any Paying Agent to the Securities Administrator, such
      Paying Agent shall be released from all further liability with respect to such
      money.

     

    Subject
      to applicable laws with respect to escheat of funds, any money held by the
      Securities Administrator or any Paying Agent in trust for the payment of any
      amount due with respect to any Note and remaining unclaimed for one year after
      such amount has become due and payable shall be discharged from such trust
      and
      be paid to the Issuer on Issuer Request; and the Holder of such Note shall
      thereafter, as an unsecured general creditor, look only to the Issuer for
      payment thereof (but only to the extent of the amounts so paid to the Issuer),
      and all liability of the Securities Administrator or such Paying Agent with
      respect to such trust money shall thereupon cease; provided,
      however,
      that the
      Securities Administrator or such Paying Agent, before being required to make
      any
      such repayment, shall at the expense and direction of the Issuer cause to be
      published once, in an Authorized Newspaper published in the English language,
      notice that such money remains unclaimed and that, after a date specified
      therein which shall not be less than 30 days from the date of such publication,
      any unclaimed balance of such money then remaining will be repaid to the Issuer.
      The Securities Administrator may also adopt and employ, at the expense and
      direction of the Issuer, any other reasonable means of notification of such
      repayment (including, but not limited to, mailing notice of such repayment
      to
      Holders whose Notes have been called but have not been surrendered for
      redemption or whose right to or interest in monies due and payable but not
      claimed is determinable from the records of the Securities Administrator or
      of
      any Paying Agent, at the last address of record for each such
      Holder).

     

    Section
      3.04.  Existence.
      The
      Issuer will keep in full effect its existence, rights and franchises as a
      statutory trust under the laws of the State of Delaware (unless it becomes,
      or
      any successor Issuer hereunder is or becomes, organized under the laws of any
      other state or of the United States of America, in which case the Issuer will
      keep in full effect its existence, rights and franchises under the laws of
      such
      other jurisdiction) and will obtain and preserve its qualification to do
      business in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Indenture, the
      Notes, the Mortgage Loans and each other instrument or agreement included in
      the
      Trust.

     

    
      	Section
              3.05.  	
              Payment
                of Principal and Interest.

            

    

     

    (a)  On
      each
      Payment Date from amounts on deposit in the Payment Account in accordance with
      Section 8.02 hereof, the Securities Administrator shall pay (i) to the Swap
      Provider, any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider and (ii) to the Persons specified below, to the extent provided
      therein, the Available Funds for such Payment Date.

     

    (b)  On
      each
      Payment Date the Securities Administrator shall withdraw from the Payment
      Account the Available Funds and apply such amount in the following order of
      priority, in each case, to the extent of the funds remaining:

     

    (i)  With
      respect to funds in the Payment Account received with respect to the Group
      I
      Mortgage Loans

     

    
      	(1)  	
              Concurrently,
                to each Class of Group I Notes, pro
                rata
                based on amounts due, the related Class Interest Payment for the
                applicable Payment Date.

            

    

     

    
      	(2)  	
              For
                payment pursuant to Section 3.05(b)(iii) below, any remaining
                amounts.

            

    

     

    (ii)  With
      respect to funds in the Payment Account received with respect to the Group
      II
      Mortgage Loans

     

    
      	(1)  	
              Concurrently,
                to each Class of Group II Notes, pro
                rata
                based on amounts due, the related Class Interest Payment for the
                applicable Payment Date.

            

    

     

    
      	(2)  	
              For
                payment pursuant to Section 3.05(b)(iii) below, any remaining
                amounts.

            

    

     

    (iii)  With
      respect to any remaining funds in the Payment Account after payments made
      pursuant to Sections 3.05(b)(i) and 3.05(b)(ii) above

     

    
      	(1)  	
              Concurrently,
                to the Senior Notes, to the extent not paid pursuant to Sections
                3.05(b)(i) and 3.05(b)(ii) above on the applicable Payment Date,
                pro
                rata
                based on amounts due, the related Class Interest Payment for the
                applicable Payment Date; then

            

    

     

    
      	(2)  	
              Sequentially,
                first to the Class M-1 Notes, second to the Class M-2 Notes, third
                to the
                Class M-3 Notes, fourth to the Class M-4 Notes, fifth to the Class
                M-5
                Notes, sixth to the Class M-6 Notes, seventh to the Class M-7 Notes,
                eighth to the Class M-8 Notes and ninth to the Class M-9 Notes, the
                related Class Monthly Interest Amount for the applicable Payment
                Date;
                then

            

    

     

    
      	(3)  	
              To
                the Senior Notes, the Senior Principal Payment Amount for the applicable
                Payment Date, excluding any Subordination Increase Amount included
                in that
                amount, concurrently as follows:

            

    

     

    (a) To
      the
      Group I Notes, the Group I Principal Payment Amount, sequentially, to the Class
      AV-1, Class AV-2 and Class AV-3 Notes, in that order, until the respective
      Class
      Note Balances of such Classes have been reduced to zero; provided, however,
      on
      any Payment Date on which the aggregate Note Balance of the Mezzanine Notes
      has
      been reduced to zero, principal payments to the Group I Notes will be made
      on a
pro
      rata
      basis
      based on the Class Note Balance of each such Class; and

     

    (b) To
      the
      Group II Notes, the Group II Principal Payment Amount, sequentially, first
      to
      the Class AF-6 Notes, an amount equal to the Class AF-6 Lockout Payment Amount,
      and second, sequentially, to the Class AF-1, Class AF-2, Class AF-3, Class
      AF-4,
      Class AF-5 and Class AF-6 Notes, in that order, until the respective Class
      Note
      Balances of such Classes have been reduced to zero; provided, however, on any
      Payment Date on which the aggregate Note Balance of the Mezzanine Notes has
      been
      reduced to zero, principal payments to the Group II Notes will be made on a
      pro
      rata
      basis
      based on the Class Note Balance of each such Class; then

     

    
      	(4)  	
              To
                the Class M-1 Notes, the Class M-1 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	(5)  	
              To
                the Class M-2 Notes, the Class M-2 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	(6)  	
              To
                the Class M-3 Notes, the Class M-3 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	(7)  	
              To
                the Class M-4 Notes, the Class M-4 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	(8)  	
              To
                the Class M-5 Notes, the Class M-5 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	(9)  	
              To
                the Class M-6 Notes, the Class M-6 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	(10)  	
              To
                the Class M-7 Notes, the Class M-7 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	(11)  	
              To
                the Class M-8 Notes, the Class M-8 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then 

            

    

     

    
      	(12)  	
              To
                the Class M-9 Notes, the Class M-9 Principal Payment Amount for the
                applicable Payment Date, excluding any Subordination Increase Amount
                included in that amount; then

            

    

     

    
      	(13)  	
              To
                the Offered Notes, the Subordination Increase Amount for the applicable
                Payment Date, allocated in the same order of priority set forth in
                clause
                (3) and clauses (4) through (12) of this Section 3.05(b)(iii);
                then

            

    

     

    
      	(14)  	
              Sequentially,
                first to the Class M-1 Notes, second to the Class M-2 Notes, third
                to the
                Class M-3 Notes, fourth to the Class M-4 Notes, fifth to the Class
                M-5
                Notes, sixth to the Class M-6 Notes, seventh to the Class M-7 Notes,
                eighth to the Class M-8 Notes and ninth to the Class M-9 Notes, (a)
                any
                related Class Interest Carryover Shortfall, then (b) any related
                Class
                Principal Carryover Shortfall and then (c) any interest accrued on
                any
                related Class Principal Carryover Shortfall.;
                then

            

    

     

    
      	(15)  	
              To
                the Group I Notes in the order and priority described in
                Section 3.05(c), any Group I Basis Risk Shortfall Amount,
                then

            

    

     

    
      	(16)  	
              to
                the Class N-1 Notes, the Class N-1 Interest Payment Amount for the
                related
                Interest Period; then

            

    

     

    
      	(17)  	
              to
                the Class N-2 Notes, the Class N-2 Interest Payment Amount for the
                related
                Interest Period; then

            

    

     

    
      	(18)  	
              to
                the Class N-1 Notes, the Class N-1 Principal Payment Amount, if any,
                until
                such Note Balance is reduced to zero;
                then

            

    

     

    
      	(19)  	
              to
                the Class N-2 Notes, the Class N-2 Principal Payment Amount, if any,
                until
                such Note Balance is reduced to zero;
                then

            

    

     

    
      	(20)  	
              to
                the Swap Provider, any Swap Termination Payments resulting from a
                Swap
                Provider Trigger Event; and then

            

    

     

    
      	(21)  	
              to
                the Owner Trustee, any fees, expenses and indemnities not otherwise
                paid
                and then, to the Holders of the Certificates, any remaining
                amounts.

            

    

     

    On
      each
      Payment Date, the Class Interest Payment for each Class of Senior Notes in
      a
      Note Group will be paid on an equal priority within such Note
      Group.

     

    On
      each
      Payment Date, all amounts representing Prepayment Charges in respect of the
      Mortgage Loans received during the related Prepayment Period will be withdrawn
      from the Payment Account and paid by the Securities Administrator to the Holders
      of the Class N Notes and shall not be available for payment to the Holders
      of
      any Class of Offered Notes.

     

    (c)  On
      each
      Payment Date, after making the payments of the Available Funds as set forth
      above, the Securities Administrator will determine the amount of any Basis
      Risk
      Shortfalls with respect to the Offered Notes for such Payment Date and pay
      to
      the Group I Notes, pro
      rata
      based on
      amounts due, the related Basis Risk Shortfall Amount from payments made pursuant
      to Section 3.05(b)(iii)(15) above.

     

    (d)  The
      Securities Administrator shall make payments in respect of a Payment Date to
      each Noteholder of record on the related Record Date (other than as provided
      in
      Section 8.07 respecting the final payment), by check or money order mailed
      to
      such Noteholder at the address appearing in the Note Register, or, upon written
      request by a Holder of a Note delivered to the Securities Administrator at
      least
      five Business Days prior to the related Payment Date, by wire transfer or
      otherwise, or, if not, by check or money order to such Noteholder at the address
      appearing in the Note Register. Payments among Noteholders of a Class shall
      be
      made in proportion to the Percentage Interests evidenced by the Notes of such
      Class held by such Noteholders.

     

    (e)  Each
      payment with respect to a Book-Entry Note shall be paid to the Depository,
      as
      Holder thereof, and the Depository shall be responsible for crediting the amount
      of such payment to the accounts of its Depository Participants in accordance
      with its normal procedures. Each Depository Participant shall be responsible
      for
      disbursing such payment to the Note Owners that it represents and to each
      indirect participating brokerage firm (a “brokerage firm” or “indirect
      participating firm”) for which it acts as agent. Each brokerage firm shall be
      responsible for disbursing funds to the Note Owners that it represents. None
      of
      the Securities Administrator, the Indenture Trustee, the Note Registrar, the
      Paying Agent, the Depositor, the Servicer or the Master Servicer shall have
      any
      responsibility therefor except as otherwise provided by this Indenture or
      applicable law.

     

    (f)  On
      each
      Payment Date, the Certificate Paying Agent shall deposit in the Certificate
      Distribution Account all amounts it received pursuant to this Section 3.05
      for
      the purpose of distributing such funds pursuant to the Trust
      Agreement.

     

    (g)  The
      principal of each Note shall be due and payable in full on the Final Stated
      Maturity Date for such Note as provided in the forms of Notes set forth in
      Exhibit A-1 and Exhibit A-2 to this Indenture. All principal payments on the
      Notes shall be made to the Noteholders entitled thereto in accordance with
      the
      Percentage Interests represented by such Notes. The Securities Administrator
      shall notify the Person in whose name a Note is registered at the close of
      business on the Record Date preceding the Final Stated Maturity Date or other
      final Payment Date (including any final Payment Date resulting from any
      redemption pursuant to Section 8.07 hereof). Such notice shall to the extent
      practicable be mailed no later than five Business Days prior to such Final
      Stated Maturity Date or other final Payment Date and shall specify that payment
      of the principal amount and any interest due with respect to such Note at the
      Final Stated Maturity Date or other final Payment Date will be payable only
      upon
      presentation and surrender of such Note and shall specify the place where such
      Note may be presented and surrendered for such final payment. No interest shall
      accrue on the Notes on or after the Final Stated Maturity Date or any such
      other
      final Payment Date.

     

    
      	Section
              3.06.  	
              Protection
                of Collateral.

            

    

     

    (a)  The
      Issuer will from time to time prepare, execute and deliver all such supplements
      and amendments hereto and all such financing statements, continuation
      statements, instruments of further assurance and other instruments, and will
      take such other action necessary or advisable to:

     

    (i)  maintain
      or preserve the lien and security interest (and the priority thereof) of this
      Indenture or carry out more effectively the purposes hereof;

     

    (ii)  perfect,
      publish notice of or protect the validity of any Grant made or to be made by
      this Indenture;

     

    (iii)  cause
      the
      Issuer, the Servicer or the Master Servicer to enforce any of the rights to
      the
      Mortgage Loans; or

     

    (iv)  preserve
      and defend title to the Trust and the rights of the Indenture Trustee and the
      Noteholders in the Trust against the claims of all persons and
      parties.

     

    (b)  Except
      as
      otherwise provided in this Indenture, the Indenture Trustee shall not remove
      any
      portion of the Trust that consists of money or is evidenced by an instrument,
      certificate or other writing from the jurisdiction in which it was held at
      the
      date of the most recent Opinion of Counsel delivered pursuant to Section 3.07
      hereof (or from the jurisdiction in which it was held as described in the
      Opinion of Counsel delivered on the Closing Date pursuant to Section 3.07(a)
      hereof), or if no Opinion of Counsel has yet been delivered pursuant to Section
      3.07(b) hereof, unless the Indenture Trustee shall have first received an
      Opinion of Counsel to the effect that the lien and security interest created
      by
      this Indenture with respect to such property will continue to be maintained
      after giving effect to such action or actions.

     

    The
      Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact
      to
      sign any financing statement, continuation statement or other instrument
      required to be signed pursuant to this Section 3.06 upon the Issuer’s
      preparation thereof and delivery to the Indenture Trustee.

     

    
      	Section
              3.07.  	
              Opinions
                as to Collateral.

            

    

     

    (a) On
      the
      Closing Date, the Issuer shall furnish to the Indenture Trustee, the Securities
      Administrator and the Owner Trustee an Opinion of Counsel either stating that,
      in the opinion of such counsel, such action has been taken with respect to
      the
      recording and filing of this Indenture, any indentures supplemental hereto,
      and
      any other requisite documents, and with respect to the execution and filing
      of
      any financing statements and continuation statements, as are necessary to
      perfect and make effective the lien and first priority security interest in
      the
      Collateral and reciting the details of such action, or stating that, in the
      opinion of such counsel, no such action is necessary to make such lien and
      first
      priority security interest effective.

     

    (b) On
      or
      before April 15th
      in each
      calendar year, beginning in 2007, the Issuer shall furnish to the Indenture
      Trustee and the Securities Administrator an Opinion of Counsel at the expense
      of
      the Issuer either stating that, in the opinion of such counsel, such action
      has
      been taken with respect to the recording, filing, re-recording and re-filing
      of
      this Indenture, any indentures supplemental hereto and any other requisite
      documents and with respect to the execution and filing of any financing
      statements and continuation statements as is necessary to maintain the lien
      and
      first priority security interest in the Collateral and reciting the details
      of
      such action or stating that in the opinion of such counsel no such action is
      necessary to maintain such lien and security interest. Such Opinion of Counsel
      shall also describe the recording, filing, re-recording and re-filing of this
      Indenture, any indentures supplemental hereto and any other requisite documents
      and the execution and filing of any financing statements and continuation
      statements that will, in the opinion of such counsel, be required to maintain
      the lien and security interest in the Collateral until December 31st
      in the
      following calendar year.

     

    
      	Section
              3.08.  	
              Performance
                of Obligations.

            

    

     

    The
      Issuer will punctually perform and observe all of its obligations and agreements
      contained in this Indenture, the Basic Documents and in the instruments and
      agreements included in the Collateral.

     

    The
      Issuer may contract with other Persons to assist it in performing its duties
      under this Indenture, and any performance of such duties by a Person identified
      to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be
      deemed to be action taken by the Issuer.

     

    The
      Issuer will not take any action or permit any action to be taken by others
      which
      would release any Person from any of such Person’s covenants or obligations
      under any of the documents relating to the Mortgage Loans or under any
      instrument included in the Collateral, or which would result in the amendment,
      hypothecation, subordination, termination or discharge of, or impair the
      validity or effectiveness of, any of the documents relating to the Mortgage
      Loans or any such instrument, except such actions as the Servicer or the Master
      Servicer is expressly permitted to take in the Servicing Agreement. The
      Indenture Trustee and the Securities Administrator may exercise the rights
      of
      the Issuer to direct the actions of the Servicer and/or the Master Servicer
      pursuant to the Servicing Agreement.

     

    The
      Issuer may retain an administrator and may enter into contracts with other
      Persons for the performance of the Issuer’s obligations hereunder, and
      performance of such obligations by such Persons shall be deemed to be
      performance of such obligations by the Issuer.

     

    
      	Section
              3.09.  	
              Negative
                Covenants.  So
                long as any Notes are Outstanding, the Issuer shall
                not:

            

    

     

    (i)  except
      as
      expressly permitted by this Indenture, sell, transfer, exchange or otherwise
      dispose of the Trust, unless directed to do so by the Indenture
      Trustee;

     

    (ii)  claim
      any
      credit on, or make any deduction from the principal or interest payable in
      respect of, the Notes (other than amounts properly withheld from such payments
      under the Code) or assert any claim against any present or former Noteholder
      by
      reason of the payment of the taxes levied or assessed upon any part of the
      Trust;

     

    (iii)  (A)
      permit the validity or effectiveness of this Indenture to be impaired, or permit
      the lien of this Indenture to be amended, hypothecated, subordinated, terminated
      or discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may be
      expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
      interest, mortgage or other encumbrance (other than the lien of this Indenture)
      to be created on or extend to or otherwise arise upon or burden the Trust or
      any
      part thereof or any interest therein or the proceeds thereof or (C) permit
      the
      lien of this Indenture not to constitute a valid first priority security
      interest in the Trust; or

     

    (iv)  waive
      or
      impair, or fail to assert rights under, the Mortgage Loans, or impair or cause
      to be impaired the Issuer’s interest in the Mortgage Loans, the Mortgage Loan
      Sale and Contribution Agreement or in any Basic Document, if any such action
      would materially and adversely affect the interests of the
      Noteholders.

     

    
      	Section
              3.10.  	
              [Reserved.]

            

    

     

    
      	Section
              3.11.  	
              [Reserved.]

            

    

     

    Section
      3.12.  Representations
      and Warranties Concerning the Mortgage Loans.
      The
      Indenture Trustee, as pledgee of the Mortgage Loans, has the benefit of the
      representations and warranties made by the Seller and the Originator in the
      Mortgage Loan Sale and Contribution Agreement concerning the Seller and the
      Mortgage Loans to the same extent as though such representations and warranties
      were made directly to the Indenture Trustee. If a Responsible Officer of the
      Indenture Trustee or the Securities Administrator has actual knowledge of any
      breach of any representation or warranty made by the Seller or the Originator
      in
      the Mortgage Loan Sale and Contribution Agreement, the Indenture Trustee or
      the
      Securities Administrator shall promptly notify the Seller or the Originator,
      as
      applicable, of such finding and the Seller’s or the Originator’s obligation to
      cure such defect or repurchase or substitute for the related Mortgage
      Loan.

     

    Section
      3.13.  Amendments
      to Servicing Agreement.
      The
      Issuer covenants with the Indenture Trustee and the Securities Administrator
      that it will not enter into any amendment or supplement to the Servicing
      Agreement without the prior written consent of the Indenture Trustee and the
      Securities Administrator.

     

    Section
      3.14.  Servicer
      as Agent and Bailee of the Indenture Trustee.
      Solely
      for purposes of perfection under Section 9-305 of the UCC or other similar
      applicable law, rule or regulation of the state in which such property is held
      by the Servicer, the Issuer, the Indenture Trustee and the Securities
      Administrator hereby acknowledge that the Servicer is acting as bailee of the
      Indenture Trustee in holding amounts on deposit in the Collection Account,
      as
      well as its bailee in holding any Related Documents released to the Servicer,
      and any other items constituting a part of the Trust which from time to time
      come into the possession of the Servicer. It is intended that, by the Servicer’s
      acceptance of such bailee arrangement, the Indenture Trustee, as a secured
      party
      of the Mortgage Loans, will be deemed to have possession of such Related
      Documents, such monies and such other items for purposes of Section 9-305 of
      the
      UCC of the state in which such property is held by the Servicer. Neither the
      Indenture Trustee nor the Securities Administrator shall be liable with respect
      to such documents, monies or items while in possession of the
      Servicer.

     

    Section
      3.15.  Investment
      Company Act.
      The
      Issuer shall not become an “investment company” or be under the “control” of an
“investment company” as such terms are defined in the Investment Company Act of
      1940, as amended (or any successor or amendatory statute), and the rules and
      regulations thereunder (taking into account not only the general definition
      of
      the term “investment company” but also any available exceptions to such general
      definition); provided,
      however,
      that the
      Issuer shall be in compliance with this Section 3.15 if it shall have obtained
      an order exempting it from regulation as an “investment company” so long as it
      is in compliance with the conditions imposed in such order.

     

    
      	Section
              3.16.  	
              Issuer
                May Consolidate, etc.

            

    

     

    (a)  The
      Issuer shall not consolidate or merge with or into any other Person,
      unless:

     

    (i)  the
      Person (if other than the Issuer) formed by or surviving such consolidation
      or
      merger shall be a Person organized and existing under the laws of the United
      States of America or any state or the District of Columbia and shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Indenture Trustee and the Securities Administrator, in form reasonably
      satisfactory to the Indenture Trustee and the Securities Administrator, the
      due
      and punctual payment of the principal of and interest on all Notes, and all
      other amounts payable to the Indenture Trustee and the Securities Administrator,
      the payment to the Certificate Paying Agent of all amounts due to the
      Certificateholders, and the performance or observance of every agreement and
      covenant of this Indenture on the part of the Issuer to be performed or
      observed, all as provided herein;

     

    (ii)  immediately
      after giving effect to such transaction, no Event of Default shall have occurred
      and be continuing;

     

    (iii)  the
      Rating Agencies shall have notified the Issuer that such transaction shall
      not
      cause the rating of the Notes to be reduced, suspended or withdrawn or to be
      considered by either Rating Agency to be below investment grade;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      a
      copy thereof to the Indenture Trustee and the Securities Administrator) to
      the
      effect that such transaction will not (A) result in a “substantial modification”
of the Notes under Treasury Regulation Section 1.1001-3, or adversely affect
      the
      status of the Notes as indebtedness for federal income tax purposes, or (B)
      if
      100% of the Certificates are not owned by the Seller, cause the Trust to be
      subject to an entity level tax for federal income tax purposes;

     

    (v)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken; and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee and the Securities
      Administrator an Officer’s Certificate and an Opinion of Counsel each stating
      that such consolidation or merger and such supplemental indenture comply with
      this Article III and that all conditions precedent herein provided for or
      relating to such transaction have been complied with (including any filing
      required by the Exchange Act), and that such supplemental indenture is
      enforceable.

     

    (b)  The
      Issuer shall not convey or transfer any of its properties or assets, including
      those included in the Collateral, to any Person, unless:

     

    (i)  the
      Person that acquires by conveyance or transfer the properties and assets of
      the
      Issuer, the conveyance or transfer of which is hereby restricted, shall (A)
      be a
      United States citizen or a Person organized and existing under the laws of
      the
      United States of America or any state thereof, (B) expressly assume, by an
      indenture supplemental hereto, executed and delivered to the Indenture Trustee
      and the Securities Administrator, in form satisfactory to the Indenture Trustee
      and the Securities Administrator, the due and punctual payment of the principal
      of and interest on all Notes and the performance or observance of every
      agreement and covenant of this Indenture on the part of the Issuer to be
      performed or observed, all as provided herein, (C) expressly agree by means
      of
      such supplemental indenture that all right, title and interest so conveyed
      or
      transferred shall be subject and subordinate to the rights of the Holders of
      the
      Notes, (D) unless otherwise provided in such supplemental indenture, expressly
      agree to indemnify, defend and hold harmless the Issuer, the Indenture Trustee
      and the Securities Administrator against and from any loss, liability or expense
      arising under or related to this Indenture and the Notes and (E) expressly
      agree
      by means of such supplemental indenture that such Person (or if a group of
      Persons, then one specified Person) shall make all filings with the Commission
      (and any other appropriate Person) required by the Exchange Act in connection
      with the Notes;

     

    (ii)  immediately
      after giving effect to such transaction, no Default or Event of Default shall
      have occurred and be continuing;

     

    (iii)  the
      Rating Agencies shall have notified the Issuer that such transaction shall
      not
      cause the rating of the Notes to be reduced, suspended or
      withdrawn;

     

    (iv)  the
      Issuer shall have received an Opinion of Counsel (and shall have delivered
      a
      copy thereof to the Indenture Trustee and the Securities Administrator) to
      the
      effect that such transaction will not (A) result in a “substantial modification”
of the Notes under Treasury Regulation Section 1.1001-3, or adversely affect
      the
      status of the Notes as indebtedness for federal income tax purposes, or (B)
      if
      100% of the Certificates are not owned by the Seller, cause the Trust to be
      subject to an entity level tax for federal income tax purposes;

     

    (v)  any
      action that is necessary to maintain the lien and security interest created
      by
      this Indenture shall have been taken; and

     

    (vi)  the
      Issuer shall have delivered to the Indenture Trustee and the Securities
      Administrator an Officer’s Certificate and an Opinion of Counsel each stating
      that such conveyance or transfer and such supplemental indenture comply with
      this Article III and that all conditions precedent herein provided for relating
      to such transaction have been complied with (including any filing required
      by
      the Exchange Act).

     

    
      	Section
              3.17.  	
              Successor
                or Transferee.

            

    

     

    (a)  Upon
      any
      consolidation or merger of the Issuer in accordance with Section 3.16(a), the
      Person formed by or surviving such consolidation or merger (if other than the
      Issuer) shall succeed to, and be substituted for, and may exercise every right
      and power of, the Issuer under this Indenture with the same effect as if such
      Person had been named as the Issuer herein.

     

    (b)  Upon
      a
      conveyance or transfer of all the assets and properties of the Issuer pursuant
      to Section 3.16(b), the Issuer will be released from every covenant and
      agreement of this Indenture to be observed or performed on the part of the
      Issuer with respect to the Notes immediately upon the delivery of written notice
      to the Indenture Trustee and the Securities Administrator of such conveyance
      or
      transfer.

     

    Section
      3.18.  No
      Other Business.
      The
      Issuer shall not engage in any business other than financing, purchasing, owning
      and selling and managing the Mortgage Loans and the issuance of the Notes and
      Certificates in the manner contemplated by this Indenture and the Basic
      Documents and all activities incidental thereto.

     

    Section
      3.19.  No
      Borrowing.
      The
      Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
      directly or indirectly, for any indebtedness except for the Notes under this
      Indenture.

     

    Section
      3.20.  Guarantees,
      Loans, Advances and Other Liabilities.  Except
      as contemplated by this Indenture or the Basic Documents, the Issuer shall
      not
      make any loan or advance or credit to, or guarantee (directly or indirectly
      or
      by an instrument having the effect of assuring another’s payment or performance
      on any obligation or capability of so doing or otherwise), endorse or otherwise
      become contingently liable, directly or indirectly, in connection with the
      obligations, stocks or dividends of, or own, purchase, repurchase or acquire
      (or
      agree contingently to do so) any stock, obligations, assets or securities of,
      or
      any other interest in, or make any capital contribution to, any other
      Person.

     

    Section
      3.21.  Capital
      Expenditures.
      The
      Issuer shall not make any expenditure (by long-term or operating lease or
      otherwise) for capital assets (either realty or personalty).

     

    Section
      3.22.     Reserved.

     

    Section
      3.23.  Restricted
      Payments.
      The
      Issuer shall not, directly or indirectly, (i) pay any dividend or make any
      distribution (by reduction of capital or otherwise), whether in cash, property,
      securities or a combination thereof, to the Owner Trustee or any owner of a
      beneficial interest in the Issuer or otherwise with respect to any ownership
      or
      equity interest or security in or of the Issuer, (ii) redeem, purchase, retire
      or otherwise acquire for value any such ownership or equity interest or security
      or (iii) set aside or otherwise segregate any amounts for any such purpose;
      provided,
      however,
      that the
      Issuer may make, or cause to be made, (x) distributions and payments to the
      Owner Trustee, the Indenture Trustee, the Securities Administrator, Noteholders
      and the Certificateholders as contemplated by, and to the extent funds are
      available for such purpose under this Indenture and the Trust Agreement and
      (y)
      payments to the Servicer or the Master Servicer pursuant to the terms of the
      Servicing Agreement. The Issuer will not, directly or indirectly, make payments
      to or distributions from the Collection Account except in accordance with this
      Indenture and the Basic Documents.

     

    Section
      3.24.  Notice
      of Events of Default.
      The
      Issuer shall give the Indenture Trustee, the Securities Administrator and the
      Rating Agencies prompt written notice of each Event of Default hereunder and
      under the Trust Agreement.

     

    Section
      3.25.  Further
      Instruments and Acts.
      Upon
      request of the Indenture Trustee or the Securities Administrator, the Issuer
      will execute and deliver such further instruments and do such further acts
      as
      may be reasonably necessary or proper to carry out more effectively the purpose
      of this Indenture.

     

    Section
      3.26.  Statements
      to Noteholders.
      On each
      Payment Date, the Securities Administrator and the Certificate Registrar shall
      prepare and make available on the Securities Administrator’s website,
      https://www.ctslink.com (or deliver at the recipient’s option), to each
      Noteholder and Certificateholder the most recent statement prepared by the
      Securities Administrator pursuant to Section 7.05 hereof.

     

    
      	Section
              3.27.  	
              [Reserved].

            

    

     

    
      	Section
              3.28.  	
              Certain
                Representations Regarding the Trust.

            

    

     

    (a)  With
      respect to that portion of the Collateral described in clauses (a) through
      (d)
      of the definition of Collateral, the Issuer represents to the Indenture Trustee
      and the Securities Administrator that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuer.

     

    (ii)  The
      Collateral constitutes “deposit accounts” or “instruments,” as applicable,
      within the meaning of the applicable UCC.

     

    (iii)  The
      Issuer owns and has good and marketable title to the Collateral, free and clear
      of any lien, claim or encumbrance of any Person.

     

    (iv)  The
      Issuer has taken all steps necessary to cause the Indenture Trustee to become
      the account holder of the Collateral.

     

    (v)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Collateral.

     

    (vi)  The
      Collateral is not in the name of any Person other than the Issuer or the
      Indenture Trustee. The Issuer has not consented to the bank maintaining the
      Collateral to comply with instructions of any Person other than the Indenture
      Trustee.

     

    (b)  With
      respect to that portion of the Collateral described in clause (e), the Issuer
      represents to the Indenture Trustee and the Securities Administrator
      that:

     

    (i)  This
      Indenture creates a valid and continuing security interest (as defined in the
      applicable UCC) in the Collateral in favor of the Indenture Trustee, which
      security interest is prior to all other liens, and is enforceable as such as
      against creditors of and purchasers from the Issuer.

     

    (ii)  The
      Collateral constitutes “general intangibles” within the meaning of the
      applicable UCC.

     

    (iii)  The
      Issuer owns and has good and marketable title to the Collateral, free and clear
      of any lien, claim or encumbrance of any Person.

     

    (iv)  Other
      than the security interest granted to the Indenture Trustee pursuant to this
      Indenture, the Issuer has not pledged, assigned, sold, granted a security
      interest in, or otherwise conveyed any of the Collateral.

     

    (c)  With
      respect to any Collateral in which a security interest may be perfected by
      filing, the Issuer has not authorized the filing of, and is not aware of any
      financing statements against, the Issuer, that include a description of
      collateral covering such Collateral, other than any financing statement relating
      to the security interest granted to the Indenture Trustee hereunder or that
      has
      been terminated. The Issuer is not aware of any judgment or tax lien filings
      against the Issuer.

     

    (d)  The
      Issuer has caused or will have caused, within ten days, the filing of all
      appropriate financing statements in the proper filing office in the appropriate
      jurisdictions under applicable law in order to perfect the security interest
      in
      all Collateral granted to the Indenture Trustee hereunder in which a security
      interest may be perfected by filing and the Issuer will cause such security
      interest to be maintained. Any financing statement that is filed in connection
      with this Section 3.28 shall contain a statement that a purchase or security
      interest in any collateral described therein will violate the rights of the
      secured party named in such financing statement.

     

    (e)  The
      foregoing representations may not be waived and shall survive the issuance
      of
      the Notes.

     

    
      	Section
              3.29.  	
              Allocation
                of Realized Losses.

            

    

     

    (a)  On
      each
      Payment Date, the Securities Administrator shall determine the total of the
      Applied Realized Loss Amounts for such Payment Date. The Applied Realized Loss
      Amount for any Payment Date shall be applied by reducing the Class Note Balance
      of each Class of Mezzanine Notes beginning with the Class of Mezzanine Notes
      then outstanding with the lowest relative payment priority, in each case until
      the respective Class Note Balance thereof is reduced to zero. Any Applied
      Realized Loss Amount allocated to a related Class of Mezzanine Notes shall
      be
      allocated among the Mezzanine Notes of such Class in proportion to their
      respective Percentage Interests.

     

    (b)  With
      respect to any Class of Mezzanine Notes to which an Applied Realized Loss Amount
      has been allocated (including any such Class for which the related Class Note
      Balance has been reduced to zero), the Class Note Balance of such Class will
      be
      increased up to the amount of Recoveries for such Payment Date, beginning with
      the Class of Mezzanine Notes with the highest relative payment priority, up
      to
      the amount of Applied Realized Loss Amounts previously allocated to reduce
      such
      Class Note Balance. Any increase to the Class Note Balance of a Class of
      Mezzanine Notes shall increase the Note Balance of the related Class
pro
      rata
      in
      accordance with each Percentage Interest.

     

    
      	Section
              3.30.  	
              Reserved.

            

    

     

    
      	Section
              3.31.  	
              Reserved. 

            

    

     

    
      	Section
              3.32.  	
              Reserved.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      IV

     

    THE
      NOTES; SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section
      4.01.  The
      Notes.
      Each
      Class of Notes shall be registered in the name of a nominee designated by the
      Depository. Beneficial Owners will hold interests in the Notes through the
      book-entry facilities of the Depository in minimum initial Note Balances of
      $25,000 and integral multiples of $1 in excess thereof; provided that Offered
      Notes must be purchased in minimum total investments of $100,000 per
      Class.

     

    The
      Securities Administrator may for all purposes (including the making of payments
      due on the Notes) deal with the Depository as the authorized representative
      of
      the Beneficial Owners with respect to the Notes for the purposes of exercising
      the rights of Holders of the Notes hereunder. Except as provided in the next
      succeeding paragraph of this Section 4.01, the rights of Beneficial Owners
      with
      respect to the Notes shall be limited to those established by law and agreements
      between such Beneficial Owners and the Depository and Depository Participants.
      Except as provided in Section 4.08 hereof, Beneficial Owners shall not be
      entitled to definitive notes for the Notes as to which they are the Beneficial
      Owners. Requests and directions from, and votes of, the Depository as Holder
      of
      the Notes shall not be deemed inconsistent if they are made with respect to
      different Beneficial Owners. The Securities Administrator may establish a
      reasonable record date in connection with solicitations of consents from or
      voting by Noteholders and give notice to the Depository of such record date.
      Without the consent of the Issuer and the Securities Administrator, no Note
      may
      be transferred by the Depository except to a successor Depository that agrees
      to
      hold such Note for the account of the Beneficial Owners.

     

    In
      the
      event the Depository Trust Company resigns or is removed as Depository, the
      Securities Administrator with the approval of the Issuer may appoint a successor
      Depository. If no successor Depository has been appointed within 30 days of
      the
      effective date of the Depository’s resignation or removal, each Beneficial Owner
      shall be entitled to certificates representing the Notes it beneficially owns
      in
      the manner prescribed in Section 4.08.

     

    The
      Notes
      shall, on original issue, be executed on behalf of the Issuer by the Owner
      Trustee, not in its individual capacity but solely as Owner Trustee,
      authenticated by the Securities Administrator and delivered by the Securities
      Administrator to or upon the order of the Issuer.

     

    
      	Section
              4.02.  	
              Registration
                of and Limitations on Transfer and Exchange of Notes; Appointment
                of Note
                Registrar and Certificate.

            

    

     

    The
      Securities Administrator shall cause to be kept at the Corporate Trust Office
      a
      Note Register in which, subject to such reasonable regulations as it may
      prescribe, the Note Registrar shall provide for the registration of Notes and
      of
      transfers and exchanges of Notes as herein provided.

     

    Subject
      to the restrictions and limitations set forth below, upon surrender for
      registration of transfer of any Note at the Corporate Trust Office, the Issuer
      shall execute and the Note Registrar shall authenticate and deliver, in the
      name
      of the designated transferee or transferees, one or more new Notes in authorized
      initial Note Balances evidencing the same Class and aggregate Percentage
      Interests.

     

    Subject
      to the foregoing, at the option of the Noteholders, Notes may be exchanged
      for
      other Notes of like tenor and in authorized initial Note Balances evidencing
      the
      same Class and aggregate Percentage Interests upon surrender of the Notes to
      be
      exchanged at the Corporate Trust Office of the Note Registrar. Whenever any
      Notes are so surrendered for exchange, the Issuer shall execute and the
      Securities Administrator shall authenticate and deliver the Notes which the
      Noteholder making the exchange is entitled to receive. Each Note presented
      or
      surrendered for registration of transfer or exchange shall (if so required
      by
      the Note Registrar) be duly endorsed by, or be accompanied by a written
      instrument of transfer in form reasonably satisfactory to the Note Registrar
      duly executed by the Holder thereof or his attorney duly authorized in writing
      with such signature guaranteed by a commercial bank or trust company located
      or
      having a correspondent located in the city of New York. Notes delivered upon
      any
      such transfer or exchange will evidence the same obligations, and will be
      entitled to the same rights and privileges, as the Notes
      surrendered.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Notes, but the Note Registrar shall require payment of a sum sufficient to
      cover
      any tax or governmental charge that may be imposed in connection with any
      registration of transfer or exchange of Notes.

     

    The
      Issuer hereby appoints the Securities Administrator as (i) Certificate Registrar
      to keep at its Corporate Trust Office a Certificate Register pursuant to Section
      3.09 of the Trust Agreement in which, subject to such reasonable regulations
      as
      it may prescribe, the Certificate Registrar shall provide for the registration
      of Certificates and of transfers and exchanges thereof pursuant to Section
      3.05
      of the Trust Agreement and (ii) Note Registrar under this Indenture. The
      Securities Administrator hereby accepts such appointments.

     

    Section
      4.03.  Mutilated,
      Destroyed, Lost or Stolen Notes.
      If (i)
      any mutilated Note is surrendered to the Securities Administrator, or the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Note, and (ii) there is delivered to the
      Securities Administrator such security or indemnity as may be required by it
      to
      hold the Issuer, the Indenture Trustee and the Securities Administrator
      harmless, then, in the absence of notice to the Issuer, the Note Registrar,
      the
      Indenture Trustee or the Securities Administrator that such Note has been
      acquired by a protected purchaser, and provided that the requirements of Section
      8-405 of the UCC are met, the Issuer shall execute, and upon its request the
      Securities Administrator shall authenticate and deliver, in exchange for or
      in
      lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note;
      provided,
      however,
      that if
      any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
      become or within seven days shall be due and payable, instead of issuing a
      replacement Note, the Issuer may pay such destroyed, lost or stolen Note when
      so
      due or payable without surrender thereof. If, after the delivery of such
      replacement Note or payment of a destroyed, lost or stolen Note pursuant to
      the
      proviso to the preceding sentence, a protected purchaser of the original Note
      in
      lieu of which such replacement Note was issued presents for payment such
      original Note, the Issuer and the Securities Administrator shall be entitled
      to
      recover such replacement Note (or such payment) from the Person to whom it
      was
      delivered or any Person taking such replacement Note from such Person to whom
      such replacement Note was delivered or any assignee of such Person, except
      a
      bona fide purchaser, and shall be entitled to recover upon the security or
      indemnity provided therefor to the extent of any loss, damage, cost or expense
      incurred by the Issuer, the Indenture Trustee or the Securities Administrator
      in
      connection therewith.

     

    Upon
      the
      issuance of any replacement Note under this Section 4.03, the Issuer may require
      the payment by the Holder of such Note of a sum sufficient to cover any tax
      or
      other governmental charge that may be imposed in relation thereto and any other
      reasonable expenses (including the fees and expenses of the Indenture Trustee
      and the Securities Administrator) connected therewith.

     

    Every
      replacement Note issued pursuant to this Section 4.03 in replacement of any
      mutilated, destroyed, lost or stolen Note shall constitute an original
      additional contractual obligation of the Issuer, whether or not the mutilated,
      destroyed, lost or stolen Note shall be at any time enforceable by anyone,
      and
      shall be entitled to all the benefits of this Indenture equally and
      proportionately with any and all other Notes duly issued hereunder.

     

    The
      provisions of this Section 4.03 are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Notes.

     

    Section
      4.04.  Persons
      Deemed Owners.
      Prior
      to due presentment for registration of transfer of any Note, the Issuer, the
      Indenture Trustee, the Securities Administrator, the Paying Agent and any agent
      of any of them may treat the Person in whose name any Note is registered (as
      of
      the day of determination) as the owner of such Note for the purpose of receiving
      payments of principal of and interest, if any, on such Note and for all other
      purposes whatsoever, whether or not such Note be overdue, and neither the
      Issuer, the Indenture Trustee, the Securities Administrator the Paying Agent
      nor
      any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      4.05.  Cancellation.
      All
      Notes surrendered for payment, registration of transfer, exchange or redemption
      shall, if surrendered to any Person other than the Securities Administrator,
      be
      delivered to the Securities Administrator and shall be promptly cancelled by
      the
      Securities Administrator. The Issuer may at any time deliver to the Securities
      Administrator for cancellation any Notes previously authenticated and delivered
      hereunder which the Issuer may have acquired in any manner whatsoever, and
      all
      Notes so delivered shall be promptly cancelled by the Securities Administrator.
      No Notes shall be authenticated in lieu of or in exchange for any Notes
      cancelled as provided in this Section 4.05, except as expressly permitted by
      this Indenture. All cancelled Notes may be held or disposed of by the Securities
      Administrator in accordance with its standard retention or disposal policy
      as in
      effect at the time unless the Issuer shall direct by an Issuer Request that
      they
      be destroyed or returned to it; provided,
      however,
      that
      such Issuer Request is timely and the Notes have not been previously disposed
      of
      by the Securities Administrator.

     

    
      	Section
              4.06.  	
              Book-Entry
                Notes.  

            

    

     

    (a)  The
      Notes, upon original issuance, will be issued in the form of typewritten Notes
      representing the Book-Entry Notes, to be delivered to The Depository Trust
      Company, the initial Depository, by, or on behalf of, the Issuer. The Notes
      shall initially be registered on the Note Register in the name of Cede &
Co., the nominee of the initial Depository, and no Beneficial Owner will receive
      a Definitive Note representing such Beneficial Owner’s interest in such Note,
      except as provided in Section 4.08. With respect to such Notes, unless and
      until
      definitive, fully registered Notes (the “Definitive Notes”) have been issued to
      Beneficial Owners pursuant to Section 4.08:

     

    (i)  the
      provisions of this Section 4.06 shall be in full force and effect;

     

    (ii)  the
      Note
      Registrar, the Paying Agent, the Indenture Trustee and the Securities
      Administrator shall be entitled to deal with the Depository for all purposes
      of
      this Indenture (including the payment of principal of and interest on the Notes
      and the giving of instructions or directions hereunder) as the sole holder
      of
      the Notes, and shall have no obligation to the Beneficial Owners of the
      Notes;

     

    (iii)  to
      the
      extent that the provisions of this Section 4.06 conflict with any other
      provisions of this Indenture, the provisions of this Section 4.06 shall
      control;

     

    (iv)  the
      rights of Beneficial Owners shall be exercised only through the Depository
      and
      shall be limited to those established by law and agreements between such Owners
      of Notes and the Depository and/or the Depository Participants. Unless and
      until
      Definitive Notes are issued pursuant to Section 4.08, the initial Depository
      will make book-entry transfers among the Depository Participants and receive
      and
      transmit payments of principal of and interest on the Notes to such Depository
      Participants; and

     

    (v)  whenever
      this Indenture requires or permits actions to be taken based upon instructions
      or directions of Holders of Notes evidencing a specified percentage of the
      Note
      Balances of the Notes, the Depository shall be deemed to represent such
      percentage with respect to the Notes only to the extent that it has received
      instructions to such effect from Beneficial Owners and/or Depository
      Participants owning or representing, respectively, such required percentage
      of
      the beneficial interest in the Notes and has delivered such instructions to
      the
      Securities Administrator.

     

    (b)  The
      Class
      N Notes offered and sold in reliance on the exemption from registration under
      Rule 144A shall be issued initially in the form of one or more permanent global
      Notes in definitive, fully registered form without interest coupons with the
      applicable legends set forth in Exhibit A-2 added to the forms of such Class
      N
      Notes (each, a “Restricted Global Security”), which shall be deposited on behalf
      of the subscribers for such Class N Notes represented thereby with the
      Securities Administrator as custodian for the Depository and registered in
      the
      name of a nominee of the Depository, duly executed by the Issuer and
      authenticated by the Securities Administrator as hereinafter provided. The
      aggregate Note Balance of the Restricted Global Securities may from time to
      time
      be increased or decreased by adjustments made on the records of the Securities
      Administrator or
      the
      Depository or its nominee, as the case may be, as hereinafter
      provided.

     

    (c)  The
      Class
      N Notes sold in offshore transactions in reliance on Regulation S shall be
      issued initially in the form of one or more permanent global Notes in
      definitive, fully registered form without interest coupons with the applicable
      legends set forth in Exhibit A-2 hereto added to the forms of such Class N
      Notes
      (each, a “Regulation S Global Security”), which shall be deposited on behalf of
      the subscribers for such Class N Notes represented thereby with the Securities
      Administrator as custodian for the Depository, duly executed by the Issuer
      and
      authenticated by the Securities Administrator as hereinafter provided. The
      aggregate Note Balance of the Regulation S Global Securities may from time
      to
      time be increased or decreased by adjustments made on the records of the
      Securities Administrator or the Depository or its nominee, as the case may
      be,
      as hereinafter provided.

     

    Section
      4.07.  Notices
      to Depository.
      Whenever a notice or other communication to the Note Holders is required under
      this Indenture, unless and until Definitive Notes shall have been issued to
      Beneficial Owners pursuant to Section 4.08, the Securities Administrator shall
      give all such notices and communications specified herein to be given to Holders
      of the Notes to the Depository, and shall have no obligation to the Beneficial
      Owners.

     

    Section
      4.08.  Definitive
      Notes.
      If (i)
      the Securities Administrator determines that the Depository is no longer willing
      or able to properly discharge its responsibilities with respect to the Notes
      and
      the Securities Administrator is unable to locate a qualified successor or (ii)
      after the occurrence of an Event of Default, Beneficial Owners of Notes
      representing beneficial interests aggregating at least a majority of the Note
      Balance of the Notes advise the Depository in writing that the continuation
      of a
      book-entry system through the Depository is no longer in the best interests
      of
      the Beneficial Owners, then the Depository shall notify all Beneficial Owners
      and the Securities Administrator of the occurrence of any such event and of
      the
      availability of Definitive Notes to Beneficial Owners requesting the same.
      Upon
      surrender to the Securities Administrator of the typewritten Notes representing
      the Book-Entry Notes by the Depository, accompanied by registration
      instructions, the Issuer shall execute and the Securities Administrator shall
      authenticate the Definitive Notes in accordance with the instructions of the
      Depository. None of the Issuer, the Note Registrar, the Indenture Trustee or
      the
      Securities Administrator shall be liable for any delay in delivery of such
      instructions and may conclusively rely on, and shall be protected in relying
      on,
      such instructions. Upon the issuance of Definitive Notes, the Securities
      Administrator shall recognize the Holders of the Definitive Notes as
      Noteholders.

     

    Section
      4.09.  Tax
      Treatment.
      The
      Issuer has entered into this Indenture, and the Notes will be issued with the
      intention that, for federal, state and local income, single business and
      franchise tax purposes, the Notes will qualify as indebtedness. The Issuer,
      the
      Indenture Trustee and the Securities Administrator (in accordance with Section
      6.06 hereof), by entering into this Indenture, and each Noteholder, by its
      acceptance of its Note (and each Beneficial Owner by its acceptance of an
      interest in the applicable Book-Entry Note), agree to treat the Notes for
      federal, state and local income, single business and franchise tax purposes
      as
      indebtedness.

     

    Section
      4.10.  Satisfaction
      and Discharge of Indenture.
      This
      Indenture shall cease to be of further effect with respect to the Notes except
      as to (i) rights of registration of transfer and exchange, (ii) substitution
      of
      mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
      receive payments of principal thereof and interest thereon, (iv) Sections 3.03,
      3.04, 3.06, 3.09, 3.17, 3.19 and 3.20, (v) the rights, obligations and
      immunities of the Indenture Trustee and the Securities Administrator hereunder
      (including the rights of the Indenture Trustee and the Securities Administrator
      under Section 6.07 and the obligations of the Indenture Trustee and the
      Securities Administrator under Section 4.11) and (vi) the rights of Noteholders
      as beneficiaries hereof with respect to the property so deposited with the
      Indenture Trustee payable to all or any of them, and the Indenture Trustee,
      on
      demand of and at the expense of the Issuer, shall execute proper instruments
      acknowledging satisfaction and discharge of this Indenture with respect to
      the
      Notes and shall release and deliver the Collateral to or upon the order of
      the
      Issuer, when

     

    (A) either

     

    (1) all
      Notes
      theretofore authenticated and delivered (other than (i) Notes that have been
      destroyed, lost or stolen and that have been replaced or paid as provided in
      Section 4.03 hereof and (ii) Notes for whose payment money has theretofore
      been
      deposited in trust or segregated and held in trust by the Issuer and thereafter
      repaid to the Issuer or discharged from such trust, as provided in Section
      3.03)
      have been delivered to the Securities Administrator for cancellation;
      or

     

    (2) all
      Notes
      not theretofore delivered to the Securities Administrator for cancellation
      (a)
      have become due and payable, (b) will become due and payable at the Final Stated
      Maturity Date within one year, or (c) have been called for early redemption
      pursuant to Section 8.07 hereof, and the Issuer, in the case of (a) or (b)
      above, has irrevocably deposited or caused to be irrevocably deposited with
      the
      Securities Administrator cash or direct obligations of or obligations guaranteed
      by the United States of America (which will mature prior to the date such
      amounts are payable), in trust for such purpose, in an amount sufficient to
      pay
      and discharge the entire indebtedness on such Notes then outstanding not
      theretofore delivered to the Securities Administrator for cancellation when
      due
      on the Final Stated Maturity Date or other final Payment Date, or, in the case
      of (c) above, the Issuer shall have complied with all requirements of Section
      8.07 hereof,

     

    (B) the
      Issuer has paid or caused to be paid all other sums payable hereunder;
      and

     

    (C) the
      Issuer has delivered to the Indenture Trustee and the Securities Administrator
      an Officer’s Certificate and an Opinion of Counsel, each meeting the applicable
      requirements of Section 10.01 hereof, each stating that all conditions precedent
      herein provided for relating to the satisfaction and discharge of this Indenture
      have been complied with and, if the Opinion of Counsel relates to a deposit
      made
      in connection with Section 4.10(A)(2)(b) above, such opinion shall further
      be to
      the effect that such deposit will constitute an “in-substance defeasance” within
      the meaning of Revenue Ruling 85-42, 1985-1 C.B. 36, and in accordance
      therewith, the Issuer will be the owner of the assets deposited in trust for
      federal income tax purposes.

     

    Section
      4.11.  Application
      of Trust Money.
      All
      monies deposited with the Securities Administrator pursuant to Section 4.10
      hereof shall be held in trust and applied by it, in accordance with the
      provisions of the Notes and this Indenture, to the payment, either directly
      or
      through any Paying Agent or the Issuer, Certificate Paying Agent as designee
      of
      the Issuer, as the Securities Administrator may determine, to the Holders of
      Notes or Certificates, of all sums due and to become due thereon for principal
      and interest or otherwise; but such monies need not be segregated from other
      funds except to the extent required herein or required by law.

     

    Section
      4.12.  Derivative
      Contracts for Benefit of the Certificates.
      At any
      time on or after the Closing Date, the Issuer shall have the right to convey
      to
      the Trust, solely for the benefit of the Holder of the Certificates, a
      derivative contract or comparable instrument. Any such instrument shall
      constitute a fully prepaid agreement. All collections, proceeds and other
      amounts in respect of such an instrument shall be distributed to the
      Certificates on the Payment Date following receipt thereof by the Securities
      Administrator.

     

    Section
      4.13.  Repayment
      of Monies Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      the Notes, all monies then held by any Person other than the Securities
      Administrator under the provisions of this Indenture with respect to such Notes
      shall, upon demand of the Issuer, be paid to the Securities Administrator to
      be
      held and applied according to Section 3.05 and thereupon such Person shall
      be
      released from all further liability with respect to such monies.

     

    Section
      4.14.  Temporary
      Notes.
      Pending
      the preparation of any Definitive Notes, the Issuer may execute and upon its
      written direction, the Securities Administrator may authenticate and make
      available for delivery, temporary Notes that are printed, lithographed,
      typewritten, photocopied or otherwise produced, in any denomination,
      substantially of the tenor of the Definitive Notes in lieu of which they are
      issued and with such appropriate insertions, omissions, substitutions and other
      variations as the officers executing such Notes may determine, as evidenced
      by
      their execution of such Notes.

     

    If
      temporary Notes are issued, the Issuer will cause Definitive Notes to be
      prepared without unreasonable delay. After the preparation of the Definitive
      Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
      surrender of the temporary Notes at the office of the Securities Administrator
      located at the office designated for such purposes, without charge to the
      Holder. Upon surrender for cancellation of any one or more temporary Notes,
      the
      Issuer shall execute and the Securities Administrator shall authenticate and
      make available for delivery, in exchange therefor, Definitive Notes of
      authorized denominations and of like tenor, class and aggregate principal
      amount. Until so exchanged, such temporary Notes shall in all respects be
      entitled to the same benefits under this Indenture as Definitive
      Notes.

     

    Section
      4.15.  Representation
      Regarding ERISA.
      By
      acquiring an Offered Note or interest therein, each Holder of such Note or
      Beneficial Owner of any such interest will be deemed to represent that either
      (1) it is not acquiring the Note with Plan Assets or (2) (A) the acquisition,
      holding and transfer of such Note will not give rise to a non-exempt prohibited
      transaction under Section 406 of ERISA or Section 4975 of the Code and (B)
      the
      Notes are rated investment grade or better and such person believes that the
      Notes are properly treated as indebtedness without substantial equity features
      for purposes of the Department of Labor (“DOL”) regulation 29 C.F.R. §
2510.3-101, and agrees to so treat the Notes. Alternatively, regardless of
      the
      rating of the Notes, such person may provide the Securities Administrator with
      an Opinion of Counsel, which Opinion of Counsel will not be at the expense
      of
      the Trust, the Issuer, the Seller, the Depositor, the Indenture Trustee, the
      Securities Administrator, or the Master Servicer which opines that the
      acquisition, holding and transfer of such Note or interest therein is
      permissible under applicable law, will not constitute or result in a non-exempt
      prohibited transaction under ERISA or Section 4975 of the Code and will not
      subject the Trust, the Issuer, the Seller, the Depositor, the Indenture Trustee,
      the Securities Administrator or the Master Servicer to any obligation in
      addition to those undertaken in the Indenture.

     

    
      	Section
              4.16.  	
              Transfer
                Restrictions for Class N Notes.

            

    

     

    (a)  No
      transfer, sale, pledge or other disposition of any Class N Note or interest
      therein shall be made unless that transfer, sale, pledge or other disposition
      is
      exempt from the registration and/or qualification requirements of the 1933
      Act
      and any applicable state securities laws, or is otherwise made in accordance
      with the 1933 Act and such state securities laws. If a transfer of any Class
      N
      Note is to be made without registration under the 1933 Act (other than in
      connection with the initial issuance thereof or a transfer thereof by the
      Depositor or one of its Affiliates), then the Note Registrar shall refuse to
      register such transfer unless it receives (and upon receipt, may conclusively
      rely upon) a certificate from the Noteholder desiring to effect such transfer
      substantially in the form attached as Exhibit F-1 hereto and a certificate
      from
      such Noteholder’s prospective transferee substantially in the form attached as
      Exhibit F-2 hereto (which in the case of the Book-Entry Notes, the Noteholder
      and the Noteholder’s prospective transferee will be deemed to have represented
      such certification). None of the Issuer, the Depositor, the Indenture Trustee,
      the Securities Administrator or the Note Registrar is obligated to register
      or
      qualify any Class N Notes under the Securities Act or any other securities
      law
      or to take any action not otherwise required under this Indenture to permit
      the
      transfer of any Class N Note or interest therein without registration or
      qualification. Any Noteholder desiring to effect a transfer of Class N Notes
      or
      interests therein shall, and does hereby agree to, indemnify the Issuer, the
      Depositor, the Owner Trustee, the Indenture Trustee, the Securities
      Administrator and the Note Registrar against any liability that may result
      if
      the transfer is not so exempt or is not made in accordance with such federal
      and
      state laws.

     

    (b)  No
      Class
      N Note may be sold or transferred to a Person unless such Person certifies
      substantially in the form of Exhibit F-2 hereto (which in the case of the
      Book-Entry Notes, such Person will be deemed to have represented such
      certification), which certification the Securities Administrator may rely upon
      without further inquiry or investigation, to the following effect:

     

    (i)  Such
      Person is neither: (1) an employee benefit plan or other retirement arrangement,
      including individual retirement accounts and annuities, Keogh plans and
      collective investment funds and separate accounts in which such plans, accounts
      or arrangements are invested, including, without limitation, insurance company
      general accounts, that is subject to ERISA or Section 4975 of the Code (each,
      a
“Plan”), nor (2) any Person who is directly or indirectly purchasing such Note
      or interest therein on behalf of, as named fiduciary of, as trustee of, or
      with
“plan assets” (as defined under the DOL Regulation at 29 C.F.R. Section
      2510.3-101) of a Plan; or

     

    (ii)  (1)
      The
      acquisition, holding and transfer of the Class N Note will not give rise to
      a
      nonexempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and (2) the Class N Note is rated investment grade or better and the
      Transferee believes that the Class N Note is properly treated as indebtedness
      without substantial equity features for purposes of the DOL Regulations, and
      agrees to so treat the Class N Note; or

     

    (iii)  Such
      Person has provided the Securities Administrator and the Owner Trustee with
      an
      Opinion of Counsel, which Opinion of Counsel will not be at the expense of
      the
      Issuer, the Depositor, the Seller, any Underwriter, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Servicer, the Master
      Servicer or any successor servicer which opines that the purchase, holding
      and
      transfer of such Class N Note or interest therein is permissible under
      applicable law, will not constitute or result in a non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Issuer, the Seller, the Depositor, any Underwriter, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Servicer, the Master
      Servicer or any successor servicer to any obligation in addition to those
      undertaken in the Indenture.

     

    Notwithstanding
      the foregoing, a certification will not be required in connection with the
      initial transfer of any such Note by the Depositor to an Affiliate of the
      Depositor (in which case, the Depositor or any Affiliate thereof shall be deemed
      to have represented that such Affiliate is not a Plan or any Person investing
      “plan assets” of any Plan) and the Note Registrar shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Note
      Registrar, shall be a written representation) from the Depositor of the status
      of such transferee as an Affiliate of the Depositor.

     

    (c)  No
      Note
      sold in an offshore transaction in reliance on Regulation S, may be sold or
      transferred to a Person unless such Person certifies substantially in the form
      of Exhibit F-2, G-1 or G-2 hereto (which in the case of the Book-Entry Notes,
      such Person will be deemed to have represented such certification), which
      certification the Securities Administrator may rely upon without further inquiry
      or investigation, to the following effect:

     

    (i)  Such
      Person is not a U.S. person within the meaning of Regulation S and was, at
      the
      time the buy order was originated, outside the United States;

     

    (ii)  Such
      Person understands that such Class N Notes have not been registered under the
      Securities Act, and that (x) until the expiration of the 40-day distribution
      compliance period (within the meaning of Regulation S), no offer, sale, pledge
      or other transfer of such Notes or any interest therein shall be made in the
      United States or to or for the account or benefit of a U.S. person (each as
      defined in Regulation S), (y) if in the future it decides to offer, resell,
      pledge or otherwise transfer such Class N Notes, such Class N Notes may be
      offered, resold, pledged or otherwise transferred only (A) to a person which
      the
      seller reasonably believes is a qualified institutional buyer that is purchasing
      such Class N Notes for its own account or for the account of a qualified
      institutional buyer to which notice is given that the transfer is being made
      in
      reliance on Rule 144A or (B) in an offshore transaction (as defined in
      Regulation S) in compliance with the provisions of Regulation S, in each case
      in
      compliance with the requirements of this Indenture; and it will notify such
      transferee of the transfer restrictions specified in this Section 4.16;
      and

     

    (iii)  Either
      (A) such Person is neither (i) an employee benefit plan or other retirement
      arrangement, including individual retirement accounts and annuities, Keogh
      plans
      and collective investment funds and separate accounts in which such plans,
      accounts or arrangements are invested, including, without limitation, insurance
      company general accounts, that is subject to ERISA or Section 4975 of the Code
      (each, a “Plan”), nor (ii) any Person who is directly or indirectly purchasing
      such Note or interest therein on behalf of, as named fiduciary of, as trustee
      of, or with “plan assets” (as defined under the DOL Regulation at 29 C.F.R.
      Section 2510.3-101) of a Plan; (B) (1) the acquisition, holding and transfer
      of
      such Class N Note will not give rise to a nonexempt prohibited transaction
      under
      Section 406 of ERISA or Section 4975 of the Code and (2) such Class N Note
      is
      rated investment grade or better and such person believes that such Class N
      Note
      is properly treated as indebtedness without substantial equity features for
      purposes of the DOL Regulations, and agrees to so treat such Class N Note or
      (C)
      such person has provided the Securities Administrator and the Owner Trustee
      with
      an Opinion of Counsel, which Opinion of Counsel will not be at the expense
      of
      the Issuer, the Depositor, the Seller, any Underwriter, the Owner Trustee,
      the
      Indenture Trustee, the Securities Administrator, the Servicer, the Master
      Servicer or any successor servicer which opines that the acquisition, holding
      and transfer of such Class N Note or interest therein is permissible under
      applicable law, will not constitute or result in a non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Issuer, the Depositor, the Seller, any Underwriter, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Servicer, the Master
      Servicer or any successor servicer to any obligation in addition to those
      undertaken in the Indenture.

     

    Notwithstanding
      the foregoing, a certification will not be required in connection with the
      initial transfer of any such Note by the Depositor to an Affiliate of the
      Depositor (in which case, the Depositor or any Affiliate thereof shall be deemed
      to have represented that such Affiliate is not a Plan or any Person investing
      “plan assets” of any Plan) and the Note Registrar shall be entitled to
      conclusively rely upon a representation (which, upon the request of the Note
      Registrar, shall be a written representation) from the Depositor of the status
      of such transferee as an Affiliate of the Depositor.

     

    (d)  If
      a
      Person is acquiring any Class N Note or interest therein as a fiduciary or
      agent
      for one or more accounts, such Person shall be required to deliver to the Note
      Registrar a certification (which in the case of the Book-Entry Notes, the
      prospective transferee will be deemed to have represented such certification)
      to
      the effect that it has (i) sole investment discretion with respect to each
      such
      account and (ii) full power to make the foregoing acknowledgments,
      representations, warranties, certifications and agreements with respect to
      each
      such account as set forth in subsections (b), (c) and (d) of this Section
      4.16.

     

    (e)  Notwithstanding
      any provision to the contrary herein, so long as a Global Security representing
      the Notes remains outstanding and is held by or on behalf of the Depository,
      transfers of a Global Security representing the Notes, in whole or in part,
      shall only be made in accordance with this Section 4.16.

     

    (i)  Subject
      to clauses (ii) and (iii) of this Section 4.16(e), transfers of a Global
      Security representing the Class N Notes shall be limited to transfers of such
      Global Security in whole, but not in part, to nominees of the Depository or
      to a
      successor of the Depository or such successor’s nominee.

     

    (ii)  Restricted
      Global Security to Regulation S Global Security.
      If a
      holder of a beneficial interest in a Restricted Global Security deposited with
      or on behalf of the Depository wishes at any time to exchange its interest
      in
      such Restricted Global Security for an interest in a Regulation S Global
      Security, or to transfer its interest in such Restricted Global Security to
      a
      Person who wishes to take delivery thereof in the form of an interest in a
      Regulation S Global Security, such holder, provided such holder is not a U.S.
      Person, may, subject to the rules and procedures of the Depository, exchange
      or
      cause the exchange of such interest for an equivalent beneficial interest in
      the
      Regulation S Global Security. Upon receipt by the Securities Administrator,
      as
      Note Registrar, of (A) instructions from the Depository directing the Securities
      Administrator, as Note Registrar, to cause to be credited a beneficial interest
      in a Regulation S Global Security in an amount equal to the beneficial interest
      in such Restricted Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Notes held through a Regulation S
      Global Security, (B) a written order given in accordance with the Depository’s
      procedures containing information regarding the participant account of the
      Depository and, in the case of a transfer pursuant to and in accordance with
      Regulation S, the Euroclear or Clearstream account to be credited with such
      increase and (C) a certificate in the form of Exhibit G-1 hereto given by the
      holder of such beneficial interest stating that the exchange or transfer of
      such
      interest has been made in compliance with the transfer restrictions applicable
      to the Global Securities, including that the holder is not a U.S. Person and
      pursuant to and in accordance with Regulation S, the Securities Administrator,
      as Note Registrar, shall reduce the principal amount of the Restricted Global
      Security and increase the principal amount of the Regulation S Global Security
      by the aggregate principal amount of the beneficial interest in the Restricted
      Global Security to be exchanged, and shall instruct Euroclear or Clearstream,
      as
      applicable, concurrently with such reduction, to credit or cause to be credited
      to the account of the Person specified in such instructions a beneficial
      interest in the Regulation S Global Security equal to the reduction in the
      principal amount of the Restricted Global Security.

     

    (iii)  Regulation
      S Global Security to Restricted Global Security.
      If a
      holder of a beneficial interest in a Regulation S Global Security deposited
      with
      or on behalf of the Depository wishes at any time to transfer its interest
      in
      such Regulation S Global Security to a Person who wishes to take delivery
      thereof in the form of an interest in a Restricted Global Security, such holder
      may, subject to the rules and procedures of the Depository, exchange or cause
      the exchange of such interest for an equivalent beneficial interest in a
      Restricted Global Security. Upon receipt by the Securities Administrator, as
      Note Registrar, of (A) instructions from the Depository directing the Securities
      Administrator, as Note Registrar, to cause to be credited a beneficial interest
      in a Restricted Global Security in an amount equal to the beneficial interest
      in
      such Regulation S Global Security to be exchanged but not less than the minimum
      denomination applicable to such Holder’s Class N Notes held through a Restricted
      Global Security, to be exchanged, such instructions to contain information
      regarding the participant account with the Depository to be credited with such
      increase, and (B) a certificate in the form of Exhibit G-2 hereto given by
      the
      holder of such beneficial interest and stating, among other things, that the
      Person transferring such interest in such Regulation S Global Security
      reasonably believes that the Person acquiring such interest in a Restricted
      Global Security is a qualified institutional buyer within the meaning of Rule
      144A, is obtaining such beneficial interest in a transaction meeting the
      requirements of Rule 144A and in accordance with any applicable securities
      laws
      of any State of the United States or any other jurisdiction, then the Securities
      Administrator, as Note Registrar, will reduce the principal amount of the
      Regulation S Global Security and increase the principal amount of the Restricted
      Global Security by the aggregate principal amount of the beneficial interest
      in
      the Regulation S Global Security to be transferred and the Securities
      Administrator, as Note Registrar, shall instruct the Depository, concurrently
      with such reduction, to credit or cause to be credited to the account of the
      Person specified in such instructions a beneficial interest in the Restricted
      Global Security equal to the reduction in the principal amount of the Regulation
      S Global Security.

     

    (iv)  Other
      Exchanges.
      In the
      event that a Global Security is exchanged for Class N Notes in definitive
      registered form without interest coupons, such Class N Notes may be exchanged
      for one another only in accordance with such procedures as are substantially
      consistent with the provisions above (including certification requirements
      intended to insure that such transfers comply with Rule 144A or are to non-U.S.
      Persons, or otherwise comply with Regulation S under the Securities Act, as
      the
      case may be, and as may be from time to time adopted by the Issuer and the
      Securities Administrator.

     

    (v)  Restrictions
      on U.S. Transfers.
      Transfers of interests in the Regulation S Global Security to U.S. persons
      (as
      defined in Regulation S) shall be limited to transfers made pursuant to the
      provisions of Section 4.16(e)(3). 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      V

     

    DEFAULT
      AND REMEDIES

     

    Section
      5.01.  Events
      of Default.
      The
      Issuer shall deliver to the Indenture Trustee and the Securities Administrator,
      written notice in the form of an Officer’s Certificate, within five days after
      learning of the occurrence of any event which with the giving of notice and
      the
      lapse of time would become an Event of Default under clause (iii), (iv) or
      (v)
      of the definition of “Event of Default,” its status and what action the Issuer
      is taking or proposes to take with respect thereto. Neither the Indenture
      Trustee nor the Securities Administrator shall be deemed to have knowledge
      of
      any Event of Default unless a Responsible Officer has actual knowledge thereof
      or unless written notice of such Event of Default is received by a Responsible
      Officer and such notice references the Notes, the Trust or this
      Indenture.

     

    Section
      5.02.  Acceleration
      of Maturity; Rescission and Annulment.
      If an
      Event of Default should occur and be continuing, then and in every such case
      the
      Indenture Trustee shall, at the written direction of the Holders of Notes
      representing not less than a majority of the aggregate Note Balance of the
      Notes, declare the Notes to be immediately due and payable, by a notice in
      writing to the Issuer (and to the Indenture Trustee and the Securities
      Administrator if such notice is given by the Noteholders), and upon any such
      declaration the unpaid aggregate Note Balance, together with accrued and unpaid
      interest thereon through the date of acceleration shall become immediately
      due
      and payable.

     

    At
      any
      time after such declaration of acceleration of maturity with respect to an
      Event
      of Default has been made and before a judgment or decree for payment of the
      money due has been obtained by the Securities Administrator as hereinafter
      in
      this Article V provided, Holders of the Notes representing not less than a
      majority of the aggregate Note Balance of the Notes, by written notice to the
      Issuer, the Indenture Trustee and the Securities Administrator, may waive the
      related Event of Default and rescind and annul such declaration and its
      consequences if

     

    (i)  the
      Issuer has paid or deposited with the Securities Administrator a sum sufficient
      to pay (a) all payments of principal of and interest on the Notes and all other
      amounts that would then be due hereunder or upon the Notes if the Event of
      Default giving rise to such acceleration had not occurred; and (b) all sums
      paid
      or advanced by the Securities Administrator hereunder and the reasonable
      compensation, expenses, disbursements and advances of the Indenture Trustee
      and
      the Securities Administrator and its respective agents and counsel;
      and

     

    (ii)  all
      Events of Default, other than the nonpayment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section 5.12.

     

    No
      such
      rescission shall affect any subsequent default or impair any right consequent
      thereto.

     

    
      	Section
              5.03.  	
              Collection
                of Indebtedness and Suits for Enforcement by Indenture
                Trustee.

            

    

     

    (a)  The
      Issuer covenants that if (i) default is made in the payment of any interest
      on
      any Note when the same becomes due and payable, and such default continues
      for a
      period of five days, or (ii) default is made in the payment of the principal
      of
      or any installment of the principal of any Note when the same becomes due and
      payable, the Issuer shall, upon demand of the Securities Administrator, at
      the
      direction of the Holders of a majority of the aggregate Note Balance of the
      Notes, pay to the Securities Administrator, for the benefit of the Holders
      of
      Notes, the whole amount then due and payable on the Notes for principal and
      interest, with interest at the applicable Note Rate upon the overdue principal,
      and in addition thereto such further amount as shall be sufficient to cover
      the
      costs and expenses of collection, including the reasonable compensation,
      expenses, disbursements and advances of the Indenture Trustee and the Securities
      Administrator and its respective agents and counsel.

     

    (b)  In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Indenture Trustee, in its own name and as trustee of an express trust, subject
      to the provisions of Section 10.16 hereof may institute a Proceeding for the
      collection of the sums so due and unpaid, and may prosecute such Proceeding
      to
      judgment or final decree, and may enforce the same against the Issuer or other
      obligor upon the Notes and collect in the manner provided by law out of the
      property of the Issuer or other obligor the Notes, wherever situated, the monies
      adjudged or decreed to be payable.

     

    (c)  If
      an
      Event of Default occurs and is continuing, the Indenture Trustee, subject to
      the
      provisions of Section 10.16 hereof may, as more particularly provided in Section
      5.04 hereof, in its discretion, proceed to protect and enforce its rights and
      the rights of the Noteholders, by such appropriate Proceedings, as directed
      in
      writing by Holders of a majority of the aggregate Note Balance of the Notes,
      to
      protect and enforce any such rights, whether for the specific enforcement of
      any
      covenant or agreement in this Indenture or in aid of the exercise of any power
      granted herein, or to enforce any other proper remedy or legal or equitable
      right vested in the Indenture Trustee by this Indenture or by law.

     

    (d)  In
      case
      there shall be pending, relative to the Issuer or any other obligor upon the
      Notes or any Person having or claiming an ownership interest in the Trust,
      Proceedings under Title 11 of the United States Code or any other applicable
      federal or state bankruptcy, insolvency or other similar law, or in case a
      receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
      sequestrator or similar official shall have been appointed for or taken
      possession of the Issuer or its property or such other obligor or Person, or
      in
      case of any other comparable judicial Proceedings relative to the Issuer or
      other obligor upon the Notes, or to the creditors or property of the Issuer
      or
      such other obligor, the Indenture Trustee, as directed in writing by Holders
      of
      a majority of the aggregate Note Balance of the Notes, irrespective of whether
      the principal of any Notes shall then be due and payable as therein expressed
      or
      by declaration or otherwise and irrespective of whether the Indenture Trustee
      shall have made any demand pursuant to the provisions of this Section, shall
      be
      entitled and empowered, by intervention in such Proceedings or
      otherwise:

     

    (i)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes and to file such other papers or documents
      as
      may be necessary or advisable in order to have the claims of the Indenture
      Trustee (including any claim for reasonable compensation to the Indenture
      Trustee, the Securities Administrator and each predecessor Indenture Trustee
      and
      Securities Administrator, and their respective agents, attorneys and counsel,
      and for reimbursement of all expenses and liabilities incurred, and all advances
      made, by the Indenture Trustee and Securities Administrator and each predecessor
      Indenture Trustee and Securities Administrator, except as a result of negligence
      or bad faith) and of the Noteholders allowed in such Proceedings;

     

    (ii)  unless
      prohibited by applicable law and regulations, to vote on behalf of the Holders
      of Notes in any election of a trustee, a standby trustee or Person performing
      similar functions in any such Proceedings;

     

    (iii)  to
      collect and receive any monies or other property payable or deliverable on
      any
      such claims and to distribute all amounts received with respect to the claims
      of
      the Noteholders and of the Indenture Trustee on their behalf, and

     

    (iv)  to
      file
      such proofs of claim and other papers or documents as may be necessary or
      advisable in order to have the claims of the Indenture Trustee or the Holders
      of
      Notes allowed in any judicial proceedings relative to the Issuer, its creditors
      and its property; and any trustee, receiver, liquidator, custodian or other
      similar official in any such Proceeding is hereby authorized by each of such
      Noteholders to make payments to the Securities Administrator and, in the event
      that the Indenture Trustee shall consent to the making of payments directly
      to
      such Noteholders, to pay to the Indenture Trustee and the Securities
      Administrator such amounts as shall be sufficient to cover reasonable
      compensation to the Indenture Trustee and the Securities Administrator, each
      predecessor Indenture Trustee and Securities Administrator and their respective
      agents, attorneys and counsel, and all other expenses and liabilities incurred,
      and all advances made, by the Indenture Trustee and the Securities Administrator
      and each predecessor Indenture Trustee and Securities
      Administrator.

     

    (e)  Nothing
      herein contained shall be deemed to authorize the Indenture Trustee or the
      Securities Administrator to authorize or consent to or vote for or accept or
      adopt on behalf of any Noteholder any plan of reorganization, arrangement,
      adjustment or composition affecting the Notes or the rights of any Holder
      thereof or to authorize the Indenture Trustee or the Securities Administrator
      to
      vote in respect of the claim of any Noteholder in any such proceeding except,
      as
      aforesaid, to vote for the election of a trustee in bankruptcy or similar
      Person.

     

    (f)  All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Indenture Trustee without the possession
      of
      any of the Notes or the production thereof in any trial or other Proceedings
      relative thereto, and any such action or proceedings instituted by the Indenture
      Trustee shall be brought in its own name as trustee of an express trust, and
      any
      recovery of judgment, subject to the payment of the expenses, disbursements
      and
      compensation of the Indenture Trustee and the Securities Administrator, each
      predecessor Indenture Trustee and Securities Administrator and their respective
      agents and attorneys, shall be for the ratable benefit of the Holders of the
      Notes, subject to Section 5.05 hereof.

     

    (g)  In
      any
      Proceedings brought by the Indenture Trustee (and also any Proceedings involving
      the interpretation of any provision of this Indenture to which the Indenture
      Trustee shall be a party), the Indenture Trustee shall be held to represent
      all
      the Holders of the Notes, and it shall not be necessary to make any Noteholder
      a
      party to any such Proceedings.

     

    
      	Section
              5.04.  	
              Remedies;
                Priorities.

            

    

     

    (a)  If
      an
      Event of Default shall have occurred and be continuing and if an acceleration
      has been declared and not rescinded pursuant to Section 5.02 hereof, the
      Indenture Trustee subject to the provisions of Section 10.16 hereof may, and
      shall, at the written direction of the Holders of a majority of the aggregate
      Note Balance of the Notes, do one or more of the following (subject to Section
      5.05 hereof):

     

    (i)  institute
      Proceedings in its own name and as trustee of an express trust for the
      collection of all amounts then payable on the Notes or under this Indenture
      with
      respect thereto, whether by declaration or otherwise enforce any judgment
      obtained, and collect from the Issuer and any other obligor upon such Notes
      monies adjudged due;

     

    (ii)  institute
      Proceedings from time to time for the complete or partial foreclosure of this
      Indenture with respect to the Trust;

     

    (iii)  exercise
      any remedies of a secured party under the UCC and take any other appropriate
      action to protect and enforce the rights and remedies of the Indenture Trustee
      and the Holders of the Notes; and

     

    (iv)  sell
      the
      Collateral or any portion thereof or rights or interest therein, at one or
      more
      public or private sales called and conducted in any manner permitted by law;
      provided,
      however,
      that
      the Indenture Trustee may not sell or otherwise liquidate the Trust following
      an
      Event of Default, unless (A) the Indenture Trustee obtains the consent of the
      Holders of 100% of the aggregate Note Balance of the Notes, (B) the proceeds
      of
      such sale or liquidation distributable to the Holders of the Notes are
      sufficient to discharge in full all amounts then due and unpaid upon such Notes
      for principal and interest or (C) the Indenture Trustee determines that the
      Mortgage Loans will not continue to provide sufficient funds for the payment
      of
      principal of and interest on the applicable Notes as they would have become
      due
      if the Notes had not been declared due and payable, and the Indenture Trustee
      obtains the consent of the Holders of a majority of the aggregate Note Balance
      of the Notes. In determining such sufficiency or insufficiency with respect
      to
      clause (B) and (C), the Indenture Trustee may, but need not, obtain and
      conclusively rely upon written advice or an opinion (obtained at the expense
      of
      the Trust) of an Independent investment banking or accounting firm of national
      reputation as to the feasibility of such proposed action and as to the
      sufficiency of the Trust for such purpose. Notwithstanding the foregoing, so
      long as a Servicer Event of Default has not occurred, any sale of the Trust
      shall be made subject to the continued servicing of the Mortgage Loans by the
      Servicer as provided in the Servicing Agreement.

     

    (b)  If
      the
      Indenture Trustee collects any money or property pursuant to this Article V,
      the
      Indenture Trustee shall forward such funds to the Securities Administrator
      and
      the Securities Administrator shall pay out the money or property in the
      following order:

     

    (i)  to
      the
      Indenture Trustee and the Securities Administrator for amounts due under Section
      6.07 hereof and to the Owner Trustee for amounts due pursuant to Article VII
      of
      the Trust Agreement;

     

    (ii)  to
      the
      Noteholders in the order of priority set forth in Section 3.05(b);
      and

     

    (iii)  to
      the
      payment of the remainder, if any to the Certificate Paying Agent on behalf
      of
      the Issuer or to any other person legally entitled thereto.

     

    The
      Securities Administrator may fix a record date and Payment Date for any payment
      to Noteholders pursuant to this Section 5.04. At least 15 days before such
      record date, the Securities Administrator shall mail to each Noteholder a notice
      that states the record date, the Payment Date and the amount to be
      paid.

     

    Section
      5.05.  Optional
      Preservation of the Collateral.
      If the
      Notes have been declared to be due and payable under Section 5.02 following
      an
      Event of Default and such declaration and its consequences have not been
      rescinded and annulled, the Indenture Trustee may elect to take and maintain
      possession of the Collateral. It is the desire of the parties hereto and the
      Noteholders that there be at all times sufficient funds for the payment of
      principal of and interest on the Notes and other obligations of the Issuer,
      the
      Indenture Trustee and the Securities Administrator shall take such desire into
      account when determining whether or not to take and maintain possession of
      the
      Trust. In determining whether and how to take and maintain possession of the
      Trust, the Indenture Trustee may, but need not, obtain and rely upon the written
      advice or an opinion (obtained at the expense of the Trust) of an Independent
      investment banking or accounting firm of national reputation as to the
      feasibility of such proposed action and as to the sufficiency of the Trust
      for
      such purpose.

     

    Section
      5.06.  Limitation
      of Suits.
      No
      Holder of any Note shall have any right to institute any Proceeding, judicial
      or
      otherwise, with respect to this Indenture, or for the appointment of a receiver
      or trustee, or for any other remedy hereunder, unless and subject to the
      provisions of Section 10.16 hereof

     

    (i)  such
      Holder has previously given written notice to the Indenture Trustee of a
      continuing Event of Default;

     

    (ii)  the
      Holders of not less than 25% of the aggregate Note Balance of the Notes have
      made a written request to the Indenture Trustee to institute such Proceeding
      in
      respect of such Event of Default in its own name as Indenture Trustee
      hereunder;

     

    (iii)  such
      Holder or Holders have offered to the Indenture Trustee indemnity reasonably
      satisfactory to it against the costs, expenses and liabilities to be incurred
      in
      complying with such request;

     

    (iv)  the
      Indenture Trustee for 60 days after its receipt of such notice of request and
      offer of indemnity has failed to institute such Proceedings; and

     

    (v)  no
      direction inconsistent with such written request has been given to the Indenture
      Trustee during such 60-day period by the Holders of a majority of the Note
      Balances of the Notes.

     

    It
      is
      understood and intended that no one or more Holders of Notes shall have any
      right in any manner whatever by virtue of, or by availing of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Notes or to obtain or to seek to obtain priority or preference over any
      other
      Holders or to enforce any right under this Indenture, except in the manner
      herein provided.

     

    
      	Section
              5.07.  	
              Unconditional
                Rights of Noteholders To Receive Principal and Interest.

            

    

     

    Notwithstanding
      any other provisions in this Indenture, the Holder of any Note shall have the
      right, which is absolute and unconditional, to receive payment of the principal
      of and interest, if any, on such Note on or after the respective due dates
      thereof expressed in such Note or in this Indenture and to institute suit for
      the enforcement of any such payment, and such right shall not be impaired
      without the consent of such Holder.

     

    Section
      5.08.  Restoration
      of Rights and Remedies.
      If the
      Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
      any
      right or remedy under this Indenture and such Proceeding has been discontinued
      or abandoned for any reason or has been determined adversely to the Indenture
      Trustee or to such Noteholder, then and in every such case the Issuer, the
      Indenture Trustee and the Noteholders shall, subject to any determination in
      such Proceeding, be restored severally and respectively to their former
      positions hereunder, and thereafter all rights and remedies of the Indenture
      Trustee and the Noteholders shall continue as though no such Proceeding had
      been
      instituted.

     

    Section
      5.09.  Rights
      and Remedies Cumulative.
      No
      right or remedy herein conferred upon or reserved to the Indenture Trustee,
      the
      Securities Administrator or to the Noteholders is intended to be exclusive
      of
      any other right or remedy, and every right and remedy shall, to the extent
      permitted by law, be cumulative and in addition to every other right and remedy
      given hereunder or now or hereafter existing at law or in equity or otherwise.
      The assertion or employment of any right or remedy hereunder, or otherwise,
      shall not prevent the concurrent assertion or employment of any other
      appropriate right or remedy.

     

    Section
      5.10.  Delay
      or Omission Not a Waiver.
      No
      delay or omission of the Indenture Trustee or any Holder of any Note to exercise
      any right or remedy accruing upon any Event of Default shall impair any such
      right or remedy or constitute a waiver of any such Event of Default or an
      acquiescence therein. Every right and remedy given by this Article V or by
      law
      to the Indenture Trustee or to the Noteholders may be exercised from time to
      time, and as often as may be deemed expedient, by the Indenture Trustee or
      by
      the Noteholders, as the case may be.

     

    Section
      5.11.  Control
      By Noteholders.  The
      Holders of a majority of the aggregate Note Balance of Notes shall have the
      right to direct the time, method and place of conducting any Proceeding for
      any
      remedy available to the Indenture Trustee with respect to the Notes or
      exercising any trust or power conferred on the Indenture Trustee; provided
      that:

     

    (i)  such
      direction shall not be in conflict with any rule of law or with this
      Indenture;

     

    (ii)  any
      direction to the Indenture Trustee to sell or liquidate the Collateral shall
      be
      by Holders of Notes representing not less than 100% of the Note Balances of
      the
      Notes;

     

    (iii)  the
      Indenture Trustee has been provided with indemnity satisfactory to it;
      and

     

    (iv)  the
      Indenture Trustee may take any other action deemed proper by the Indenture
      Trustee that is not inconsistent with such direction of the Holders of Notes
      representing a majority of the Note Balances of the Notes.

     

    Notwithstanding
      the rights of Noteholders set forth in this Section 5.11 the Indenture Trustee
      need not take any action that it determines might involve it in
      liability.

     

    Section
      5.12.  Waiver
      of Past Defaults.  Prior
      to the declaration of the acceleration of the maturity of the Notes as provided
      in Section 5.02 hereof, the Holders of Notes representing not less than a
      majority of the aggregate Note Balance of the Notes may waive any past Event
      of
      Default and its consequences except an Event of Default (a) with respect to
      payment of principal of or interest on any of the Notes or (b) in respect of
      a
      covenant or provision hereof which cannot be modified or amended without the
      consent of the Holder of each Note. In the case of any such waiver, the Issuer,
      the Indenture Trustee, the Securities Administrator and the Holders of the
      Notes
      shall be restored to their former positions and rights hereunder, respectively,
      but no such waiver shall extend to any subsequent or other Event of Default
      or
      impair any right consequent thereto.

     

    Upon
      any
      such waiver, any Event of Default arising therefrom shall be deemed to have
      been
      cured and not to have occurred, for every purpose of this Indenture; but no
      such
      waiver shall extend to any subsequent or other Event of Default or impair any
      right consequent thereto.

     

    Section
      5.13.  Undertaking
      for Costs.
      All
      parties to this Indenture agree, and each Holder of any Note and each Beneficial
      Owner of any interest therein by such Holder’s or Beneficial Owner’s acceptance
      thereof shall be deemed to have agreed, that any court may in its discretion
      require, in any suit for the enforcement of any right or remedy under this
      Indenture, or in any suit against the Indenture Trustee or the Securities
      Administrator for any action taken, suffered or omitted by it as Indenture
      Trustee or Securities Administrator, the filing by any party litigant in such
      suit of an undertaking to pay the costs of such suit, and that such court may
      in
      its discretion assess reasonable costs, including reasonable attorneys’ fees,
      against any party litigant in such suit, having due regard to the merits and
      good faith of the claims or defenses made by such party litigant; but the
      provisions of this Section 5.13 shall not apply to (a) any suit instituted
      by
      the Indenture Trustee or the Securities Administrator, (b) any suit instituted
      by any Noteholder, or group of Noteholders, in each case holding in the
      aggregate more than 10% of the Note Balances of the Notes or (c) any suit
      instituted by any Noteholder for the enforcement of the payment of principal
      of
      or interest on any Note on or after the respective due dates expressed in such
      Note and in this Indenture.

     

    Section
      5.14.  Waiver
      of Stay or Extension Laws.
      The
      Issuer covenants (to the extent that it may lawfully do so) that it will not
      at
      any time insist upon, or plead or in any manner whatsoever, claim or take the
      benefit or advantage of, any stay or extension law wherever enacted, now or
      at
      any time hereafter in force, that may affect the covenants or the performance
      of
      this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
      expressly waives all benefit or advantage of any such law, and covenants that
      it
      shall not hinder, delay or impede the execution of any power herein granted
      to
      the Indenture Trustee or the Securities Administrator, but will suffer and
      permit the execution of every such power as though no such law had been
      enacted.

     

    
      	Section
              5.15.  	
              Sale
                of Trust.

            

    

     

    (a)  The
      power
      to effect any sale or other disposition (a “Sale”) of any portion of the Trust
      pursuant to Section 5.04 hereof is expressly subject to the provisions of
      Section 5.05 hereof and this Section 5.15. The power to effect any such Sale
      shall not be exhausted by any one or more Sales as to any portion of the Trust
      remaining unsold, but shall continue unimpaired until the entire Trust shall
      have been sold or all amounts payable on the Notes and under this Indenture
      shall have been paid. The Indenture Trustee may from time to time postpone
      any
      public Sale by public announcement made at the time and place of such Sale.
      The
      Indenture Trustee hereby expressly waives its right to any amount fixed by
      law
      as compensation for any Sale.

     

    (b)  The
      Indenture Trustee shall not in any private Sale sell the Trust, or any portion
      thereof, unless

     

    (i)  the
      Holders of all Notes consent to or direct the Indenture Trustee to make, such
      Sale, or

     

    (ii)  the
      proceeds of such Sale would be not less than the entire amount which would
      be
      payable to the Noteholders under the Notes, in full payment thereof in
      accordance with Section 5.02 hereof, on the Payment Date next succeeding the
      date of such Sale, or

     

    (iii)  the
      Indenture Trustee determines that the conditions for retention of the Collateral
      set forth in Section 5.05 hereof cannot be satisfied (in making any
      determination under this Section 5.15, the Indenture Trustee may conclusively
      rely upon written advice or an opinion of an Independent investment banking
      firm
      obtained and delivered as provided in Section 5.05 hereof), the Holders of
      Notes
      representing at least 100% of the Note Balances of the Notes consent to such
      Sale.

     

    The
      purchase by the Indenture Trustee of all or any portion of the Trust at a
      private Sale shall not be deemed a Sale or other disposition thereof for
      purposes of this Section 5.15(b).

     

    (c)  [Reserved].

     

    (d)  In
      connection with a Sale of all or any portion of the Trust,

     

    (i)  any
      Holder or Holders of Notes may bid for and purchase the property offered for
      sale, and upon compliance with the terms of sale may hold, retain and possess
      and dispose of such property, without further accountability, and may, in paying
      the purchase money therefor, deliver any Notes or claims for interest thereon
      in
      lieu of cash up to the amount which shall, upon distribution of the net proceeds
      of such sale, be payable thereon, and such Notes, in case the amounts so payable
      thereon shall be less than the amount due thereon, shall be returned to the
      Holders thereof after being appropriately stamped to show such partial
      payment;

     

    (ii)  the
      Indenture Trustee, may bid for and acquire the property offered for Sale in
      connection with any Sale thereof, and, subject to any requirements of, and
      to
      the extent permitted by, applicable law in connection therewith, may purchase
      all or any portion of the Trust in a private sale, and, in lieu of paying cash
      therefor, may make settlement for the purchase price by crediting the gross
      Sale
      price against the sum of (A) the amount which would be payable to the Holders
      of
      the Notes and Holders of Certificates on the Payment Date next succeeding the
      date of such Sale and (B) the expenses of the Sale and of any Proceedings in
      connection therewith which are reimbursable to it, without being required to
      produce the Notes in order to complete any such Sale or in order for the net
      Sale price to be credited against such Notes, and any property so acquired
      by
      the Indenture Trustee shall be held and dealt with by it in accordance with
      the
      provisions of this Indenture;

     

    (iii)  the
      Indenture Trustee shall execute and deliver an appropriate instrument of
      conveyance, prepared by the Issuer and satisfactory to the Indenture Trustee,
      transferring its interest in any portion of the Trust in connection with a
      Sale
      thereof;

     

    (iv)  the
      Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact
      of the Issuer to transfer and convey its interest in any portion of the Trust
      in
      connection with a Sale thereof, and to take all action necessary to effect
      such
      Sale; and

     

    (v)  no
      purchaser or transferee at such a Sale shall be bound to ascertain the Indenture
      Trustee’s authority, inquire into the satisfaction of any conditions precedent
      or see to the application of any monies.

     

    Section
      5.16.  Action
      on Notes.
      The
      Indenture Trustee’s right to seek and recover judgment on the Notes or under
      this Indenture shall not be affected by the seeking, obtaining or application
      of
      any other relief under or with respect to this Indenture. Neither the lien
      of
      this Indenture nor any rights or remedies of the Indenture Trustee or the
      Noteholders shall be impaired by the recovery of any judgment by the Indenture
      Trustee against the Issuer or by the levy of any execution under such judgment
      upon any portion of the Trust or upon any of the assets of the Issuer. Any
      money
      or property collected by the Indenture Trustee shall be applied in accordance
      with Section 5.04(b) hereof.

     

    
      	Section
              5.17.  	
              Performance
                and Enforcement of Certain Obligations.

            

    

     

    (a)  Promptly
      following a request from the Indenture Trustee to do so, the Issuer in its
      capacity as holder of the Mortgage Loans, shall take all such lawful action
      as
      the Indenture Trustee may request to cause the Issuer to compel or secure the
      performance and observance by the Seller, the Servicer and the Master Servicer,
      as applicable, of each of their obligations to the Issuer under or in connection
      with the Mortgage Loan Sale and Contribution Agreement and the Servicing
      Agreement, and to exercise any and all rights, remedies, powers and privileges
      lawfully available to the Issuer under or in connection with the Mortgage Loan
      Sale and Contribution Agreement and the Servicing Agreement to the extent and
      in
      the manner directed by the Indenture Trustee, as pledgee of the Mortgage Loans,
      including the transmission of notices of default on the part of the Seller,
      the
      Servicer or the Master Servicer thereunder and the institution of legal or
      administrative actions or proceedings to compel or secure performance by the
      Seller, the Servicer or the Master Servicer of each of their obligations under
      the Mortgage Loan Sale and Contribution Agreement and the Servicing
      Agreement.

     

    (b)  The
      Indenture Trustee, as pledgee of the Mortgage Loans, may, and at the direction
      (which direction shall be in writing or by telephone (confirmed in writing
      promptly thereafter)) of the Holders of 66-2/3% of the Note Balances of the
      Notes, shall exercise all rights, remedies, powers, privileges and claims of
      the
      Issuer against the Originator, the Seller, the Servicer or the Master Servicer
      under or in connection with the Mortgage Loan Sale and Contribution Agreement
      and the Servicing Agreement, including the right or power to take any action
      to
      compel or secure performance or observance by the Originator, the Seller, the
      Servicer or the Master Servicer, as the case may be, of each of their
      obligations to the Issuer thereunder and to give any consent, request, notice,
      direction, approval, extension or waiver under the Mortgage Loan Sale and
      Contribution Agreement and the Servicing Agreement, as the case may be, and
      any
      right of the Issuer to take such action shall not be suspended.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      VI

     

    THE
      INDENTURE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     

    
      	Section
              6.01.  	
              Duties
                of Indenture Trustee and the Securities Administrator.

            

    

     

    (a)  If
      an
      Event of Default has occurred and is continuing, each of the Indenture Trustee
      and the Securities Administrator shall exercise the rights and powers vested
      in
      it by this Indenture and use the same degree of care and skill in their exercise
      as a prudent person would exercise or use under the circumstances in the conduct
      of such person’s own affairs.

     

    (b)  Except
      during the continuance of an Event of Default:

     

    (i)  each
      of
      the Indenture Trustee and the Securities Administrator undertakes to perform
      such duties and only such duties as are specifically set forth in this Indenture
      and no implied covenants or obligations shall be read into this Indenture
      against the Indenture Trustee or the Securities Administrator; and

     

    (ii)  in
      the
      absence of bad faith on its part, each of the Indenture Trustee and the
      Securities Administrator may conclusively rely, as to the truth of the
      statements and the correctness of the opinions expressed therein, upon
      certificates or opinions furnished to the Indenture Trustee or the Securities
      Administrator and conforming to the requirements of this Indenture; however,
      each of the Indenture Trustee and the Securities Administrator shall examine
      the
      certificates and opinions to determine whether or not they conform to the
      requirements of this Indenture.

     

    (c)  Neither
      the Indenture Trustee nor the Securities Administrator may be relieved from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct, except that:

     

    (i)  this
      paragraph does not limit the effect of paragraph (b) of this Section
      6.01;

     

    (ii)  neither
      the Indenture Trustee nor the Securities Administrator shall be liable for
      any
      error of judgment made in good faith by a Responsible Officer unless it is
      proved that the Indenture Trustee or the Securities Administrator was negligent
      in ascertaining the pertinent facts; and

     

    (iii)  neither
      the Indenture Trustee nor the Securities Administrator shall be liable with
      respect to any action it takes or omits to take in good faith in accordance
      with
      a direction received by it from Noteholders or from the Issuer, which they
      are
      entitled to give under the Basic Documents.

     

    (d)  Neither
      the Indenture Trustee nor the Securities Administrator shall be liable for
      interest on any money received by it.

     

    (e)  Money
      held in trust by the Indenture Trustee or the Securities Administrator need
      not
      be segregated from other trust funds except to the extent required by law or
      the
      terms of this Indenture or the Trust Agreement.

     

    (f)  No
      provision of this Indenture shall require the Indenture Trustee or the
      Securities Administrator to expend or risk its own funds or otherwise incur
      financial liability in the performance of any of its duties hereunder or in
      the
      exercise of any of its rights or powers, if it shall have reasonable grounds
      to
      believe that repayment of such funds or indemnity satisfactory to it against
      such risk or liability is not reasonably assured to it.

     

    (g)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Indenture Trustee and the Securities
      Administrator shall be subject to the provisions of this Section and to the
      provisions of the TIA.

     

    (h)  The
      Indenture Trustee shall act in accordance with Section 6.03 of the Servicing
      Agreement and shall act as successor to the Master Servicer or appoint a
      successor Master Servicer in accordance with Section 6.04 of the Servicing
      Agreement.

     

    (i)  In
      order
      to comply with its duties under U.S.A. Patriot Act, the Securities Administrator
      shall obtain and verify certain information and documentation from the other
      parties hereto, including, but not limited to, such party’s name, address, and
      other identifying information.

     

    (j)  The
      Securities Administrator agrees to notify the Master Servicer in writing no
      later than 5:00 p.m. New York time on each Deposit Date of the aggregate dollar
      amount of the funds received by the Securities Administrator from the Servicer
      on such Deposit Date and any other information reasonably requested by the
      Master Servicer, so as to enable the Master Servicer to make the reconciliations
      and verifications required to be made by it pursuant to Section 4.01 of the
      Servicing Agreement.

     

    (k)  The
      Indenture Trustee shall, at the written direction of the Depositor, enforce
      all
      of its rights and exercise any remedies under the Interest Rate Swap Agreement.
      In the event the Interest Rate Swap Agreement is terminated as a result of
      the
      designation by either party thereto of an Early Termination Date (as defined
      therein), the Indenture Trustee shall, at the direction of the Depositor,
      appoint a replacement counterparty to enter into a replacement swap agreement.
      The Indenture Trustee shall have no responsibility with regard to the selection
      of a replacement swap provider or the negotiation of a replacement swap
      agreement. Any Swap Termination Payment received by the Securities Administrator
      on behalf of the Indenture Trustee shall be part of Available Funds and shall
      be
      used to make any upfront payment required under a replacement swap agreement
      and
      any upfront payment received from the counterparty to a replacement swap
      agreement shall be used to pay any Swap Termination Payment owed to the Swap
      Provider. If the Indenture Trustee is unable to appoint a successor swap
      provider within 30 days of the Early Termination Date, then the Securities
      Administrator (acting on behalf of the Issuer) will deposit any Swap Termination
      Payment received from the original Swap Provider into a separate, non-interest
      bearing reserve account and will, on each subsequent payment date, withdraw
      from
      the amount then remaining on deposit in such reserve account an amount equal
      to
      the Net Swap Payment, if any, that would have been paid to the Issuer by the
      original Swap Provider calculated in accordance with the terms of the original
      Interest Rate Swap Agreement, and distribute such amount in accordance with
      the
      terms of this Indenture.

     

    
      	Section
              6.02.  	
              Rights
                of Indenture Trustee and Securities Administrator.

            

    

     

    (a)  Each
      of
      the Indenture Trustee and the Securities Administrator may conclusively rely
      on,
      and shall be fully protected from acting or refraining from acting upon, any
      document believed by it to be genuine and to have been signed or presented
      by
      the proper person. Neither the Indenture Trustee nor the Securities
      Administrator need investigate any fact or matter stated in the
      document.

     

    (b)  Before
      the Indenture Trustee or the Securities Administrator acts or refrains from
      acting, it may require an Officer’s Certificate or an Opinion of Counsel.
      Neither the Indenture Trustee nor the Securities Administrator shall be liable
      for any action it takes or omits to take in good faith in reliance on an
      Officer’s Certificate or Opinion of Counsel.

     

    (c)  Neither
      the Indenture Trustee nor the Securities Administrator shall be liable for
      any
      action it takes or omits to take in good faith which it believes to be
      authorized or within its rights or powers; provided,
      however,
      that
      the Indenture Trustee’s or the Securities Administrator’s conduct does not
      constitute willful misconduct, negligence or bad faith.

     

    (d)  Each
      of
      the Indenture Trustee and the Securities Administrator may consult with counsel,
      and the advice or Opinion of Counsel with respect to legal matters relating
      to
      the Basic Documents and the Notes shall be full and complete authorization
      and
      protection from liability in respect to any action taken, omitted or suffered
      by
      it hereunder or in connection herewith in good faith and in accordance with
      the
      advice or opinion of such counsel.

     

    (e)  Each
      of
      the Indenture Trustee and the Securities Administrator may execute any of the
      trusts or powers hereunder or perform any duties hereunder, either directly
      or
      by or through agents, attorneys, custodians or nominees appointed with due
      care,
      and shall not be responsible for any willful misconduct or negligence on the
      part of any agent, attorney, custodian or nominee so appointed.

     

    (f)  Any
      permissive right of the Indenture Trustee enumerated in this Indenture shall
      not
      be construed as a duty.

     

    (g)  In
      no
      event shall the Indenture Trustee be liable, directly or indirectly, for any
      special, indirect or consequential damages, even if the Indenture Trustee has
      been advised of the possibility of such damages.

     

    Section
      6.03.  Individual
      Rights of Indenture Trustee and Securities Administrator.
      The
      Indenture Trustee or the Securities Administrator in its individual or any
      other
      capacity may become the owner or pledgee of Notes and may otherwise deal with
      the Issuer or its Affiliates with the same rights it would have if it were
      not
      Indenture Trustee or the Securities Administrator, as applicable, subject to
      the
      requirements of the Trust Indenture Act. Any Note Registrar, co-registrar or
      co-paying agent may do the same with like rights. However, each of the Indenture
      Trustee and the Securities Administrator must comply with Sections 6.11 and
      6.12
      hereof.

     

    Section
      6.04.  Indenture
      Trustee’s and Securities Administrator’s Disclaimer.
      Neither
      the Indenture Trustee nor the Securities Administrator shall be responsible
      for
      and makes no representation as to the validity or adequacy of this Indenture
      or
      the Notes, it shall not be accountable for the Issuer’s use of the proceeds from
      the Notes, and it shall not be responsible for any statement of the Issuer
      in
      the Indenture or in any document issued in connection with the sale of the
      Notes
      or in the Notes other than the Securities Administrator’s certificate of
      authentication. 

     

    Section
      6.05.  Notice
      of Event of Default.
      Subject
      to Section 5.01, the Indenture Trustee or the Securities Administrator shall
      promptly mail to each Noteholder notice of the Event of Default after it is
      actually known to a Responsible Officer
      of
      the Indenture Trustee or the Securities Administrator, unless such Event of
      Default shall have been waived or cured. Except in the case of an Event of
      Default in payment of principal of or interest on any Note, the Indenture
      Trustee or the Securities Administrator may withhold the notice if and so long
      as it in good faith determines that withholding the notice is in the interests
      of Noteholders.

     

    
      	Section
              6.06.  	
              Reports
                by Securities Administrator to Holders and Tax
                Administration.

            

    

     

    The
      Securities Administrator shall deliver to each Noteholder such information
      as
      may be required to enable such holder to prepare its federal and state income
      tax returns. Pursuant to the Mortgage Loan Sale and Contribution Agreement,
      the
      Administrator will prepare and file (or cause to be prepared and filed), on
      behalf of the Owner Trustee or the Issuer, all tax returns (if any) and
      information reports, tax elections and such annual or other reports of the
      Issuer as are necessary for preparation of tax returns and information reports
      as required by the Code. In addition, the Securities Administrator shall prepare
      a Form 1099 with respect to each calendar year.

     

    Section
      6.07.  Compensation
      and Indemnity.  Each
      of the Indenture Trustee and the Securities Administrator shall be paid by
      the
      Master Servicer from a portion of the Master Servicing Fee.

     

    The
      Issuer shall reimburse the Indenture Trustee, the Securities Administrator
      and
      the Owner Trustee for all reasonable out-of-pocket expenses incurred or made
      by
      it, including costs of collection, in addition to compensation for its services.
      Such expenses shall include reasonable compensation and expenses, disbursements
      and advances of the Indenture Trustee’s the Securities Administrator’s or the
      Owner Trustee’s agents, counsel, accountants and experts. The Issuer shall
      indemnify each of the Indenture Trustee, the Securities Administrator and the
      Master Servicer and hold each of them harmless against any and all claim, tax,
      penalty, loss, liability or expense (including attorneys’ fees and expenses) of
      any kind whatsoever incurred by it in connection with the administration of
      this
      Trust and the performance of its duties under any of the Basic Documents. The
      Indenture Trustee, the Securities Administrator or the Master Servicer, as
      applicable, shall notify the Issuer promptly of any claim for which it may
      seek
      indemnity. Failure by the Indenture Trustee, the Securities Administrator or
      the
      Master Servicer to so notify the Issuer shall not relieve the Issuer of its
      obligations hereunder, unless the Issuer is materially prejudiced thereby.
      The
      Issuer shall defend any such claim, and the Indenture Trustee, the Securities
      Administrator or the Master Servicer, as applicable (each an “Indemnified
      Party”) shall have the right to employ separate counsel with respect to any such
      claim and to participate in the defense thereof, but the fees and expenses
      of
      such counsel shall be at the expense of such Indemnified Party unless: (i)
      the
      employment thereof has been specifically authorized by the Issuer in writing;
      (ii) such Indemnified Party shall have been advised by such counsel that there
      may be one or more legal defenses available to it which are different from
      or
      additional to those available to the Issuer and in the reasonable judgment
      of
      such counsel it is advisable for such Indemnified Party to employ separate
      counsel or (iii) the Issuer has failed to assume the defense of such claim
      within a reasonable period of time following written notice thereof, it being
      understood, however, with respect to any event described in clause (ii) or
      clause (iii) hereof, that the Issuer shall not, in connection with any one
      such
      claim or separate but substantially similar or related claims in the same
      jurisdiction arising out of the same general allegations or circumstances,
      be
      liable for the reasonable fees and expenses of more than one separate firm
      of
      attorneys (in addition to local counsel) at any time for all such Indemnified
      Parties, which firm shall be designated in writing by the Indemnified Parties.
      The Issuer is not obligated to reimburse any expense or indemnify against any
      loss, liability or expense incurred by the Indenture Trustee, the Securities
      Administrator or the Master Servicer through the Indenture Trustee’s, the
      Securities Administrator’s or the Master Servicer’s own willful misconduct,
      negligence or bad faith.

     

    Notwithstanding
      anything to the contrary contained herein, the Issuer shall not settle any
      claim
      involving the Indenture Trustee without the Indenture Trustee’s prior written
      consent unless such settlement involves a complete and absolute release of
      the
      Indenture Trustee from any and all liability in connection with such
      claim.

     

    The
      Issuer shall indemnify each of the Originator and the Seller to the extent
      set
      forth in Section 5.2 of the Mortgage Loan Sale and Contribution
      Agreement.

     

    The
      Issuer’s payment and indemnification obligations to the Indenture Trustee, the
      Securities Administrator, the Master Servicer and the Owner Trustee pursuant
      to
      this Section 6.07 shall survive the discharge of this Indenture and the
      termination or resignation of the Indenture Trustee, the Securities
      Administrator or the Master Servicer. When the Indenture Trustee, the Securities
      Administrator, the Master Servicer or the Owner Trustee incurs expenses after
      the occurrence of an Event of Default with respect to the Issuer, the expenses
      are intended to constitute expenses of administration under Title 11 of the
      United States Code or any other applicable federal or state bankruptcy,
      insolvency or similar law.

     

    Section
      6.08.  Replacement
      of Indenture Trustee or Securities Administrator.
      No
      resignation or removal of the Indenture Trustee or the Securities Administrator
      and no appointment of a successor Indenture Trustee or Securities Administrator
      shall become effective until the acceptance of appointment by the successor
      Indenture Trustee or Securities Administrator pursuant to this Section 6.08.
      The
      Indenture Trustee or the Securities Administrator may resign at any time by
      so
      notifying the Issuer. Holders of a majority of Note Balances of the Notes may
      remove the Indenture Trustee or the Securities Administrator by so notifying
      the
      Indenture Trustee or the Securities Administrator, as applicable, and may
      appoint a successor Indenture Trustee or Securities Administrator. The Issuer
      shall remove the Indenture Trustee or the Securities Administrator
      if:

     

    (i)  the
      Indenture Trustee or the Securities Administrator fails to comply with Section
      6.11 hereof;

     

    (ii)  the
      Indenture Trustee or the Securities Administrator is adjudged a bankrupt or
      insolvent;

     

    (iii)  a
      receiver or other public officer takes charge of the Indenture Trustee or the
      Securities Administrator or its respective property; or

     

    (iv)  the
      Indenture Trustee or the Securities Administrator otherwise becomes incapable
      of
      acting.

     

    If
      the
      Indenture Trustee or the Securities Administrator resigns or is removed or
      if a
      vacancy exists in the office of the Indenture Trustee or the Securities
      Administrator for any reason (the Indenture Trustee in such event being referred
      to herein as the retiring Indenture Trustee and the Securities Administrator
      in
      such event being referred to herein as the retiring Securities Administrator),
      the Issuer shall, promptly appoint a successor Indenture Trustee or Securities
      Administrator, as applicable.

     

    A
      successor Indenture Trustee or Securities Administrator shall deliver a written
      acceptance of its appointment to the retiring Indenture Trustee or Securities
      Administrator, as applicable, and to the Issuer. Thereupon, the resignation
      or
      removal of the retiring Indenture Trustee or Securities Administrator shall
      become effective, and the successor Indenture Trustee or Securities
      Administrator shall have all the rights, powers and duties of the Indenture
      Trustee or Securities Administrator, as applicable, under this Indenture. The
      successor Indenture Trustee or Securities Administrator shall mail a notice
      of
      its succession to Noteholders. The retiring Indenture Trustee or Securities
      Administrator shall promptly transfer all property held by it as Indenture
      Trustee or Securities Administrator to the successor Indenture Trustee or
      Securities Administrator, as applicable.

     

    If
      a
      successor Indenture Trustee or Securities Administrator does not take office
      within 30 days after the retiring Indenture Trustee or Securities Administrator
      resigns or is removed, the retiring Indenture Trustee or Securities
      Administrator, as applicable, the Issuer or the Holders of a majority of Note
      Balances of the Notes may petition any court of competent jurisdiction for
      the
      appointment of a successor Indenture Trustee or Securities
      Administrator.

     

    Notwithstanding
      the replacement of the Indenture Trustee or Securities Administrator pursuant
      to
      this Section, the Issuer’s obligations under Section 6.07 shall continue
      for the benefit of the retiring Indenture Trustee or Securities
      Administrator.

     

    Section
      6.09.  Successor
      Indenture Trustee or Securities Administrator by Merger.
      If
      either the Indenture Trustee or the Securities Administrator consolidates with,
      merges or converts into, or transfers all or substantially all of its corporate
      trust business or assets to, another corporation or banking association, the
      resulting, surviving or transferee corporation, without any further act, shall
      be the successor Indenture Trustee or Securities Administrator, as applicable;
      provided, that such corporation or banking association shall be otherwise
      qualified and eligible under Section 6.11 hereof. The Indenture Trustee or
      the
      Securities Administrator, as applicable, shall provide the Rating Agencies
      with
      prior written notice of any such transaction.

     

    If
      at the
      time such successor or successors by merger, conversion or consolidation to
      the
      Securities Administrator shall succeed to the trusts created by this Indenture
      and any of the Notes shall have been authenticated but not delivered, any such
      successor to the Securities Administrator may adopt the certificate of
      authentication of any predecessor trustee and deliver such Notes so
      authenticated; and if at that time any of the Notes shall not have been
      authenticated, any successor to the Securities Administrator may authenticate
      such Notes either in the name of any predecessor hereunder or in the name of
      the
      successor to the Securities Administrator; and in all such cases such
      certificates shall have the full force which it is in the Notes or in this
      Indenture provided that the certificate of the Securities Administrator shall
      have.

     

    
      	Section
              6.10.  	
              Appointment
                of Co-Indenture Trustee or Separate Indenture Trustee.

            

    

     

    (a)  Notwithstanding
      any other provisions of this Indenture, at any time, for the purpose of meeting
      any legal requirement of any jurisdiction in which any part of the Trust may
      at
      the time be located, the Indenture Trustee shall have the power and may execute
      and deliver all instruments to appoint one or more Persons to act as a
      co-trustee or co-trustees, separate trustee or separate trustees, of all or
      any
      part of the Trust, and to vest in such Person or Persons, in such capacity
      and
      for the benefit of the Noteholders, such title to the Trust, or any part hereof,
      and, subject to the other provisions of this Section, such powers, duties,
      obligations, rights and trusts as the Indenture Trustee may consider necessary
      or desirable. No co-trustee or separate trustee hereunder shall be required
      to
      meet the terms of eligibility as a successor trustee under Section 6.11
      hereof.

     

    (b)  Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Indenture
      Trustee shall be conferred or imposed upon and exercised or performed by the
      Indenture Trustee and such separate trustee or co-trustee jointly (it being
      understood that such separate trustee or co-trustee is not authorized to act
      separately without the Indenture Trustee joining in such act), except to the
      extent that under any law of any jurisdiction in which any particular act or
      acts are to be performed the Indenture 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 Collateral or
      any
      portion thereof in any such jurisdiction) shall be exercised and performed
      singly by such separate trustee or co-trustee, but solely at the direction
      of
      the Indenture Trustee;

     

    (ii)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder; and

     

    (iii)  the
      Indenture Trustee may at any time accept the resignation of or remove any
      separate trustee or co-trustee.

     

    (c)  Any
      notice, request or other writing given to the Indenture 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 Indenture and the conditions
      of this Article VI. 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 Indenture Trustee or
      separately, as may be provided therein, subject to all the provisions of this
      Indenture, specifically including every provision of this Indenture relating
      to
      the conduct of, affecting the liability of, or affording protection to, the
      Indenture Trustee. Every such instrument shall be filed with the Indenture
      Trustee.

     

    (d)  Any
      separate trustee or co-trustee may at any time constitute the Indenture 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 Indenture
      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
      Indenture Trustee, to the extent permitted by law, without the appointment
      of a
      new or successor trustee.

     

    Section
      6.11.  Eligibility;
      Disqualification.  The
      Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a).
      The Indenture Trustee shall have a combined capital and surplus of at least
      $50,000,000 as set forth in its most recent published annual report of condition
      and it or its parent shall have a long-term debt rating of “Baa3” or better by
      Moody’s and “BBB” or better by S&P. The Indenture Trustee shall comply with
      TIA § 310(b), including the optional provision permitted by the second sentence
      of TIA § 310(b)(9); provided,
      however,
      that
      there shall be excluded from the operation of TIA § 310(b)(1) any indenture or
      indentures under which other securities of the Issuer are outstanding if the
      requirements for such exclusion set forth in TIA § 310(b)(1) are
      met.

     

    Section
      6.12.  Preferential
      Collection of Claims Against Issuer.
      The
      Indenture Trustee shall comply with TIA § 311(a), excluding any creditor
      relationship listed in TIA § 311(b). An Indenture Trustee who has resigned or
      been removed shall be subject to TIA § 311(a) to the extent
      indicated.

     

    Section
      6.13.  Representations
      and Warranties.  Each
      of the Indenture Trustee and the Securities Administrator hereby represents
      that:

     

    (i)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States.

     

    (ii)  The
      execution and delivery of this Indenture by it, and the performance and
      compliance with the terms of this Indenture by it, will not violate its charter
      or bylaws.

     

    (iii)  It
      has
      the full power and authority to enter into and consummate all transactions
      contemplated by this Indenture has duly authorized the execution, delivery
      and
      performance of this Indenture, and has duly executed and delivered this
      Indenture.

     

    (iv)  This
      Indenture, assuming due authorization, execution and delivery by the Issuer,
      constitutes a valid, legal and binding obligation of it, enforceable against
      it
      in accordance with the terms hereof, subject to (A) applicable bankruptcy,
      insolvency, receivership, 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)  Each
      of
      the Indenture Trustee and the Securities Administrator is a “securities
      intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the New
      York UCC, that in the ordinary course of its business maintains “securities
      accounts” for others, as such term is used in Section 8-501 of the New York UCC.
      The local law of jurisdiction of each of the Indenture Trustee and the
      Securities Administrator as securities intermediary shall be the State of New
      York.

     

    Section
      6.14.  Directions
      to Indenture Trustee and Securities Administrator. 
      The Indenture Trustee and the Securities Administrator are hereby
      directed:

     

    (i)  in
      the
      case of the Indenture Trustee, to accept the pledge of the Mortgage Loans and
      hold the assets of the Trust in trust for the Noteholders;

     

    (ii)  in
      the
      case of the Securities Administrator, to authenticate and deliver the Notes
      substantially in the form prescribed by Exhibit A-1 and Exhibit A-2 to this
      Indenture in accordance with the terms of this Indenture; and

     

    (iii)  to
      take
      all other actions as shall be required to be taken by the terms of this
      Indenture.

     

    Section
      6.15.  The
      Agents.  The
      provisions of this Indenture relating to the limitations of the Indenture
      Trustee’s and the Securities Administrator’s liability and to its indemnity,
      rights and protections shall inure also to the Paying Agent and Note
      Registrar.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      VII

     

    NOTEHOLDERS’
      LISTS AND REPORTS

     

    
      	Section
              7.01.  	
              Issuer
                To Furnish Securities Administrator Names and Addresses of
                Noteholders.

            

    

     

    The
      Issuer will furnish or cause to be furnished to the Securities Administrator
      (a)
      not more than five days after each Record Date, a list, in such form as the
      Securities Administrator may reasonably require, of the names and addresses
      of
      the Holders of Notes as of such Record Date, and (b) at such other times as
      the
      Securities Administrator may request in writing, within 30 days after receipt
      by
      the Issuer of any such request, a list of similar form and content as of a
      date
      not more than 10 days prior to the time such list is furnished; provided,
      however,
      that so
      long as the Securities Administrator is the Note Registrar, no such list shall
      be required to be furnished to the Securities Administrator.

     

    
      	Section
              7.02.  	
              Preservation
                of Information; Communications to Noteholders.

            

    

     

    (a)  The
      Securities Administrator shall preserve, in as current a form as is reasonably
      practicable, the names and addresses of the Holders of Notes contained in the
      most recent list furnished to the Indenture Trustee as provided in Section
      7.01
      hereof and the names and addresses of Holders of Notes received by the
      Securities Administrator in its capacity as Note Registrar. The Securities
      Administrator may destroy any list furnished to it as provided in such Section
      7.01 upon receipt of a new list so furnished.

     

    (b)  Noteholders
      or Note Owners may communicate pursuant to TIA § 312(b) with other Noteholders
      or Note Owners with respect to their rights under this Indenture or under the
      Notes.

     

    (c)  The
      Issuer, the Indenture Trustee, the Securities Administrator and the Note
      Registrar shall have the protection of TIA § 312(c).

     

    
      	Section
              7.03.  	
              Reports
                of Issuer.

            

    

     

    (a)  Subject
      to Section 3.13 of the Servicing Agreement,

     

    (i)  The
      Securities Administrator shall file with the Commission on behalf of the Issuer,
      with a copy to the Issuer within 15 days before the Issuer is required to file
      the same with the Commission, the annual reports and the information, documents
      and other reports (or such portions of any of the foregoing as the Commission
      may from time to time by rules and regulations prescribe) that the Issuer may
      be
      required to file with the Commission pursuant to Section 13 or 15(d) of the
      Exchange Act;

     

    (ii)  The
      Securities Administrator shall file with the Commission, on behalf of the
      Issuer, in accordance with rules and regulations prescribed from time to time
      by
      the Commission such additional information, documents and reports with respect
      to compliance by the Issuer with the conditions and covenants of this Indenture
      as may be required from time to time by such rules and regulations;

     

    (iii)  The
      Securities Administrator shall supply (and the Securities Administrator shall
      transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of
      any information, documents and reports required to be filed by the Issuer
      pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and
      regulations prescribed from time to time by the Commission; and

     

    (iv)  For
      each
      Distribution Date, through and including the Distribution Date in December
      2006,
      the Securities Administrator shall calculate the Significance Percentage of
      the
      Interest Rate Swap Agreement. If on any such Distribution Date, the Significance
      Percentage is equal to or greater than 9%, the Securities Administrator shall
      promptly notify the Depositor and the Depositor, on behalf of the Securities
      Administrator, shall obtain the financial information required to be delivered
      by the Swap Provider pursuant to the terms of the Interest Rate Swap Agreement.
      If, on any succeeding Distribution Date through and including the Distribution
      Date in December 2006, the Significance Percentage is equal to or greater than
      10%, the Securities Administrator shall promptly notify the Depositor and the
      Depositor shall, within 5 Business Days of such Distribution Date, deliver
      to
      the Securities Administrator the financial information provided to it by the
      Swap Provider for inclusion in the Form 10-D relating to such Distribution
      Date.

     

    With
      respect to any Payment Date, for purposes of determining the numerator of the
      fraction that constitutes the Significance Percentage, the interest rate used
      to
      project future amounts payable under the Interest Rate Swap Agreement shall
      be
      equal to the highest rate reflected on the Implied Forwards Curve available
      at
      Bloomberg Financial Markets, L.P. for the remaining term of the Interest Rate
      Swap Agreement plus the percentage equivalent of a fraction, the numerator
      of
      which is 3.00% and the denominator of which is the remaining Payment Dates
      on
      which the Securities Administrator is entitled to receive payments under the
      Interest Rate Swap Agreement). The discount rate used to determine the net
      present value of the estimated future amounts payable shall be equal to the
      lowest rate reflected on the Implied Forwards Curve. The Securities
      Administrator shall obtain the Implied Forwards Curve from Bloomberg within
      15
      Business Days of the respective Payment Date. To determine the Implied Forwards
      Curve for such Payment Date, the Securities Administrator shall take the
      following steps on the Bloomberg terminal: (1) the following keystrokes shall
      be
      entered: fwcv <enter>, 32 (or any such other number as represents the
      United States) <enter>, 3 <enter>; (2) the Forwards shall be set to
“1-Mo”; (3) the Intervals shall be set to “1-Mo”; and (4) the Points shall be
      set to equal the remaining term of the Interest Rate Swap Agreement in months
      and the Securities Administrator shall click <enter>. For purposes of
      estimating future amounts payable under the Interest Rate Swap Agreement, the
      accrual period for both the Fixed Amounts and the Floating Amounts (as defined
      in the Confirmation) shall be assumed to be a 30-day period in a 360-day
      year.

     

    (b)  Unless
      the Issuer otherwise determines, the fiscal year of the Issuer shall end on
      December 31st
      of each
      year.

     

    Section
      7.04.  Reports
      by Securities Administrator.
      If
      required by TIA § 313(a), within 60 days after each January 30th
      beginning with March 31, 2007, the Securities Administrator (on behalf of the
      Indenture Trustee) shall mail to each Noteholder as required by TIA § 313(c) a
      brief report dated as of such date that complies with TIA § 313(a). The
      Securities Administrator (on behalf of the Indenture Trustee) also shall comply
      with TIA § 313(b).

     

    A
      copy of
      each report at the time of its mailing to Noteholders shall be filed by the
      Securities Administrator with the Commission via EDGAR and each stock exchange,
      if any, on which the Notes are listed. The Issuer shall notify the Indenture
      Trustee and the Securities Administrator if and when the Notes are listed on
      any
      stock exchange.

     

    
      	Section
              7.05.  	
              Statements
                to Noteholders.

            

    

     

    (a)  Not
      later
      than each Payment Date the Securities Administrator shall prepare a statement
      (the “Remittance Report”) containing the information set forth below with
      respect to such Payment Date, which information shall be based solely upon
      the
      loan level information furnished by the Servicer and the Master Servicer, as
      applicable, upon which the Securities Administrator shall conclusively rely
      without independent verification thereof:

     

    (i)  the
      Available Funds and the Note Rate for each Class for the related Payment
      Date;

     

    (ii)  the
      aggregate amount of the payment to each Class of Notes on such Payment
      Date;

     

    (iii)  the
      amount of the payment set forth in paragraph (ii) above in respect of interest,
      the amount thereof in respect of any Class Interest Carryover Shortfall, and
      the
      amount of any Class Interest Carryover Shortfall remaining and the amount
      thereof in respect of any Class N Interest Shortfall, and the amount of any
      Class N Interest Shortfall remaining;

     

    (iv)  the
      amount of the payment set forth in paragraph (ii) above in respect of principal
      and the amount thereof in respect of the Class Principal Carryover Shortfall,
      and any remaining Class Principal Carryover Shortfall;

     

    (v)  the
      amount of Excess Interest paid as principal;

     

    (vi)  the
      aggregate amount of the Servicing Fee and the Master Servicing Fee for such
      Payment Date;

     

    (vii)  the
      Pool
      Balance and the aggregate Principal Balance of the Mortgage Loans in each Loan
      Group as of the close of business on the last day of the preceding Due
      Period;

     

    (viii)  the
      Class
      Note Balance of each Class of Notes after giving effect to payments allocated
      to
      principal;

     

    (ix)  the
      Overcollateralization Amount and the Required Overcollateralization Amount
      as of
      the close of business on the Payment Date, after giving effect to payments
      of
      principal on such Payment Date;

     

    (x)  whether
      a
      Cumulative Loss Event or a Delinquency Event has occurred and is continuing
      and
      the calculation thereof;

     

    (xi)  the
      aggregate amount of Principal Prepayments received during the related Prepayment
      Period;

     

    (xii)  the
      amount of all Curtailments that were received during the Due
      Period;

     

    (xiii)  the
      principal portion of all Monthly Payments received during the Due
      Period;

     

    (xiv)  the
      interest portion of all Monthly Payments received on the Mortgage Loans during
      the Due Period;

     

    (xv)  the
      amount of the Monthly Advances and the Compensating Interest payment to be
      made
      on the Determination Date;

     

    (xvi)  the
      amount to be distributed to the Certificates for the Payment Date;

     

    (xvii)  the
      weighted average remaining term to maturity of the Mortgage Loans and the
      weighted average Loan Rate as of the first day of the related Due
      Period;

     

    (xviii)  the
      amount of all payments or reimbursements to the Servicer pursuant to Sections
      3.03(ii) and (vi) of the Servicing Agreement (as reported by the
      Servicer);

     

    (xix)  the
      number of Mortgage Loans outstanding at the beginning and at the end of the
      related Due Period;

     

    (xx)  the
      amount of Liquidation Loan Losses experienced during the preceding Due Period
      and the Cumulative Net Losses as a percentage of the Cut-Off Date Pool
      Balance;

     

    (xxi)  as
      of the
      end of the preceding calendar month, the number and Principal Balance of
      Mortgage Loans which are 30-59 days delinquent; the number and Principal Balance
      of Mortgage Loans which are 60-89 days delinquent; the number and Principal
      Balance of Mortgage Loans which are 90 or more days delinquent (including the
      number and Principal Balance of Mortgage Loans which are in foreclosure; the
      number and Principal Balance of Mortgage Loans in bankruptcy; and the number
      and
      Principal Balance of Mortgage Loans which are REO Property, each separately
      set
      forth) (for the avoidance of doubt, delinquencies in this clause (xxi) are
      measured in accordance with the OTS method);

     

    (xxii)  the
      amounts of Applied Realized Loss Amounts for the applicable Due Period and
      the
      cumulative amount of Applied Realized Loss Amounts to date; 

     

    (xxiii)  the
      number and aggregate Principal Balance of Mortgage Loans, other than Mortgage
      Loans in default or imminent default, that were modified by the Servicer during
      the related Due Period (as reported by the Servicer)

     

    (xxiv)  the
      amount of Basis Risk Shortfall Amount paid to each Class of Group I
      Notes;

     

    (xxv)  the
      amount of any Net Swap Payments or Swap Termination Payments;

     

    (xxvi)  whether
      a
      Stepdown Date or Trigger Event is in effect on such Payment Date;
      and

     

    (xxvii)  the
      applicable Record Dates, Interest Accrual Periods and determination dates for
      calculating payments for such Payment Date.

     

    (b)  The
      Securities Administrator shall make available such report to the Servicer,
      the
      Master Servicer, the Indenture Trustee, the Seller, the Noteholders, the Rating
      Agencies, Bloomberg (at 499 Park Avenue, New York, New York 10022, Attention:
      Mike Geller) and Intex Solutions (at 35 Highland Circle, Needham, Massachusetts
      02144, Attention: Harold Brennman) on the Payment Date. The Securities
      Administrator may fully rely upon and shall have no liability with respect
      to
      information provided by the Servicer or the Master Servicer. In the case of
      information furnished pursuant to subclauses (ii), (iii), (iv) and (vi) above,
      the amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the related
      Cut-Off Date.

     

    (c)  The
      Securities Administrator will make the Remittance Report (and, at its option,
      any additional files containing the same information in an alternative format)
      available each month to Noteholders and the parties to this Indenture via the
      Securities Administrator’s internet website. The Securities Administrator’s
      internet website shall initially be located at “www.ctslink.com”. Assistance in
      using the website can be obtained by calling the Securities Administrator’s
      customer service desk at (301) 815-6600. Parties that are unable to use the
      above distribution options are entitled to have a paper copy mailed to them
      via
      first class mail by calling the customer service desk and indicating such.
      The
      Securities Administrator shall have the right to change the way Remittance
      Reports are distributed in order to make such distribution more convenient
      and/or more accessible to the above parties and the Securities Administrator
      shall provide timely and adequate notification to all above parties regarding
      any such changes. As a condition to access the Securities Administrator’s
      internet website, the Securities Administrator may require registration and
      the
      acceptance of a disclaimer. The Securities Administrator will not be liable
      for
      the dissemination of information in accordance with this Agreement. The
      Securities Administrator shall also be entitled to rely on but shall not be
      responsible for the content or accuracy of any information provided by third
      parties for purposes of preparing the Remittance Report and may affix thereto
      any disclaimer it deems appropriate in its reasonable discretion (without
      suggesting liability on the part of any other party hereto).

     

    ARTICLE
      VIII

     

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

    Section
      8.01.  Collection
      of Money.
      Except
      as otherwise expressly provided herein, the Indenture Trustee may demand payment
      or delivery of, and shall receive and collect, directly and without intervention
      or assistance of any fiscal agent or other intermediary, all money and other
      property payable to or receivable by the Indenture Trustee or the Securities
      Administrator pursuant to this Indenture. The Securities Administrator shall
      apply all such money received by it as provided in this Indenture. Except as
      otherwise expressly provided in this Indenture, if any default occurs in the
      making of any payment or performance under any agreement or instrument that
      is
      part of the Trust, the Indenture Trustee may take such action as may be
      appropriate to enforce such payment or performance, including the institution
      and prosecution of appropriate Proceedings. Any such action shall be without
      prejudice to any right to claim a Default or Event of Default under this
      Indenture and any right to proceed thereafter as provided in Article
      V.

     

    
      	Section
              8.02.  	
              Trust
                Accounts.

            

    

     

    (a)  On
      or
      prior to the Closing Date, the Issuer shall cause the
      Securities Administrator
      to
      establish and maintain, in the name of the Indenture Trustee, for the benefit
      of
      the Noteholders, the Payment Account as provided in Section 3.01
      hereof.

     

    (b)  On
      each
      Payment Date, the Securities Administrator shall pay all remaining amounts
      on
      deposit in the Payment Account to the Noteholders in respect of the Notes and
      to
      such other persons in the order of priority set forth in Section 3.05 hereof
      (except as otherwise provided in Section 5.04(b) hereof).

     

    Section
      8.03.  Officer’s
      Certificate.
      The
      Indenture Trustee shall receive at least seven Business Days’ notice when
      requested by the Issuer to take any action pursuant to Section 8.05(a) hereof,
      accompanied by copies of any instruments to be executed, and the Indenture
      Trustee shall also require, as a condition to such action, an Officer’s
      Certificate, in form and substance satisfactory to the Indenture Trustee,
      stating the legal effect of any such action, outlining the steps required to
      complete the same, and concluding that all conditions precedent to the taking
      of
      such action have been complied with.

     

    Section
      8.04.  Termination
      Upon Payment to Noteholders.
      This
      Indenture and the respective obligations and responsibilities of the Issuer,
      the
      Indenture Trustee and the Securities Administrator created hereby shall
      terminate upon the payment to Noteholders, the Certificate Paying Agent on
      behalf of the Owner Trustee, the Certificateholders, the Indenture Trustee
      and
      the Securities Administrator of all amounts required to be paid pursuant to
      Article III; provided,
      however,
      that in
      no event shall the trust created hereby continue beyond the expiration of 21
      years from the death of the survivor of the descendants of Joseph P. Kennedy,
      the late ambassador of the United States to the Court of St. James, living
      on
      the date hereof.

     

    
      	Section
              8.05.  	
              Release
                of Collateral.

            

    

     

    (a)  Subject
      to the payment of its fees and expenses and the fees and expenses of the
      Securities Administrator, the Indenture Trustee may, and when required by the
      provisions of this Indenture shall, execute instruments to release property
      from
      the lien of this Indenture, or convey the Indenture Trustee’s interest in the
      same, in a manner and under circumstances that are not inconsistent with the
      provisions of this Indenture, including for the purposes of any repurchase
      of a
      Mortgage Loan pursuant to Section 3.16 of the Servicing Agreement. No party
      relying upon an instrument executed by the Indenture Trustee as provided in
      Article VIII hereunder shall be bound to ascertain the Indenture Trustee’s
      authority, inquire into the satisfaction of any conditions precedent, or see
      to
      the application of any monies.

     

    (b)  The
      Indenture Trustee shall, at such time as (i) there are no Notes Outstanding
      and
      (ii) all sums due to the Indenture Trustee and the Securities Administrator
      pursuant to this Indenture have been paid, release any remaining portion of
      the
      Trust that secured the Notes from the lien of this Indenture.

     

    (c)  The
      Indenture Trustee shall release property from the lien of this Indenture
      pursuant to this Section 8.05 only upon receipt of a request from the Issuer
      accompanied by an Officers’ Certificate and an Opinion of Counsel stating that
      all applicable requirements have been satisfied.

     

    Section
      8.06.  Surrender
      of Notes Upon Final Payment.
      By
      acceptance of any Note, the Holder thereof agrees to surrender such Note to
      the
      Securities Administrator promptly, prior to such Noteholder’s receipt of the
      final payment thereon.

     

    
      	Section
              8.07.  	
              Optional
                Redemption of the Notes.

            

    

     

    (a)  The
      Seller may, at its option, redeem the Notes on any Payment Date on or after
      the
      Optional Redemption Date, by purchasing (on a servicing-retained basis), on
      such
      Payment Date, all of the outstanding Mortgage Loans and REO Properties at a
      price equal to the greater of (I) the sum of (w) 100% of the aggregate Principal
      Balance of the Mortgage Loans plus (x) the lesser of (A) the appraised value
      of
      any REO Property as determined by the higher of two appraisals completed by
      two
      independent appraisers selected by the Seller and at the Seller’s expense and
      (B) the Principal Balance of the Mortgage Loan related to such REO Property
      plus
      (y) in each case, the greater of (i) the aggregate amount of accrued and unpaid
      interest on the Mortgage Loans through the related Due Period and (ii) thirty
      (30) days’ accrued interest thereon at a rate equal to the Loan Rate, in each
      case net of the Servicing Fee and the Master Servicing Fee and (II) the sum
      of
      (a) the fair market value of the assets of the Trust and (b) the greater of
      (i)
      the aggregate amount of accrued and unpaid interest on the Mortgage Loans
      through the related Due Period and (ii) thirty (30) days’ accrued interest
      thereon at a rate equal to the Loan Rate, in each case net of the Servicing
      Fee
      and the Master Servicing Fee and any Swap Termination Payment to the Swap
      Provider then remaining unpaid which is due to the exercise of such option(the
      “Redemption Price”); provided,
      however,
      that
      the Seller hereby covenants and agrees not to exercise its rights under this
      Section 8.07 on any Payment Date unless the Redemption Price is sufficient
      to
      redeem in full all of the Class N Notes (including all accrued and unpaid
      interest thereon). Following an Optional Redemption of the Notes and a purchase
      of the Mortgage Loans and any REO Properties pursuant to this Section 8.07,
      the
      Servicer shall be entitled to receive the Servicing Fee as compensation for
      its
      continued servicing of such Mortgage Loans and REO Properties. 

     

    (b)  In
      order
      to exercise the foregoing option, the Seller shall provide written notice of
      its
      exercise of such option to the Indenture Trustee, the Securities Administrator
      and the Owner Trustee at least 15 days prior to its exercise. Following receipt
      of the notice, the Securities Administrator shall provide notice to the
      Noteholders of the final payment on the Notes. In addition, the Seller shall,
      not less than one Business Day prior to the proposed Payment Date on which
      such
      redemption is to be made, deposit the aggregate redemption price specified
      in
      (a) above with the Securities Administrator, who shall deposit the aggregate
      redemption price into the Payment Account and shall, on the Payment Date after
      receipt of the funds, apply such funds to make final payments of principal
      and
      interest on the Notes in accordance with Section 3.05(b) and (c) hereof and
      payment in full to the Indenture Trustee and the Securities Administrator,
      and
      this Indenture shall be discharged subject to the provisions of Section 4.10
      hereof. If for any reason the amount deposited by the Seller is not sufficient
      to make such redemption or such redemption cannot be completed for any reason,
      the amount so deposited by the Seller with the Securities Administrator shall
      be
      immediately returned to the Seller in full and shall not be used for any other
      purpose or be deemed to be part of the Trust.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      IX

     

    SUPPLEMENTAL
      INDENTURES

     

    
      	Section
              9.01.  	
              Supplemental
                Indentures Without Consent of Noteholders.

            

    

     

    (a)  Without
      the consent of the Holders of any Notes but with prior notice to the Rating
      Agencies, the Issuer, the Indenture Trustee and the Securities Administrator,
      when authorized by an Issuer Request, at any time and from time to time, may
      enter into one or more indentures supplemental hereto (which shall conform
      to
      the provisions of the TIA as in force at the date of the execution thereof),
      in
      form satisfactory to the Indenture Trustee and the Securities Administrator,
      for
      any of the following purposes:

     

    (i)  to
      correct or amplify the description of any property at any time subject to the
      lien of this Indenture, or better to assure, convey and confirm unto the
      Indenture Trustee any property subject or required to be subjected to the lien
      of this Indenture, or to subject to the lien of this Indenture additional
      property;

     

    (ii)  to
      evidence the succession, in compliance with the applicable provisions hereof,
      of
      another person to the Issuer, and the assumption by any such successor of the
      covenants of the Issuer herein and in the Notes contained;

     

    (iii)  to
      add to
      the covenants of the Issuer, for the benefit of the Holders of the Notes, or
      to
      surrender any right or power herein conferred upon the Issuer;

     

    (iv)  to
      convey, transfer, assign, mortgage or pledge any property to or with the
      Indenture Trustee;

     

    (v)  to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture that may be inconsistent with any other provision herein
      or in any supplemental indenture;

     

    (vi)  to
      make
      any other provisions with respect to matters or questions arising under this
      Indenture or in any supplemental indenture; provided, that such action (as
      evidenced by either (i) an Opinion of Counsel delivered to the Depositor, the
      Issuer, the Seller, the Securities Administrator and the Indenture Trustee
      or
      (ii) confirmation from the Rating Agencies that such amendment will not result
      in the reduction or withdrawal of the rating of any Class of Notes) shall not
      materially and adversely affect the interests of the Holders of the
      Notes;

     

    (vii)  to
      evidence and provide for the acceptance of the appointment hereunder by a
      successor trustee with respect to the Notes and to add to or change any of
      the
      provisions of this Indenture as shall be necessary to facilitate the
      administration of the trusts hereunder by more than one trustee, pursuant to
      the
      requirements of Article VI hereof; or

     

    (viii)  to
      modify, eliminate or add to the provisions of this Indenture to such extent
      as
      shall be necessary to effect the qualification of this Indenture under the
      TIA
      or under any similar federal statute hereafter enacted and to add to this
      Indenture such other provisions as may be expressly required by the
      TIA;

     

    provided,
      however,
      that no
      such indenture supplements shall be entered into unless the Indenture Trustee
      and the Securities Administrator shall have received an Opinion of Counsel
      as to
      the enforceability of any such indenture supplement and to the effect that
      (i)
      such indenture supplement is permitted hereunder and (ii) entering into such
      indenture supplement will not result in a “substantial modification” of the
      Notes under Treasury Regulation Section 1.1001-3 or adversely affect the status
      of the Notes as indebtedness for federal income tax purposes.

     

    Each
      of
      the Indenture Trustee and the Securities Administrator is hereby authorized
      to
      join in the execution of any such supplemental indenture and to make any further
      appropriate agreements and stipulations that may be therein
      contained.

     

    (b)  The
      Issuer, the Indenture Trustee and the Securities Administrator, when authorized
      by an Issuer Request, may, also without the consent of any of the Holders of
      the
      Notes and prior notice to the Rating Agencies, enter into an indenture or
      indentures supplemental hereto for the purpose of adding any provisions to,
      or
      changing in any manner or eliminating any of the provisions of, this Indenture
      or of modifying in any manner the rights of the Holders of the Notes under
      this
      Indenture; provided,
      however,
      that
      such action as evidenced by an Opinion of Counsel, (i) is permitted by this
      Indenture, and shall not (ii) adversely affect in any material respect the
      interests of any Noteholder (which may be evidenced by confirmation from the
      Rating Agencies that such amendment will not result in the reduction or
      withdrawal of the rating of any Class of Notes) or (iii) if 100% of the
      Certificates are not owned by the Seller, cause the Issuer to be subject to
      an
      entity level tax for federal income tax purposes.

     

    (c)  Notwithstanding
      any of the other provisions of this Section 9.01, none of the Issuer, the
      Indenture Trustee or the Securities Administrator shall knowingly enter into
      any
      amendment to this Agreement that adversely affects in any respect the rights
      and
      interests hereunder of the Swap Provider without the prior written consent
      of
      the Swap Provider, such consent not to be unreasonably withheld.

     

    Section
      9.02.  Supplemental
      Indentures With Consent of Noteholders.
      The
      Issuer, the Indenture Trustee and the Securities Administrator, when authorized
      by an Issuer Request, also may, with prior notice to the Rating Agencies and,
      with the consent of the Holders of not less than a majority of the Note Balance
      of each Class of Notes affected thereby, by Act (as defined in Section 10.03
      hereof) of such Holders delivered to the Issuer, the Indenture Trustee and
      the
      Securities Administrator, enter into an indenture or indentures supplemental
      hereto for the purpose of adding any provisions to, or changing in any manner
      or
      eliminating any of the provisions of, this Indenture or of modifying in any
      manner the rights of the Holders of the Notes under this Indenture; provided,
      however,
      that no
      such supplemental indenture shall, without the consent of the Holder of each
      Note affected thereby:

     

    (i)  change
      the date of payment of any installment of principal of or interest on any Note,
      or reduce the principal amount thereof or the interest rate thereon, change
      the
      provisions of this Indenture relating to the application of collections on,
      or
      the proceeds of the sale of, the Trust to payment of principal of or interest
      on
      the Notes, or change any place of payment where, or the coin or currency in
      which, any Note or the interest thereon is payable, or impair the right to
      institute suit for the enforcement of the provisions of this Indenture requiring
      the application of funds available therefor, as provided in Article V, to the
      payment of any such amount due on the Notes on or after the respective due
      dates
      thereof;

     

    (ii)  reduce
      the percentage of the Note Balances of the Notes, the consent of the Holders
      of
      which is required for any such supplemental indenture, or the consent of the
      Holders of which is required for any waiver of compliance with certain
      provisions of this Indenture or certain defaults hereunder and their
      consequences provided for in this Indenture;

     

    (iii)  modify
      or
      alter the provisions of the proviso to the definition of the term “Outstanding”
or modify or alter the exception in the definition of the term
“Holder”;

     

    (iv)  reduce
      the percentage of the Note Balances of the Notes required to direct the
      Indenture Trustee to direct the Issuer to sell or liquidate the Trust pursuant
      to Section 5.04 hereof;

     

    (v)  modify
      any provision of this Section 9.02 except to increase any percentage specified
      herein or to provide that certain additional provisions of this Indenture or
      the
      Basic Documents cannot be modified or waived without the consent of the Holder
      of each Note affected thereby;

     

    (vi)  modify
      any of the provisions of this Indenture in such manner as to affect the
      calculation of the amount of any payment of interest or principal due on any
      Note on any Payment Date (including the calculation of any of the individual
      components of such calculation); or

     

    (vii)  permit
      the creation of any lien ranking prior to or on a parity with the lien of this
      Indenture with respect to any part of the Trust or, except as otherwise
      permitted or contemplated herein, terminate the lien of this Indenture on any
      property at any time subject hereto or deprive the Holder of any Note of the
      security provided by the lien of this Indenture;

     

    and
      provided,
      further,
      that
      such action shall not, as evidenced by an Opinion of Counsel, cause the Issuer
      (if 100% of the Certificates are not owned by the Seller) to be subject to
      an
      entity level tax.

     

    Any
      such
      action shall not (as evidenced by either (i) an Opinion of Counsel delivered
      to
      the Depositor, the Issuer, the Indenture Trustee and the Securities
      Administrator or (ii) confirmation from the Rating Agencies that such amendment
      will not result in the reduction or withdrawal of the rating of any Class of
      Notes) adversely affect in any material respect the interest of any Holder
      (other than a Holder who shall consent to such supplemental
      indenture).

     

    It
      shall
      not be necessary for any Act of Noteholders under this Section 9.02 to approve
      the particular form of any proposed supplemental indenture, but it shall be
      sufficient if such Act shall approve the substance thereof.

     

    Promptly
      after the execution by the Issuer, the Indenture Trustee and the Securities
      Administrator of any supplemental indenture pursuant to this Section 9.02,
      the
      Securities Administrator shall mail to the Holders of the Notes to which such
      amendment or supplemental indenture relates a notice setting forth in general
      terms the substance of such supplemental indenture. Any failure of the
      Securities Administrator to mail such notice, or any defect therein, shall
      not,
      however, in any way impair or affect the validity of any such supplemental
      indenture.

     

    Section
      9.03.  Execution
      of Supplemental Indentures.
      In
      executing, or permitting the additional trusts created by, any supplemental
      indenture permitted by this Article IX or the modification thereby of the trusts
      created by this Indenture, each of the Indenture Trustee and the Securities
      Administrator shall be entitled to receive (in addition to the documents
      required by Section 10.01), and subject to Sections 6.01 and 6.02 hereof, shall
      be fully protected in relying upon, an Opinion of Counsel stating that the
      execution of such supplemental indenture is authorized or permitted by this
      Indenture. Each of the Indenture Trustee and the Securities Administrator may,
      but shall not be obligated to, enter into any such supplemental indenture that
      affects the Indenture Trustee’s or the Securities Administrator’s own rights,
      duties, liabilities or immunities under this Indenture or
      otherwise.

     

    Section
      9.04.  Effect
      of Supplemental Indenture.
      Upon
      the execution of any supplemental indenture pursuant to the provisions hereof,
      this Indenture shall be and shall be deemed to be modified and amended in
      accordance therewith with respect to the Notes affected thereby, and the
      respective rights, limitations of rights, obligations, duties, liabilities
      and
      immunities under this Indenture of the Indenture Trustee, the Securities
      Administrator, the Issuer and the Holders of the Notes shall thereafter be
      determined, exercised and enforced hereunder subject in all respects to such
      modifications and amendments, and all the terms and conditions of any such
      supplemental indenture shall be and be deemed to be part of the terms and
      conditions of this Indenture for any and all purposes.

     

    Section
      9.05.  Conformity
      with Trust Indenture Act.
      Every
      amendment of this Indenture and every supplemental indenture executed pursuant
      to this Article IX shall conform to the requirements of the Trust Indenture
      Act
      as then in effect so long as this Indenture shall then be qualified under the
      Trust Indenture Act.

     

    Section
      9.06.  Reference
      in Notes to Supplemental Indentures.  Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article IX may, and if required by the Indenture Trustee or
      the
      Securities Administrator shall, bear a notation in form approved by the
      Indenture Trustee and the Securities Administrator as to any matter provided
      for
      in such supplemental indenture. If the Issuer, the Indenture Trustee or the
      Securities Administrator shall so determine, new Notes so modified as to
      conform, in the opinion of the Indenture Trustee, the Securities Administrator
      and the Issuer, to any such supplemental indenture may be prepared and executed
      by the Issuer and authenticated and delivered by the Securities Administrator
      in
      exchange for Outstanding Notes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      X

     

    MISCELLANEOUS

     

    
      	Section
              10.01.  	
              Compliance
                Certificates and Opinions, etc.

            

    

     

    (a)  Upon
      any
      application or request by the Issuer to the Indenture Trustee or the Securities
      Administrator to take any action under any provision of this Indenture, the
      Issuer shall furnish to the Indenture Trustee or the Securities Administrator,
      as applicable, (i) an Officer’s Certificate stating that all conditions
      precedent, if any, provided for in this Indenture relating to the proposed
      action have been complied with and (ii) an Opinion of Counsel stating that
      in
      the opinion of such counsel all such conditions precedent, if any, have been
      complied with, except that, in the case of any such application or request
      as to
      which the furnishing of such documents is specifically required by any provision
      of this Indenture, no additional certificate or opinion need be
      furnished.

     

    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for in this Indenture shall include:

     

    (i)  a
      statement that each signatory of such certificate or opinion has read or has
      caused to be read such covenant or condition and the definitions herein relating
      thereto;

     

    (ii)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (iii)  a
      statement that, in the opinion of each such signatory, such signatory has made
      such examination or investigation as is necessary to enable such signatory
      to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with;

     

    (iv)  a
      statement as to whether, in the opinion of each such signatory, such condition
      or covenant has been complied with; and

     

    (v)  if
      the
      signatory of such certificate or opinion is required to be Independent, the
      statement required by the definition of the term “Independent
      Certificate.”

     

    (b)  (i)
      Prior
      to the deposit of any Collateral or other property or securities with the
      Indenture Trustee that is to be made the basis for the release of any property
      or securities subject to the lien of this Indenture, the Issuer shall, in
      addition to any obligation imposed in Section 10.01(a) or elsewhere in this
      Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
      or stating the opinion of each person signing such certificate as to the fair
      value (within 90 days prior to such deposit) to the Issuer of the Collateral
      or
      other property or securities to be so deposited and a report from a nationally
      recognized accounting firm verifying such value.

     

    (ii)  Whenever
      the Issuer is required to furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of any signer thereof as to the
      matters described in clause (i) above, the Issuer shall also deliver to the
      Indenture Trustee an Independent Certificate from a nationally recognized
      accounting firm as to the same matters, if the fair value of the securities
      to
      be so deposited and of all other such securities made the basis of any such
      withdrawal or release since the commencement of the then current fiscal year
      of
      the Issuer, as set forth in the certificates delivered pursuant to clause (i)
      above and this clause (ii), is 10% or more of the Note Balances of the Notes,
      but such a certificate need not be furnished with respect to any securities
      so
      deposited, if the fair value thereof as set forth in the related Officer’s
      Certificate is less than $25,000 or less than one percent of the Note Balances
      of the Notes.

     

    (iii)  Whenever
      any property or securities are to be released from the lien of this Indenture,
      the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate
      certifying or stating the opinion of each person signing such certificate as
      to
      the fair value (within 90 days prior to such release) of the property or
      securities proposed to be released and stating that in the opinion of such
      person the proposed release will not impair the security under this Indenture
      in
      contravention of the provisions hereof.

     

    (iv)  Whenever
      the Issuer is required to furnish to the Indenture Trustee an Officer’s
      Certificate certifying or stating the opinion of any signer thereof as to the
      matters described in clause (iii) above, the Issuer shall also furnish to the
      Indenture Trustee an Independent Certificate as to the same matters if the
      fair
      value of the property or securities and of all other property or securities
      released from the lien of this Indenture since the commencement of the
      then-current calendar year, as set forth in the certificates required by clause
      (iii) above and this clause (iv), equals 10% or more of the Note Principal
      Balances of the Notes, but such certificate need not be furnished in the case
      of
      any release of property or securities if the fair value thereof as set forth
      in
      the related Officer’s Certificate is less than $25,000 or less than one percent
      of the then Note Principal Balances of the Notes.

     

    Section
      10.02.  Form
      of Documents Delivered to Indenture Trustee.
      In any
      case where several matters are required to be certified by, or covered by an
      opinion of, any specified Person, it is not necessary that all such matters
      be
      certified by, or covered by the opinion of, only one such Person, or that they
      be so certified or covered by only one document, but one such Person may certify
      or give an opinion with respect to some matters and one or more other such
      Persons as to other matters, and any such Person may certify or give an opinion
      as to such matters in one or several documents.

     

    Any
      certificate or opinion of an Authorized Officer of the Issuer may be based,
      insofar as it relates to legal matters, upon a certificate or opinion of, or
      representations by, counsel, unless such officer knows, or in the exercise
      of
      reasonable care should know, that the certificate or opinion or representations
      with respect to the matters upon which his certificate or opinion is based
      are
      erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
      may be based, insofar as it relates to factual matters, upon a certificate
      or
      opinion of, or representations by, an officer or officers of the Seller or
      the
      Issuer, stating that the information with respect to such factual matters is
      in
      the possession of the Seller or the Issuer, unless such counsel knows, or in
      the
      exercise of reasonable care should know, that the certificate or opinion or
      representations with respect to such matters are erroneous.

     

    Where
      any
      Person is required to make, give or execute two or more applications, requests,
      consents, certificates, statements, opinions or other instruments under this
      Indenture, they may, but need not, be consolidated and form one
      instrument.

     

    Whenever
      in this Indenture, in connection with any application or certificate or report
      to the Indenture Trustee, it is provided that the Issuer shall deliver any
      document as a condition of the granting of such application, or as evidence
      of
      the Issuer’s compliance with any term hereof, it is intended that the truth and
      accuracy, at the time of the granting of such application or at the effective
      date of such certificate or report (as the case may be), of the facts and
      opinions stated in such document shall in such case be conditions precedent
      to
      the right of the Issuer to have such application granted or to the sufficiency
      of such certificate or report. The foregoing shall not, however, be construed
      to
      affect the Indenture Trustee’s or the Securities Administrator’s right to rely
      upon the truth and accuracy of any statement or opinion contained in any such
      document as provided in Article VI.

     

    
      	Section
              10.03.  	
              Acts
                of Noteholders.

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by Noteholders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Noteholders in person or by agents duly appointed in
      writing; and except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments are delivered to the
      Securities Administrator, and, where it is hereby expressly required, to the
      Issuer. Such instrument or instruments (and the action embodied therein and
      evidenced thereby) are herein sometimes referred to as the “Act” of the
      Noteholders signing such instrument or instruments. Proof of execution of any
      such instrument or of a writing appointing any such agent shall be sufficient
      for any purpose of this Indenture and (subject to Section 6.01 hereof)
      conclusive in favor of the Securities Administrator and the Issuer, if made
      in
      the manner provided in this Section 10.03 hereof.

     

    (b)  The
      fact
      and date of the execution by any person of any such instrument or writing may
      be
      proved in any manner that the Securities Administrator deems
      sufficient.

     

    (c)  The
      ownership of Notes shall be proved by the Note Registrar.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Notes shall bind the Holder of every Note issued
      upon the registration thereof or in exchange therefor or in lieu thereof, in
      respect of anything done, omitted or suffered to be done by the Securities
      Administrator or the Issuer in reliance thereon, whether or not notation of
      such
      action is made upon such Note.

     

    
      	Section
              10.04.  	
              Notices
                etc., to Indenture Trustee, Securities Administrator, Issuer and
                Rating
                Agencies.

            

    

     

    Any
      request, demand, authorization, direction, notice, consent, waiver or Act of
      Noteholders or other documents provided or permitted by this Indenture shall
      be
      in writing and if such request, demand, authorization, direction, notice,
      consent, waiver or act of Noteholders is to be made upon, given or furnished
      to
      or filed with:

     

    (i)  the
      Indenture Trustee or the Securities Administrator by any Noteholder or by the
      Issuer shall be sufficient for every purpose hereunder if made, given, furnished
      or filed in writing to or with the Indenture Trustee or the Securities
      Administrator at the Corporate Trust Office. The Indenture Trustee or the
      Securities Administrator, as applicable, shall promptly transmit any notice
      received by it from the Noteholders to the Issuer; or

     

    (ii)  the
      Issuer by the Indenture Trustee, the Securities Administrator or by any
      Noteholder shall be sufficient for every purpose hereunder if in writing and
      mailed first-class, postage prepaid to the Issuer addressed to: Renaissance
      Home
      Equity Loan Trust 2006-3, in care of Wilmington Trust Company, 1100 North Market
      Street, Wilmington, Delaware 19990-0001, Attention: Corporate Trust
      Administration, or at any other address previously furnished in writing to
      the
      Indenture Trustee and the Securities Administrator by the Issuer. The Issuer
      shall promptly transmit any notice received by it from the Noteholders to the
      Indenture Trustee and the Securities Administrator.

     

    Notices
      required to be given to the Rating Agencies by the Issuer, the Indenture
      Trustee, the Securities Administrator or the Owner Trustee shall be in writing,
      mailed first-class postage pre-paid, to (i) in the case of Moody’s, at the
      following address: Moody’s Investors Service, Inc., Residential Mortgage
      Monitoring Department, 99 Church Street, New York, New York 10007, (ii) in
      the
      case of S&P, at the following address: Standard & Poor’s, 55 Water
      Street, 41st Floor, New York, New York 10041, Attention of Asset Backed
      Surveillance Department and (iii) in the case of Fitch, at the following
      address: Fitch Ratings, 1 State Street Plaza, New York, New York 10004; or
      as to
      each of the foregoing, at such other address as shall be designated by written
      notice to the other parties.

     

    Section
      10.05.  Notices
      to Noteholders; Waiver.
      Where
      this Indenture provides for notice to Noteholders of any event, such notice
      shall be sufficiently given (unless otherwise herein expressly provided) if
      in
      writing and mailed, first-class, postage prepaid to each Noteholder affected
      by
      such event, at such Person’s address as it appears on the Note Register, not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. In any case where notice to Noteholders is given
      by mail, neither the failure to mail such notice nor any defect in any notice
      so
      mailed to any particular Noteholder shall affect the sufficiency of such notice
      with respect to other Noteholders, and any notice that is mailed in the manner
      herein provided shall conclusively be presumed to have been duly given
      regardless of whether such notice is in fact actually received.

     

    Where
      this Indenture provides for notice in any manner, such notice may be waived
      in
      writing by any Person entitled to receive such notice, either before or after
      the event, and such waiver shall be the equivalent of such notice. Waivers
      of
      notice by Noteholders shall be filed with the Securities Administrator but
      such
      filing shall not be a condition precedent to the validity of any action taken
      in
      reliance upon such a waiver.

     

    In
      case,
      by reason of the suspension of regular mail service as a result of a strike,
      work stoppage or similar activity, it shall be impractical to mail notice of
      any
      event to Noteholders when such notice is required to be given pursuant to any
      provision of this Indenture, then any manner of giving such notice as shall
      be
      satisfactory to the Securities Administrator shall be deemed to be a sufficient
      giving of such notice.

     

    Where
      this Indenture provides for notice to the Rating Agencies, failure to give
      such
      notice shall not affect any other rights or obligations created hereunder,
      and
      shall not under any circumstance constitute an Event of Default.

     

    Section
      10.06.  Conflict
      with Trust Indenture Act.
      If any
      provision hereof limits, qualifies or conflicts with another provision hereof
      that is required to be included in this Indenture by any of the provisions
      of
      the TIA, such required provision shall control.

     

    The
      provisions of TIA §§ 310 through 317 that impose duties on any Person (including
      the provisions automatically deemed included herein unless expressly excluded
      by
      this Indenture) are a part of and govern this Indenture, whether or not
      physically contained herein.

     

    Section
      10.07.  Effect
      of Headings.
      The
      Article and Section headings herein are for convenience only and shall not
      affect the construction hereof.

     

    Section
      10.08.  Successors
      and Assigns.  All
      covenants and agreements in this Indenture and the Notes by the Issuer shall
      bind its successors and assigns, whether so expressed or not. All agreements
      of
      the Indenture Trustee and the Securities Administrator in this Indenture shall
      bind its successors, co-trustees and agents.

     

    Section
      10.09.  Separability.
      In case
      any provision in this Indenture or in the Notes shall be invalid, illegal or
      unenforceable, the validity, legality, and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section
      10.10.  Third
      Party Beneficiary.
      The
      Master Servicer shall be a third party beneficiary for purposes of Section
      6.07
      of this Indenture.

     

    Section
      10.11.  Legal
      Holidays.
      In any
      case where the date on which any payment is due shall not be a Business Day,
      then (notwithstanding any other provision of the Notes or this Indenture)
      payment need not be made on such date, but may be made on the next succeeding
      Business Day with the same force and effect as if made on the date on which
      nominally due, and no interest shall accrue for the period from and after any
      such nominal date.

     

    Section
      10.12.  GOVERNING
      LAW.  THIS
      INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
      RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH SUCH LAWS.

     

    Section
      10.13.  Counterparts.
      This
      Indenture 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
      10.14.  Recording
      of Indenture.
      If this
      Indenture is subject to recording in any appropriate public recording offices,
      such recording is to be effected by the Issuer and at its expense accompanied
      by
      an Opinion of Counsel at its expense (which may be counsel to the Indenture
      Trustee or the Securities Administrator or any other counsel reasonably
      acceptable to the Indenture Trustee and the Securities Administrator) to the
      effect that such recording is necessary either for the protection of the
      Noteholders or any other Person secured hereunder or for the enforcement of
      any
      right or remedy granted to the Indenture Trustee under this
      Indenture.

     

    Section
      10.15.  Issuer
      Obligation.  No
      recourse may be taken, directly or indirectly, with respect to the obligations
      of the Issuer, the Owner Trustee, the Indenture Trustee or the Securities
      Administrator on the Notes or under this Indenture or any certificate or other
      writing delivered in connection herewith or therewith, against (i) the Indenture
      Trustee, the Securities Administrator or the Owner Trustee in its individual
      capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
      partner, owner, beneficiary, agent, officer, director, employee or agent of
      the
      Indenture Trustee, the Securities Administrator or the Owner Trustee in its
      individual capacity, any holder of a beneficial interest in the Issuer, the
      Owner Trustee, the Indenture Trustee or the Securities Administrator or of
      any
      successor or assign of any of them in its individual capacity, except as any
      such Person may have expressly agreed (it being understood that the Indenture
      Trustee, the Securities Administrator and the Owner Trustee have no such
      obligations in their individual capacity) and except that any such partner,
      owner or beneficiary shall be fully liable, to the extent provided by applicable
      law, for any unpaid consideration for stock, unpaid capital contribution or
      failure to pay any installment or call owing to such entity. For all purposes
      of
      this Indenture, in the performance of any duties or obligations of the Issuer
      hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
      of, the terms and provisions of Article VI, VII and VIII of the Trust
      Agreement.

     

    Section
      10.16.  No
      Petition.  The
      Indenture Trustee and the Securities Administrator, by entering into this
      Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
      that they will not at any time prior to one year from the date of termination
      hereof, institute against the Depositor or the Issuer, or join in any
      institution against the Depositor or the Issuer of, any bankruptcy,
      reorganization, arrangement, insolvency or liquidation proceedings, or other
      proceedings under any United States federal or state bankruptcy or similar
      law
      in connection with any obligations relating to the Notes, this Indenture or
      any
      of the Basic Documents, except for filing proofs of claim.

     

    Section
      10.17.  Inspection.
      The
      Issuer agrees that, at its expense, on reasonable prior notice, it shall permit
      any representative of the Indenture Trustee or the Securities Administrator,
      during the Issuer’s normal business hours, to examine all the books of account,
      records, reports and other papers of the Issuer, to make copies and extracts
      therefrom, to cause such books to be audited by Independent certified public
      accountants, and to discuss the Issuer’s affairs, finances and accounts with the
      Issuer’s officers, employees, and Independent certified public accountants, all
      at such reasonable times and as often as may be reasonably requested. The
      Indenture Trustee or the Securities Administrator, as applicable, shall cause
      its representatives to hold in confidence all such information except to the
      extent disclosure may be required by law (and all reasonable applications for
      confidential treatment are unavailing) and except to the extent that the
      Indenture Trustee may reasonably determine that such disclosure is consistent
      with its obligations hereunder.

     

    Section
      10.18.  No
      Recourse to Owner Trustee.
      It is
      expressly understood and agreed by the parties hereto that (a) this Indenture
      is
      executed and delivered by Wilmington Trust Company, not individually or
      personally, but solely as Owner Trustee of Renaissance Home Equity Loan Trust
      2006-3, in the exercise of the powers and authority conferred and vested in
      it,
      (b) each of the representations, undertakings and agreements herein made on
      the
      part of the Issuer is made and intended not as personal representations,
      undertakings and agreements by Wilmington Trust Company but is made and intended
      for the purpose for binding only the Issuer, (c) nothing herein contained shall
      be construed as creating any liability of Wilmington Trust Company, individually
      or personally, to perform any covenant either expressed or implied contained
      herein, all such liability, if any, being expressly waived by the parties hereto
      and by any Person claiming by, through or under the parties hereto and (d)
      under
      no circumstances shall Wilmington Trust Company be personally liable for the
      payment of any indebtedness or expenses of the Issuer or be liable for the
      breach or failure of any obligation, representation, warranty or covenant made
      or undertaken by the Issuer under this Indenture or any other related
      documents.

     

    Section
      10.19.  Proofs
      of Claim.
      The
      Indenture Trustee is authorized to file such proofs of claim and other papers
      or
      documents as may be necessary or advisable in order to have the claims of the
      Indenture Trustee (including any claim for the reasonable compensation,
      expenses, disbursements and advances of the Indenture Trustee, its agents and
      counsel) and the Noteholders allowed in any judicial proceedings relative to
      the
      Issuer (or any other obligor upon the Notes), its creditors or its property
      and
      shall be entitled and empowered to collect, receive and distribute any money
      or
      other property payable or deliverable on any such claims and any custodian
      in
      any such judicial proceeding is hereby authorized by each Noteholder to make
      such payments to the Indenture Trustee, as administrative expenses associated
      with any such proceeding, and, in the event that the Indenture Trustee shall
      consent to the making of such payments directly to the Noteholder to pay to
      the
      Indenture Trustee any amount due to it for the reasonable compensation,
      expenses, disbursements and advances of the Indenture Trustee, its agents and
      counsel, and any other amounts due to the Indenture Trustee under Section 6.07
      hereof. To the extent that the payment of any such compensation, expenses,
      disbursements and advances of the Indenture Trustee, its agents and counsel,
      and
      any other amounts due the Indenture Trustee under Section 6.07 hereof out of
      the
      estate in any such proceeding, shall be denied for any reason, payment of the
      same shall be secured by a Lien on, and shall be paid out of, any and all
      distributions, dividends, money, securities and other properties that the
      Noteholders may be entitled to receive in such proceeding whether in liquidation
      or under any plan of reorganization or arrangement or otherwise. Nothing herein
      contained shall be deemed to authorize the Indenture Trustee to authorize or
      consent to or accept or adopt on behalf of any Noteholder any plan of
      reorganization, arrangement, adjustment or composition affecting the Noteholder
      of the rights of any Noteholder thereof, or to authorize the Indenture Trustee
      to vote in respect of the claim of any Noteholder in any such
      proceeding.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer, the Indenture Trustee and the Securities
      Administrator 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.

     

    
      	
              RENAISSANCE
                HOME EQUITY LOAN TRUST 2006-3, as Issuer

               

              By:
                Wilmington Trust Company, not in its individual capacity but solely
                as
                Owner Trustee

            
	 	 
	
              By:

            	
              /s/
                Patricia A. Evans

            
	
              Name:

            	
              Patricia
                A. Evans

            
	
              Title:

            	
              Vice
                President

            
	 
	 
	
              HSBC
                BANK USA, NATIONAL ASSOCIATION, as Indenture Trustee

            
	 	 
	
              By:

            	
              /s/
                Fernando Acebedo

            
	
              Name:

            	
              Fernando
                Acebedo

            
	
              Title:

            	
              Vice
                President

            
	 
	 
	
              WELLS
                FARGO BANK, N.A., as Securities Administrator

            
	 	 
	
              By:

            	
              /s/
                Sandra Whalen

            
	
              Name:

            	
              Sandra
                Whalen

            
	
              Title:

            	
              Vice
                President

            

    

    

     

    
      	
              For
                purposes of Section 6.07:

              WELLS
                FARGO BANK, N.A., as Master Servicer

            
	 	 
	
              By:

            	
              /s/
                Sandra Whalen

            
	
              Name:

            	
              Sandra
                Whalen

            
	
              Title:

            	
              Vice
                President

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF DELAWARE

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW CASTLE

            	
              )

            	 

    

    

     

    On
      this
      ___ day of September, 2006, before me personally appeared __________________
      to
      me known, who being by me duly sworn, did depose and say, that he is a
      __________________ of the Owner Trustee, one of the corporations described
      in
      and which executed the above instrument; and that he signed his name thereto
      by
      like order.

     

    

     

    
      	 	 
	 	
              Notary
                Public

               

              NOTARY
                PUBLIC

            

    

    [NOTARIAL
      SEAL]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      this
      ___ day of September, 2006, before me personally appeared __________________
      to
      me known, who being by me duly sworn, did depose and say, that he is a
      __________________ of the Indenture Trustee, one of the corporations described
      in and which executed the above instrument; and that he signed his name thereto
      by like order.

     

    
      	 	 
	 	
              Notary
                Public

               

              NOTARY
                PUBLIC

            

    

    [NOTARIAL
      SEAL]

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      this
      ___ day of September, 2006, before me personally appeared ________________
      to me
      known, who being by me duly sworn, did depose and say, that she is a
      ___________________ of the Securities Administrator, one of the corporations
      described in and which executed the above instrument; and that she signed her
      name thereto by like order.

     

    
      	 	 
	 	
              Notary
                Public

               

              NOTARY
                PUBLIC

            

    

    

     

    [NOTARIAL
      SEAL]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF 

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

     

    On
      this
      ___ day of September, 2006, before me personally appeared ________________
      to me
      known, who being by me duly sworn, did depose and say, that she is a
      ___________________ of the Master Servicer, one of the corporations described
      in
      and which executed the above instrument; and that she signed her name thereto
      by
      like order.

     

    
      	 	 
	 	
              Notary
                Public

               

              NOTARY
                PUBLIC

            

    

    

     

    [NOTARIAL
      SEAL]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1 - FORM OF OFFERED NOTES

     

    FORM
      OF
      CLASS ___ NOTES

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THE
      HOLDER OF THIS NOTE OR BENEFICIAL OWNER OF ANY INTEREST HEREIN WILL BE DEEMED
      TO
      REPRESENT TO ONE OF THE REPRESENTATIONS CONTAINED IN SECTION 4.15 OF THE
      INDENTURE.

     

    THIS
      NOTE
      IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF PAYMENT
      TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE REFERRED TO
      BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON THIS
      NOTE.

     

    PRINCIPAL
      OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN ON THE FACE HEREOF.

    

    [FOR
      CLASS M NOTES: THIS NOTE IS SUBORDINATE TO CERTAIN NOTES TO THE EXTENT DESCRIBED
      IN THE INDENTURE REFERRED TO HEREIN].

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    RENAISSANCE
      HOME EQUITY LOAN TRUST 2006-3

     

    HOME
      EQUITY LOAN ASSET-BACKED NOTES, SERIES 2006-3

     

    CLASS
      ____

     

    

    
      	
              AGGREGATE
                NOTE BALANCE:

              $_____________________

            	
              NOTE
                RATE: 

            
	
              INITIAL
                NOTE BALANCE OF THIS BOND: $_____________________

            	
              BOND
                NO. 1

            
	
              PERCENTAGE
                INTEREST: 100%

            	
              CUSIP
                NO. [            
                ]

            

    

    

    Renaissance
      Home Equity Loan Trust 2006-3 (the “Issuer”), a Delaware statutory trust, for
      value received, hereby promises to pay to Cede & Co. or registered assigns,
      the principal sum of ($_________________) in monthly installments on the
      twenty-fifth day of each month or, if such day is not a Business Day, the next
      succeeding Business Day (each a “Payment Date”), commencing in October 2006 and
      ending on or before the Payment Date occurring on the Final Stated Maturity
      Date
      and to pay interest on the Note Balance of this Note (this “Note”) outstanding
      from time to time as provided below.

     

    This
      Note
      is one of a duly authorized issue of the Issuer’s Home Equity Loan Asset-Backed
      Notes, Series 2006-3 (the “Notes”), issued under an Indenture dated as of
      September 28, 2006 (the “Indenture”), among the Issuer, HSBC Bank USA, National
      Association, as indenture trustee (the “Indenture Trustee”, which term includes
      any successor Indenture Trustee under the Indenture) and Wells Fargo Bank,
      N.A.,
      as securities administrator (the “Securities Administrator”, which term includes
      any successor Securities
      Administrator under
      the
      Indenture), to which Indenture and all indentures supplemental thereto reference
      is hereby made for a statement of the respective rights thereunder of the
      Issuer, the Indenture Trustee, the Securities Administrator and the Holders
      of
      the Notes and the terms upon which the Notes are to be authenticated and
      delivered. All terms used in this Note which are defined in the Indenture shall
      have the meanings assigned to them in the Indenture.

     

    Payments
      of principal and interest on this Note will be made on each Payment Date to
      the
      Noteholder of record as of the related Record Date. The “Note Balance” of a Note
      as of any date of determination is equal to the Initial Note Balance thereof,
      reduced by the aggregate of all amounts previously paid with respect to such
      Note on account of principal and the aggregate amount of cumulative Realized
      Losses allocated to such Note on all prior Payment Dates.

     

    The
      principal of, and interest on, this Note are due and payable as described in
      the
      Indenture, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts. All
      payments made by the Issuer with respect to this Note shall be equal to this
      Note’s pro
      rata
      share of
      the aggregate payments on all Class ____ Notes as described above, and shall
      be
      applied as between interest and principal as provided in the
      Indenture.

     

    All
      principal and interest accrued on the Notes, if not previously paid, will become
      finally due and payable at the Final Stated Maturity Date.

     

    The
      Notes
      are subject to redemption in whole, but not in part, by the Seller on any
      Payment Date on or after the Optional Redemption Date.

     

    The
      Issuer shall not be liable upon the indebtedness evidenced by the Notes except
      to the extent of amounts available from the Trust which constitutes security
      for
      the payment of the Notes. The assets included in the Trust will be the sole
      source of payments on the Class ____ Notes, and each Holder hereof, by its
      acceptance of this Note, agrees that (i) such Note will be limited in right
      of
      payment to amounts available from the Trust as provided in the Indenture and
      (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Seller, the Servicer,
      the
      Master Servicer or any of their respective affiliates, or to the assets of
      any
      of the foregoing entities, except the assets of the Issuer pledged to secure
      the
      Class ____ Notes pursuant to the Indenture and the rights conveyed to the Issuer
      under the Indenture.

     

    Any
      payment of principal or interest payable on this Note which is punctually paid
      on the applicable Payment Date shall be paid to the Person in whose name such
      Note is registered at the close of business on the Record Date for such Payment
      Date by check mailed to such person’s address as it appears in the Note Register
      on such Record Date, except for the final installment of principal and interest
      payable with respect to such Note, which shall be payable as provided below.
      Notwithstanding the foregoing, upon written request with appropriate
      instructions by the Holder of this Note delivered to the Securities
      Administrator at least five Business Days prior to the Record Date, any payment
      of principal or interest, other than the final installment of principal or
      interest, shall be made by wire transfer to an account in the United States
      designated by such Holder. All scheduled reductions in the Note Balance of
      a
      Note (or one or more predecessor Notes) effected by payments of principal made
      on any Payment Date shall be binding upon all Holders of this Note and of any
      note issued upon the registration of transfer thereof or in exchange therefor
      or
      in lieu thereof, whether or not such payment is noted on such Note. The final
      payment of this Note shall be payable upon presentation and surrender thereof
      on
      or after the Payment Date thereof at the office or agency of the Issuer
      maintained by it for such purpose pursuant to Section 3.02 of the
      Indenture.

     

    Subject
      to the foregoing provisions, each Note delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Note
      shall carry the right to unpaid principal and interest that were carried by
      such
      other Note.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Notes, the Notes may become or be declared due and payable in
      the
      manner and with the effect provided in the Indenture. If any such acceleration
      of maturity occurs prior to the payment of the entire unpaid Note Balance of
      the
      Notes, the amount payable to the Holder of this Note will be equal to the sum
      of
      the unpaid Note Balance of the Notes, together with accrued and unpaid interest
      thereon as described in the Indenture. The Indenture provides that,
      notwithstanding the acceleration of the maturity of the Notes, under certain
      circumstances specified therein, all amounts collected as proceeds of the Trust
      securing the Notes or otherwise shall continue to be applied to payments of
      principal of and interest on the Notes as if they had not been declared due
      and
      payable.

     

    The
      failure to pay any Class Interest Carryover Shortfall at any time when funds
      are
      not available to make such payment as provided in the Indenture shall not
      constitute an Event of Default under the Indenture.

     

    The
      Holder of this Note or Beneficial Owner of any interest herein is deemed to
      represent that either (1) it is not acquiring this Note with Plan Assets or
      (2)(A) the acquisition, holding and transfer of this Note will not give rise
      to
      a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and (B) this Note is rated investment grade or better and such person
      believes that this Note is properly treated as indebtedness without substantial
      equity features for purposes of the DOL Regulations, and agrees to so treat
      this
      Note. Alternatively, regardless of the rating of this Note, such person may
      provide the Securities Administrator with an Opinion of Counsel, which Opinion
      of Counsel will not be at the expense of the Trust, the Issuer, the Seller,
      the
      Depositor, the Indenture Trustee, the Securities Administrator, or the Master
      Servicer or any successor servicer which opines that the acquisition, holding
      and transfer of this Note or interest herein is permissible under applicable
      law, will not constitute or result in a non-exempt prohibited transaction under
      ERISA or Section 4975 of the Code and will not subject the Trust, the Issuer,
      the Seller, the Depositor, the Indenture Trustee, the Securities Administrator
      or the Master Servicer to any obligation in addition to those undertaken in
      the
      Indenture.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the Issuer.
      Upon surrender for registration of transfer of, or presentation of a written
      instrument of transfer for, this Note at the office or agency designated by
      the
      Issuer pursuant to the Indenture, accompanied by proper instruments of
      assignment in form satisfactory to the
      Securities Administrator,
      one or
      more new Notes of any authorized denominations and of a like aggregate initial
      Note Balance, will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuer,
      the
      Indenture Trustee, the Securities Administrator and any agent of the Issuer,
      the
      Indenture Trustee or the Securities Administrator may treat the Person in whose
      name this Note is registered as the owner of such Note (i) on the applicable
      Record Date for the purpose of making payments and interest of such Note and
      (ii) on any other date for all other purposes whatsoever, as the owner hereof,
      whether or not this Note be overdue, and neither the Issuer, the Indenture
      Trustee, the Securities Administrator nor any such agent of any of them shall
      be
      affected by notice to the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuer and
      the
      rights of the Holders of the Notes under the Indenture at any time by the Issuer
      and the Holders of a majority of all Notes at the time outstanding. The
      Indenture also contains provisions permitting the Holders of Notes representing
      specified percentages of the aggregate Note Balance of the Notes on behalf
      of
      the Holders of all the Notes, to waive any past Default under the Indenture
      and
      its consequences. Any such waiver by the Holder, at the time of the giving
      thereof, of this Note (or any one or more predecessor Notes) shall bind the
      Holder of every Note issued upon the registration of transfer hereof or in
      exchange hereof or in lieu hereof, whether or not notation of such consent
      or
      waiver is made upon such Note. The Indenture also permits the Issuer, the
      Indenture Trustee and the Securities Administrator to amend or waive certain
      terms and conditions set forth in the Indenture without the consent of the
      Holders of the Notes issued thereunder.

     

    Initially,
      this Note will be registered in the name of Cede & Co. as nominee of DTC,
      acting in its capacity as the Depository for this Note. This Note will be
      delivered by the clearing agency in denominations as provided in the Indenture
      and subject to certain limitations therein set forth. This Note is exchangeable
      for a like aggregate initial Note Balance of Notes of different authorized
      denominations, as requested by the Holder surrendering same.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Securities
      Administrator by manual signature, this Note shall not be entitled to any
      benefit under the Indenture, or be valid or obligatory for any
      purpose.

     

    AS
      PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL
      BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed
      by
      Wilmington Trust Company, not in its individual capacity but solely as Owner
      Trustee.

     

    Dated:
      September ___, 2006

     

    
      	
              RENAISSANCE
                HOME EQUITY LOAN TRUST 2006-3

               

              BY:
                WILMINGTON TRUST COMPANY, not in its individual capacity but solely
                in its
                capacity as Owner Trustee

               

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    INDENTURE
      TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Notes referred to in the within-mentioned Indenture.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Securities Administrator

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations:

     

    
      	
              TEN
                COM

            	
              --

            	
              as
                tenants in common

            
	 	 	 
	
              TEN
                ENT

            	
              --

            	
              as
                tenants by the entireties

            
	 	 	 
	
              JT
                TEN

            	
              --

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            
	 	 	 
	
              UNIF
                GIFT MIN ACT

            	
              --

            	
              ____________
                Custodian

            
	 	 	 
	 	 	
              (Cust)                                     (Minor)

            
	 	 	 
	 	 	 
	 	 	
              under
                Uniform Gifts to Minor Act

            
	 	 	 
	 	 	
              (State)

            

    

    

    Additional
      abbreviations may also be used though not in the above LIST.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
      OF
      ASSIGNEE:

    

    
      	 
	 
	 

    

    (Please
      print or typewrite name and address, including zip code, of
      assignee)

     

    

    
      	 

    

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints   
      attorney
      to transfer said Note on the books kept for registration thereof, with full
      power of substitution in the premises.

     

    Dated:
      ____________________             _________________________________

     

    Signature
      Guaranteed by _________________________________

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Note in every particular, without alteration or
      enlargement or any change whatsoever. Signature(s) must be guaranteed by a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2 - FORM OF CLASS N NOTES

     

    FORM
      OF
      CLASS ___ NOTES

     

    UNLESS
      THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
      COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE TRUSTEE OR ITS AGENT
      FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    THIS
      NOTE
      IS A NON-RECOURSE OBLIGATION OF THE ISSUER, AND IS LIMITED IN RIGHT OF PAYMENT
      TO AMOUNTS AVAILABLE FROM THE TRUST AS PROVIDED IN THE INDENTURE REFERRED TO
      BELOW. THE ISSUER IS NOT OTHERWISE PERSONALLY LIABLE FOR PAYMENTS ON THIS
      NOTE.

     

    PRINCIPAL
      OF THIS NOTE IS PAYABLE OVER TIME AS SET FORTH HEREIN. ACCORDINGLY, THE
      OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
      SHOWN ON THE FACE HEREOF.

     

    THIS
      NOTE
      IS SUBORDINATE TO THE OFFERED NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE
      REFERRED TO HEREIN.

    

    THIS
      NOTE
      HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE,
      PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS NOTE OR ANY INTEREST HEREIN
      WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION
      WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN
      ACCORDANCE WITH THE PROVISIONS OF SECTION 4.16 OF THE INDENTURE REFERRED TO
      HEREIN. [FOR REGULATION S ONLY: NEITHER THIS NOTE NOR ANY INTEREST OR
      PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
      ENCUMBERED OR OTHERWISE DISPOSED OF WITHIN THE UNITED STATES (AS DEFINED IN
      RULES 901 THROUGH 905 OF THE SECURITIES ACT (“REGULATION S”)) OR TO, OR FOR THE
      ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S), IN THE
      ABSENCE OF SUCH REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
      SUBJECT TO, REGISTRATION.]

     

    NO
      TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN MAY BE MADE (A) TO ANY EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT (“PLAN”) THAT IS SUBJECT TO THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
      SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR
      (B) TO ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS NOTE OR SUCH
      INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
      ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, UNLESS
      SUCH PLAN OR PERSON PROVIDES THE CERTIFICATION DESCRIBED IN SECTION 4.16 OF
      THE
      INDENTURE REFERRED TO HEREIN.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RENAISSANCE
      HOME EQUITY LOAN TRUST 2006-3

    HOME
      EQUITY LOAN ASSET-BACKED NOTES, SERIES 2006-3

    CLASS
      ____

    

    
      	
              AGGREGATE
                NOTE BALANCE:

              $_____________________

            	
              NOTE
                RATE: 

            
	
              INITIAL
                NOTE BALANCE OF THIS BOND: $_____________________

            	
              BOND
                NO. 1

            
	
              PERCENTAGE
                INTEREST: 100%

            	
              CUSIP
                NO. [         ]

            

    

    

    Renaissance
      Home Equity Loan Trust 2006-3 (the “Issuer”), a Delaware statutory trust, for
      value received, hereby promises to pay to Cede & Co. or registered assigns,
      the principal sum of ($_________________) in monthly installments on the
      twenty-fifth day of each month or, if such day is not a Business Day, the next
      succeeding Business Day (each a “Payment Date”), commencing in October 2006 and
      ending on or before the Payment Date occurring on the Final Stated Maturity
      Date
      and to pay interest on the Note Balance of this Note (this “Note”) outstanding
      from time to time as provided below.

     

    This
      Note
      is one of a duly authorized issue of the Issuer’s Home Equity Loan Asset-Backed
      Notes, Series 2006-3 (the “Notes”), issued under an Indenture dated as of
      September 28, 2006 (the “Indenture”), among the Issuer, HSBC Bank USA, National
      Association, as indenture trustee (the “Indenture Trustee”, which term includes
      any successor Indenture Trustee under the Indenture) and Wells Fargo Bank,
      N.A.,
      as securities administrator (the “Securities Administrator”, which term includes
      any successor Securities Administrator under the Indenture), to which Indenture
      and all indentures supplemental thereto reference is hereby made for a statement
      of the respective rights thereunder of the Issuer, the Indenture Trustee, the
      Securities Administrator and the Holders of the Notes and the terms upon which
      the Notes are to be authenticated and delivered. All terms used in this Note
      which are defined in the Indenture shall have the meanings assigned to them
      in
      the Indenture.

     

    Payments
      of principal and interest on this Note will be made on each Payment Date to
      the
      Noteholder of record as of the related Record Date. The “Note Balance” of a Note
      as of any date of determination is equal to the Initial Note Balance thereof,
      reduced by the aggregate of all amounts previously paid with respect to such
      Note on account of principal and the aggregate amount of cumulative Realized
      Losses allocated to such Note on all prior Payment Dates.

     

    The
      principal of, and interest on, this Note are due and payable as described in
      the
      Indenture, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts. All
      payments made by the Issuer with respect to this Note shall be equal to this
      Note’s pro
      rata
      share of
      the aggregate payments on all Class N Notes as described above, and shall be
      applied as between interest and principal as provided in the
      Indenture.

     

    All
      principal and interest accrued on the Notes, if not previously paid, will become
      finally due and payable at the Final Stated Maturity Date.

     

    The
      Notes
      are subject to redemption in whole, but not in part, by the Seller on any
      Payment Date on or after the Optional Redemption Date.

     

    The
      Issuer shall not be liable upon the indebtedness evidenced by the Notes except
      to the extent of amounts available from the Trust which constitutes security
      for
      the payment of the Notes. The assets included in the Trust will be the sole
      source of payments on the Class ____ Notes, and each Holder hereof, by its
      acceptance of this Note, agrees that (i) such Note will be limited in right
      of
      payment to amounts available from the Trust as provided in the Indenture and
      (ii) such Holder shall have no recourse to the Issuer, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Seller, the Servicer,
      the
      Master Servicer or any of their respective affiliates, or to the assets of
      any
      of the foregoing entities, except the assets of the Issuer pledged to secure
      the
      Class N Notes pursuant to the Indenture and the rights conveyed to the Issuer
      under the Indenture.

     

    No
      transfer of this Note or any interest herein shall be made except in accordance
      with Section 4.16 of the Indenture.

     

    Any
      payment of principal or interest payable on this Note which is punctually paid
      on the applicable Payment Date shall be paid to the Person in whose name such
      Note is registered at the close of business on the Record Date for such Payment
      Date by check mailed to such person’s address as it appears in the Note Register
      on such Record Date, except for the final installment of principal and interest
      payable with respect to such Note, which shall be payable as provided below.
      Notwithstanding the foregoing, upon written request with appropriate
      instructions by the Holder of this Note delivered to the Securities
      Administrator at least five Business Days prior to the Record Date, any payment
      of principal or interest, other than the final installment of principal or
      interest, shall be made by wire transfer to an account in the United States
      designated by such Holder. All scheduled reductions in the Note Balance of
      a
      Note (or one or more predecessor Notes) effected by payments of principal made
      on any Payment Date shall be binding upon all Holders of this Note and of any
      note issued upon the registration of transfer thereof or in exchange therefor
      or
      in lieu thereof, whether or not such payment is noted on such Note. The final
      payment of this Note shall be payable upon presentation and surrender thereof
      on
      or after the Payment Date thereof at the office or agency of the Issuer
      maintained by it for such purpose pursuant to Section 3.02 of the
      Indenture.

     

    Subject
      to the foregoing provisions, each Note delivered under the Indenture, upon
      registration of transfer of or in exchange for or in lieu of any other Note
      shall carry the right to unpaid principal and interest that were carried by
      such
      other Note.

     

    If
      an
      Event of Default as defined in the Indenture shall occur and be continuing
      with
      respect to the Notes, the Notes may become or be declared due and payable in
      the
      manner and with the effect provided in the Indenture. If any such acceleration
      of maturity occurs prior to the payment of the entire unpaid Note Balance of
      the
      Notes, the amount payable to the Holder of this Note will be equal to the sum
      of
      the unpaid Note Balance of the Notes, together with accrued and unpaid interest
      thereon as described in the Indenture. The Indenture provides that,
      notwithstanding the acceleration of the maturity of the Notes, under certain
      circumstances specified therein, all amounts collected as proceeds of the Trust
      securing the Notes or otherwise shall continue to be applied to payments of
      principal of and interest on the Notes as if they had not been declared due
      and
      payable.

     

    The
      failure to pay any Class Interest Carryover Shortfall at any time when funds
      are
      not available to make such payment as provided in the Indenture shall not
      constitute an Event of Default under the Indenture.

     

    The
      Holder of this Note or Beneficial Owner of any interest herein shall represent
      or shall be deemed to represent that either (1) it is not acquiring this Note
      with Plan Assets or (2) (A) the acquisition, holding and transfer of this Note
      will not give rise to a nonexempt prohibited transaction under Section 406
      of
      ERISA or Section 4975 of the Code and (B) this Note is rated investment grade
      or
      better and such person believes that this Note is properly treated as
      indebtedness without substantial equity features for purposes of the DOL
      Regulations, and agrees to so treat this Note. Alternatively, regardless of
      the
      rating of this Note, such person may provide the Indenture Trustee, the
      Securities Administrator and the Owner Trustee with an Opinion of Counsel,
      which
      Opinion of Counsel will not be at the expense of the Issuer, the Depositor,
      the
      Seller, any Underwriter, the Owner Trustee, the Indenture Trustee, the
      Securities Administrator, the Servicer, the Master Servicer or any successor
      servicer which opines that the acquisition, holding and transfer of this Note
      or
      interest herein is permissible under applicable law, will not constitute or
      result in a non-exempt prohibited transaction under ERISA or Section 4975 of
      the
      Code and will not subject the Issuer, the Depositor, the Seller, any
      Underwriter, the Owner Trustee, the Indenture Trustee, the Securities
      Administrator, the Servicer, the Master Servicer or any successor servicer
      to
      any obligation in addition to those undertaken in the Indenture.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Note Register of the Issuer.
      Upon surrender for registration of transfer of, or presentation of a written
      instrument of transfer for, this Note at the office or agency designated by
      the
      Issuer pursuant to the Indenture, accompanied by proper instruments of
      assignment in form satisfactory to the Securities Administrator, one or more
      new
      Notes of any authorized denominations and of a like aggregate initial Note
      Balance, will be issued to the designated transferee or
      transferees.

     

    Prior
      to
      the due presentment for registration of transfer of this Note, the Issuer,
      the
      Indenture Trustee, the Securities Administrator and any agent of the Issuer,
      the
      Indenture Trustee or the Securities Administrator may treat the Person in whose
      name this Note is registered as the owner of such Note (i) on the applicable
      Record Date for the purpose of making payments and interest of such Note and
      (ii) on any other date for all other purposes whatsoever, as the owner hereof,
      whether or not this Note be overdue, and neither the Issuer, the Indenture
      Trustee, the Securities Administrator nor any such agent of any of them shall
      be
      affected by notice to the contrary.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Issuer and
      the
      rights of the Holders of the Notes under the Indenture at any time by the Issuer
      and the Holders of a majority of all Notes at the time outstanding. The
      Indenture also contains provisions permitting the Holders of Notes representing
      specified percentages of the aggregate Note Balance of the Notes on behalf
      of
      the Holders of all the Notes, to waive any past Default under the Indenture
      and
      its consequences. Any such waiver by the Holder, at the time of the giving
      thereof, of this Note (or any one or more predecessor Notes) shall bind the
      Holder of every Note issued upon the registration of transfer hereof or in
      exchange hereof or in lieu hereof, whether or not notation of such consent
      or
      waiver is made upon such Note. The Indenture also permits the Issuer, the
      Indenture Trustee and the Securities Administrator to amend or waive certain
      terms and conditions set forth in the Indenture without the consent of the
      Holders of the Notes issued thereunder.

     

    Initially,
      this Note will be registered in the name of Cede & Co. as nominee of DTC,
      acting in its capacity as the Depository for this Note. This Note will be
      delivered by the clearing agency in denominations as provided in the Indenture
      and subject to certain limitations therein set forth. This Note is exchangeable
      for a like aggregate initial Note Balance of Notes of different authorized
      denominations, as requested by the Holder surrendering same.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Securities
      Administrator by manual signature, this Note shall not be entitled to any
      benefit under the Indenture, or be valid or obligatory for any
      purpose.

     

    AS
      PROVIDED IN THE INDENTURE, THIS NOTE AND THE INDENTURE CREATING THIS NOTE SHALL
      BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF
      NEW
      YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed
      by
      Wilmington Trust Company, not in its individual capacity but solely as Owner
      Trustee.

     

    Dated:
      September ___, 2006

     

    
      	
              RENAISSANCE
                HOME EQUITY LOAN TRUST 2006-3

               

              BY:
                WILMINGTON TRUST COMPANY, not in its individual capacity but solely
                in its
                capacity as Owner Trustee

               

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    

     

    

     

    INDENTURE
      TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Notes referred to in the within-mentioned Indenture.

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Securities Administrator

            
	 	 
	
              By:

            	 
	 	
              Authorized
                Signatory

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of the Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations:

    

    
      	
              TEN
                COM

            	
              --

            	
              as
                tenants in common

            
	 	 	 
	
              TEN
                ENT

            	
              --

            	
              as
                tenants by the entireties

            
	 	 	 
	
              JT
                TEN

            	
              --

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            
	 	 	 
	
              UNIF
                GIFT MIN ACT

            	
              --

            	
              ____________
                Custodian

            
	 	 	 
	 	 	
              (Cust)                                     (Minor)

            
	 	 	 
	 	 	 
	 	 	
              under
                Uniform Gifts to Minor Act

            
	 	 	 
	 	 	
              (State)

            

    

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:

    

    
      	 
	 
	 

    

    (Please
      print or typewrite name and address, including zip code, of
      assignee)

     

    

    
      	 

    

    the
      within Note and all rights thereunder, and hereby irrevocably constitutes and
      appoints   
      attorney
      to transfer said Note on the books kept for registration thereof, with full
      power of substitution in the premises.

     

    Dated:
      ____________________             _________________________________

     

    Signature
      Guaranteed by _________________________________

     

    NOTICE:
      The signature(s) to this assignment must correspond with the name as it appears
      upon the face of the within Note in every particular, without alteration or
      enlargement or any change whatsoever. Signature(s) must be guaranteed by a
      commercial bank or by a member firm of the New York Stock Exchange or another
      national securities exchange. Notarized or witnessed signatures are not
      acceptable.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    MORTGAGE
      LOAN SCHEDULE

     

    

     

    Previously
      filed with the Securities and Exchange Commission on September 28,
      2006.

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    September
      ___, 2006

    

    
      	
              Renaissance
                Home Equity Loan Trust 2006-3

              c/o
                Wilmington Trust Company

              1100
                North Market Street

              Wilmington,
                Delaware 19890-0001

              Attention:
                Corporate Trust Administration

            	
              Ocwen
                Loan Servicing, LLC

              1661
                Worthington Road, 

              Suite
                100 CentrePark West

              West
                Palm Beach, FL 33409

            
	 	 
	
              Renaissance
                Mortgage Acceptance Corporation

              1000
                Woodbury Road

              Woodbury,
                New York 11797

            	
              HSBC
                Bank USA, National Association

              452
                Fifth Avenue

              New
                York, New York 10018

            

    

    

    
      	
              Re:

            	
              Indenture,
                dated as of September 28, 2006 among Renaissance Home Equity Loan
                Trust
                2006-3, as Issuer, HSBC Bank USA, National Association, as Indenture
                Trustee and Wells Fargo Bank, N.A., as Securities
                Administrator and Home Equity Loan Asset-Backed Notes, Series
                2006-3

            

    

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with the provisions of Section 2.03 of the above-referenced
      Indenture, the undersigned, as Custodian, pursuant to the Custodial Agreement,
      dated as of September 28, 2006, by and among Wells Fargo Bank, N.A., as
      Custodian, HSBC Bank USA, National Association, as Indenture Trustee, the Seller
      and the Depositor hereby certifies 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 on the attachment hereto), it has reviewed
      the documents delivered to it pursuant to Section 2.03 of the Indenture and
      has
      determined that (i) all documents required to be delivered to it pursuant
      paragraphs (i) - (v) and (vii) of Section 2.1(b) of the Mortgage Loan Sale
      and
      Contribution Agreement are in its possession, (ii) such documents have been
      reviewed by it and appear regular on their face and have not been mutilated,
      damaged, torn or otherwise physically altered and relate to such Mortgage Loans,
      (iii) based on its examination and only as to the foregoing documents, the
      information set forth in the Mortgage Loan Schedule as to the information set
      forth in clauses (ii) and (iii) of the definition “Mortgage Loan Schedule” set
      forth in Annex A to the Indenture accurately reflects the information set forth
      in the Indenture Trustee’s Mortgage File. The Custodian has made no independent
      examination of such documents beyond the review specifically required in the
      above-referenced Indenture. The Custodian makes no representations as to: (i)
      the validity, legality, enforceability or genuineness of any such documents
      contained in each or any of the Mortgage Loans identified on the Mortgage Loan
      Schedule or (ii) the collectability, insurability, effectiveness or suitability
      of any such Mortgage Loan.

     

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

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Custodian

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C-2

     

    FORM
      OF
      FINAL CERTIFICATION

     

                                                [DATE]

    

    
      	
              Renaissance
                Home Equity Loan Trust 2006-3

              c/o
                Wilmington Trust Company

              1100
                North Market Street

              Wilmington,
                Delaware 19890-0001

              Attention:
                Corporate Trust Administration

            	
              Ocwen
                Loan Servicing, LLC

              1661
                Worthington Road, 

              Suite
                100 CentrePark West

              West
                Palm Beach, FL 33409

            
	 	 
	
              Renaissance
                Mortgage Acceptance Corporation

              1000
                Woodbury Road

              Woodbury,
                New York 11797

            	
              HSBC
                Bank USA, National Association

              452
                Fifth Avenue

              New
                York, New York 10018

            

    

    

    
      	
              Re:

            	
              Indenture,
                dated as of September 28, 2006 among Renaissance Home Equity Loan
                Trust
                2006-3, as Issuer, HSBC Bank USA, National Association, as Indenture
                Trustee and Wells Fargo Bank, N.A., as Securities
                Administrator and Home Equity Loan Asset-Backed Notes, Series
                2006-3

            

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.03 of the above-captioned Indenture, the
      undersigned, as Custodian, pursuant to the Custodial Agreement, dated as of
      September 1, 2006, by and among Wells Fargo Bank, N.A., as Custodian, HSBC
      Bank
      USA, National Association, as Indenture Trustee, the Seller and the Depositor
      hereby certifies that, except
      as
      noted on the attachment hereto, 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) the Custodian has reviewed the documents delivered to it
      pursuant to Sections 2.1(b) (other than items listed in Section 2.1(b)(vi))
      of
      the Mortgage Loan Sale and Contribution Agreement and has determined that (i)
      all such documents are in its possession, (ii) such documents have been reviewed
      by it and have not been mutilated, damaged, torn or otherwise physically altered
      and relate to such Mortgage Loan, (iii) based on its examination, and only
      as to
      the foregoing documents, the information set forth in clauses (ii) and (iii)
      of
      the Mortgage Loan Schedule respecting such Mortgage Loan is
      correct.

     

    The
      Custodian has made no independent examination of such documents beyond the
      review specifically required in the above-referenced Indenture. The Custodian
      makes no representations as to: (i) the validity, legality, enforceability
      or
      genuineness of any such documents contained in each or any of the Mortgage
      Loans
      identified on the Mortgage Loan Schedule, or (ii) the collectability,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	
              WELLS
                FARGO BANK, N.A.,

              as
                Custodian

               

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      D

     

    INTEREST
      RATE SWAP AGREEMENT

     

     

    
      
        	 	
                
                  

                

              
	 	 
	
                DATE:

              	
                28th
                  September 2006 

              
	 	 
	
                TO:

              	
                Renaissance
                  Home Equity Loan Trust 2006-3

              
	 	
                c/o
                  Wilmington Trust Company

              
	 	
                1100
                  North Market St.

              
	 	
                Wilmington,
                  DE 19890 - 0001

              
	
                ATTENTION:

              	
                Corporate
                  Trust Administration

              
	 	 
	
                With
                  copy to:

              	
                Wells
                  Fargo Bank, N.A.

              
	 	
                9062
                  Old Annapolis Road

              
	 	
                Columbia,
                  MD 21045

              
	 	
                Attention:
                  Client Manager - Renaissance 06-3

              
	 	
                Tel:
                  410-884-2000

              
	 	
                Fax:
                  410-715-2380

              
	 	 
	
                FROM:

              	
                Bank
                  of America, N.A.

              
	 	
                Sears
                  Tower

              
	 	
                233
                  South Wacker Drive, Suite 2800

              
	 	
                Chicago,
                  IL 60606

              
	 	 
	
                OUR
                  REFERENCE NO:

              	
                13986007

              
	 	 
	
                INTERNAL
                  TRACKING NOS.:

              	
                13986007

              

      

       

    

    The
      purpose of this letter agreement ("Agreement") is to confirm the terms and
      conditions of the current Transaction entered into on the Trade Date specified
      below (the "Transaction") between Bank of America, N.A. ("Party A") and
Renaissance
      Home Equity Loan Trust 2006-3
      (“Party
      B”). This Agreement, which evidences a complete and binding agreement between
      you and us to enter into the Transaction on the terms set forth below,
      constitutes a "Confirmation" as referred to in the "Master Agreement" (as
      defined below), as well as a “Schedule” as referred to in the Master
      Agreement.

    

    1.       
       This
      Agreement is subject to the 2000
      ISDA Definitions (the
      “Definitions”), as published by the International Swaps and Derivatives
      Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
      in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
      (Multicurrency—Cross Border) form (the "Master Agreement") but, rather, a Master
      Agreement shall be deemed to have been executed by you and us on the date we
      entered into the Transaction. Terms capitalized but not defined herein
except
      in
      the Definitions
      shall
      have the respective meanings attributed to them in the Indenture, dated as
      of
      September 1st,
      2006,
      among Renaissance
      Home Equity Loan Trust 2006-3 as
      Issuer
      (the “Issuer”), HSBC Bank USA, National Association, as Indenture Trustee (the
“Indenture Trustee”) and Wells Fargo Bank, N.A., as Securities Administrator
      (the “Securities Administrator”) (the “Indenture”). In the event of any
      inconsistency between the provisions of this Agreement and the Definitions
      or
      the Master Agreement, this Agreement shall prevail for purposes of the
      Transaction. Each reference to a “Section” (unless specifically referencing
      another agreement) will be construed as a reference to a Section of the Master
      Agreement.

    

    2.      
       The
      terms
      of the particular Transaction to which this Confirmation relates are as
      follows:

    

      
        	 	
                Type
                  of Transaction:

              	
                Interest
                  Rate Swap

              
	 	 	 	 
	 	
                Notional
                  Amount:

              	
                With
                  respect to any Calculation Period, the amount set forth for such
                  period on
                  Schedule I attached hereto.

              
	 	 	 	 
	 	
                Trade
                  Date:

              	
                8th
                  September 2006

              
	 	 	 	 
	 	
                Effective
                  Date:

              	
                25th
                  October 2006

              
	 	 	 	 
	 	
                Termination
                  Date:

              	
                25th
                  October 2009, subject to adjustment in accordance with the Modified
                  Following Business Day Convention

              
	 	 	 	 
	 	
                Fixed
                  Amount:

              	 
	 	 	 	 
	 	 	
                Fixed
                  Rate Payer:

              	
                Party
                  B

              
	 	 	 	 
	 	 	
                Fixed
                  Rate Payer

              	 
	 	 	
                Period
                  End Dates:

              	
                The
                  25th
                  of
                  each Month, commencing 25th
                  November 2006 and ending on the Termination Date, subject to adjustment
                  in
                  accordance with the Modified Following Business Day
                  Convention.

              
	 	 	 	 
	 	 	
                Fixed
                  Rate Payer

              	 
	 	 	
                Payment
                  Dates:

              	
                Early
                  Payment shall be applicable. Each Fixed Rate Payer Payment Date
                  shall be
                  one Business Day prior to the related Fixed Rate Payer Period End
                  Date.

              
	 	 	 	 
	 	 	
                Fixed
                  Rate:

              	
                5.17750
                  per cent

              
	 	 	 	 
	 	 	
                Fixed
                  Rate Day 

              	 
	 	 	
                Count
                  Fraction:

              	
                30/360

              
	 	 	 	 
	 	
                Floating
                  Amounts:

              	 
	 	 	 	 
	 	 	
                Floating
                  Rate Payer:

              	
                Party
                  A

              
	 	 	 	 
	 	 	
                Floating
                  Rate Payer

              	 
	 	 	
                Period
                  End Dates:

              	
                The
                  25th
                  of
                  each Month, commencing 25th
                  November 2006 and ending on the Termination Date, subject to adjustment
                  in
                  accordance with the Modified Following Business Day
                  Convention.

              
	 	 	 	 
	 	 	
                Floating
                  Rate Payer 

              	 
	 	 	
                Payment
                  Dates:

              	
                Early
                  Payment shall be applicable. Each Floating Rate Payer Payment Date
                  shall
                  be one Business Day prior to the related Floating Rate Payer Period
                  End
                  Date.

              
	 	 	 	 
	 	 	
                Floating
                  Rate for 

              	 
	 	 	
                Initial
                  Calculation 

              	 
	 	 	
                Period:

              	
                to
                  be determined

              
	 	 	 	 
	 	 	
                Floating
                  Rate Option:

              	
                USD-LIBOR-BBA

              
	 	 	 	 
	 	 	
                Designated
                  Maturity:

              	
                1
                  Month

              
	 	 	 	 
	 	 	
                Spread:

              	
                None

              
	 	 	 	 
	 	 	
                Floating
                  Rate Day 

              	 
	 	 	
                Count
                  Fraction:

              	
                Actual/360

              
	 	 	 	 
	 	 	
                Reset
                  Dates:

              	
                The
                  first day of each Calculation Period

              
	 	 	 	 
	 	 	
                Compounding:

              	
                Inapplicable

              
	 	 	 	 
	 	 	 	 
	 	
                Business
                  Days:

              	
                New
                  York

              
	 	 	 	 
	 	 	 	 
	 	
                Calculation
                  Agent:

              	
                Party
                  A

              

      

       

    

    
      
        3.       
          Provisions
          Deemed Incorporated in a Schedule to the Master
          Agreement:

      

    

    

    1)  The
      parties agree that subparagraph (ii) of Section 2(c) of the Master Agreement
      will apply to any Transaction.

    

    2) 
       Termination
      Provisions.
      For
      purposes of the Master Agreement:

    

    (a) “Specified
      Entity” is not applicable to Party A or Party B for any purpose. 

    

    (b) “Breach
      of Agreement” provision of Section 5(a)(ii) and will not apply to Party A or
      Party B.

    

    (c) “Credit
      Support Default” provisions of Section 5(a)(iii) will apply to Party A (if Party
      A posts collateral or obtains a guarantee or other contingent agreement pursuant
      to paragraph 14 below) will not apply to Party B.

    

    (d) “Misrepresentation”
      provisions of Section 5(a)(iv) will not apply to Party A or Party
      B.

    

    (e)
       "Specified
      Transaction" is not applicable to Party A or Party B for any purpose, and,
      accordingly, Section 5(a)(v) shall not apply to Party A or Party B.

    

    (f) The
      "Cross Default" provisions of Section 5(a)(vi) will not apply to Party A or
      to
      Party B. 

    

    (g) “Bankruptcy”
      provision of Section 5(a)(vii)(2) will not apply to Party B.

    

    (h) “Merger
      without Assumption” provision of Section 5(a)(viii) will not apply to Party
      B.

    

    (i) The
      “Credit Event Upon Merger” provisions of Section 5(b)(iv) will not apply to
      Party A or Party B.

     

    (j) The
      “Automatic Early Termination” provision of Section 6(a) will not apply to Party
      A or to Party B.

    

    (k) Payments
      on Early Termination. For the purpose of Section 6(e):

    

    (i) Market
      Quotation will apply.

    

    (ii) the
      Second Method will apply. 

    

    (l) “Termination
      Currency” means United States Dollars. 

    

    
      
        (m) 
          Gross
          Up.
          The provisions of Section 2(d)(i)(4) and 2(d)(ii) shall not apply to Party
          B and
          Party B shall not be required to pay any additional amounts referred to
          therein.

      

    

     

    3)
      Tax
      Representations. 

    

    
      	 	
              (a)
                Payer Representations. For the purpose of Section 3(e), each of Party
                A
                and Party B will make the following
                representations:

            

    

     

    
      	 	
              It
                is not required by any applicable law, as modified by the practice
                of any
                relevant governmental revenue authority, of any Relevant Jurisdiction
                to
                make any deduction or withholding for or on account of any Tax from
                any
                payment (other than interest under Section 2(e), 6(d)(ii) or 6(e))
                to be
                made by it to the other party under this Agreement. In making this
                representation, it may rely on: 

            

    

     

    (i) the
      accuracy of any representations made by the other party pursuant to Section
      3(f);

    

    (ii) the
      satisfaction of the agreement contained in Section 4(a)(iii) and the accuracy
      and effectiveness of any document provided by the other party pursuant to
      Section 4(a)(iii); and

    

    
      	 	 	
              (iii)
                the satisfaction of the agreement of the other party contained in
                Section
                4(d), provided that it shall not be a breach of this representation
                where
                reliance is placed on clause (ii) and the other party does not deliver
                a
                form or document under Section 4(a)(iii) by reason of material prejudice
                to its legal or commercial position.

            

    

    

    
      	 	
              (b)
                Payee Representations. For the purpose of Section 3(f), each of Party
                A
                and Party B make the following representations.

            

    

     

    The
      following representation will apply to Party A: 

    

    
      	 	 	
              Party
                A is a national banking association formed under the laws of the
                United
                States of America. Party A is a United States person for U.S. Federal
                Income Tax purposes and its U.S. taxpayer identification number is
                94-1687665. 

            

    

    

    The
      following representation will apply to Party B: 

    

    
      	 	 	
              Party
                B is a United States person for U.S. Federal Income Tax
                purposes.

            

    

    

    4)
      The
      Master Agreement is hereby amended as follows:

    

    The
      word
“third” shall be replaced by the word “second” in the third line of Section
      5(a)(i).

    

    5)
      Documents
      to be Delivered.
      For the
      purpose of Section 4(a):

    

    (1) Tax
      forms, documents, or certificates to be delivered are:

    

    
      	
              Party
                required to deliver document

            	
              Form/Document/

              Certificate

            	
              Date
                by which to

              be
                delivered

            
	 	 	 
	
              Party
                A and

              Party
                B

            	
              Any
                document required or reasonably requested to allow the other party
                to make
                payments under this Agreement without any deduction or withholding
                for or
                on the account of any Tax or with such deduction or withholding at
                a
                reduced rate

            	
              Promptly
                after the earlier of (i) reasonable demand by either party or (ii)
                learning that such form or document is
                required

            

    

    

    (2) Other
      documents to be delivered are:

    

    
      	
              Party
                required to deliver document

            	
              Form/Document/

              Certificate

            	
              Date
                by which to

              be
                delivered

            	
              Covered
                by Section 3(d) Representation

            
	 	 	 	 
	
              Party
                A and

              Party
                B

            	
              Any
                documents required by the receiving party to evidence the authority
                of the
                delivering party or its Credit Support Provider, if any, for it to
                execute
                and deliver this Agreement, any Confirmation , and any Credit Support
                Documents to which it is a party, and to evidence the authority of
                the
                delivering party or its Credit Support Provider to perform its obligations
                under this Agreement, such Confirmation and/or Credit Support Document,
                as
                the case may be

            	
              Upon
                the execution and delivery of this Agreement and such
                Confirmation

            	
              Yes

            
	 	 	 	 
	
              Party
                A and

              Party
                B

            	
              A
                certificate of an authorized officer of the party, as to the incumbency
                and authority of the respective officers of the party signing this
                Agreement, any relevant Credit Support Document, or any Confirmation,
                as
                the case may be

            	
              Upon
                the execution and delivery of this Agreement and such
                Confirmation

            	
              Yes

            

    

    

    
      	
              Party
                A

            	
              Annual
                Report of Bank of America Corporation containing audited, consolidated
                financial statements certified by independent certified public accountants
                and prepared in accordance with generally accepted accounting principles
                in the country in which such party is organized.

            	
              To
                be made available on www.bankofamerica.com/investor/
                as
                soon as available and in any event within 90 days after the end of
                each
                fiscal year of Party A.

            	
              Yes

            
	
              Party
                A and Party B

            	
              Legal
                opinion from counsel for such party.

            	
              Upon
                the execution and delivery of this Agreement and such
                Confirmation

            	
              No

            
	
              Party
                B

            	
              A
                duly executed copy of the Indenture.

            	
              Upon
                the execution and receipt of such Indenture.

            	
              No

            
	
              Party
                B

            	
              Copy
                of each monthly servicer report.

            	
              Upon
                availability

            	
              No

            

    

    

    6)
      Miscellaneous.
      Miscellaneous

    

    
      	
              (a)

            	
              Address
                for Notices: For the purposes of Section 12(a) of this
                Agreement:

            

    

    

    Address
      for notices or communications to Party A:

    

    Bank
      of
      America, N.A.

    Sears
      Tower

    233
      South
      Wacker Drive, Suite 2800

    Chicago,
      IL 60606

    Attention:
      Swap Operations

    Telephone
      No.: 312-234-2732

    Facsimile
      No.: 866-255-1444

    

    with
      a
      copy to:

    

    Bank
      of
      America, N.A.

    100
      N.
      Tryon St.

    NC1-007-13-01

    Charlotte,
      North Carolina 28255

    Attention:
      Global Markets Trading Agreements 

    Facsimile
      No.: 704-386-4113

    

    (For
      all
      purposes)

    

    Address
      for notices or communications to Party B:

    

    Renaissance
      Home Equity Loan Trust 2006-3

    c/o
      Wilmington Trust Company

    1100
      North Market St.

    Wilmington,
      DE 19890 - 0001

    Attention:
      Corporate Trust Administration

    

    With
      copy
      to: 

    

    Wells
      Fargo Bank, N.A.

    9062
      Old
      Annapolis Road

    Columbia,
      MD 21045

    Attention:
      Client Manager - Renaissance 06-3

    Tel:
      410-884-2000

    Fax:
      410-715-2380

    

    (For
      all
      purposes)

    

    (b)    
           Process
      Agent. For the purpose of Section 13(c):

    

    Party
      A
      appoints as its 

    Process
      Agent:   Not
      Applicable

    

    The
      Party
      B appoints as its 

    Process
      Agent:  Not
      Applicable

    

    (c)         
       Offices.
      The provisions of Section 10(a) will apply to this Agreement.

    

    
      	
              (d)

            	
              Multibranch
                Party. For the purpose of
                Section 10(c):

            

    

    

    Party
      A
      is a Multibranch Party and may act through its Charlotte, North Carolina,
      Chicago, Illinois, San Francisco, California, New York, New York, Boston,
      Massachusetts, or such other Office as may be agreed to by the parties in
      connection with a Transaction.

    

    
      	 	
              Party
                B is not a Multibranch Party.

            

    

    

    (e)         
       Credit
      Support Document.  Not
      applicable for Party A or, if Party A posts collateral pursuant to a Credit
      Support Annex or obtains a guarantee or other contingent agreement pursuant
      to
      paragraph 14 below, such Credit Support Annex, guarantee, or other contingent
      agreement. The Indenture for Party B.

    

    
      	
              (f)

            	
              Credit
                Support Provider.

            

    

    

    Party
      A:
 Not
      Applicable or, if Party A obtains a guarantee or other provider of credit
      support pursuant to paragraph 14 below, such guarantee or other provider of
      credit support

    

    
      	 	
              Party
                B: 

            	
              Not
                Applicable

            

    

    

    (g)        
       Governing
      Law. The parties to this Agreement hereby agree that the law of the State of
      New
      York shall govern their rights and duties in whole, without regard to the
      conflict of law provisions thereof other than New York General Obligations
      Law
      Sections 5-1401 and 5-1402. 

    

    (h)        
       Severability. If
      any
      term, provision, covenant, or condition of this Agreement, or the application
      thereof to any party or circumstance, shall be held to be invalid or
      unenforceable (in whole or in part) for any reason, the remaining terms,
      provisions, covenants, and conditions hereof shall continue in full force and
      effect as if this Agreement had been executed with the invalid or unenforceable
      portion eliminated, so long as this Agreement as so modified continues to
      express, without material change, the original intentions of the parties as
      to
      the subject matter of this Agreement and the deletion of such portion of this
      Agreement will not substantially impair the respective benefits or expectations
      of the parties. 

    

    The
      parties shall endeavor to engage in good faith negotiations to replace any
      invalid or unenforceable term, provision, covenant or condition with a valid
      or
      enforceable term, provision, covenant or condition, the economic effect of
      which
      comes as close as possible to that of the invalid or unenforceable term,
      provision, covenant or condition. 

    

    (i)           Consent
      to Recording. Each party hereto consents to the monitoring or recording, at
      any
      time and from time to time, by the other party of any and all communications
      between officers or employees of the parties, and waives any further notice
      of
      such monitoring or recording.

    

    (j)         
       Waiver
      of
      Jury Trial. Each
      party waives any right it may have to a trial by jury in respect of any
      Proceedings relating to this Agreement or any Credit Support Document.

    

    (k)          Set-Off.
      The provisions for Set-off set forth in Section 6(e) of the Master Agreement
      shall not apply for purposes of this Transaction. Notwithstanding any provision
      of this Agreement or any other existing or future agreement, each party
      irrevocably waives any and all rights it may have to set off, net, recoup or
      otherwise withhold or suspend or condition payment or performance of any
      obligation between it and the other party hereunder against any obligation
      between it and the other party under any other agreements. 

     

    (l)        
       Additional
      Definitional Provisions. 

     

    As
      used
      in this Agreement, the following terms shall have the meanings set forth below,
      unless the context clearly requires otherwise: 

     

    “Fitch”
      means Fitch Ratings, Inc., or any successor.

     

    “Moody’s”
      means Moody’s Investors Service, Inc., or any successor.

    

    
      	 	
              “S&P”
                means Standard & Poor's, a division of The McGraw-Hill Companies,
                Inc., or any successor.

            

    

     

    (m)     
       Owner
      Trustee Liability Limitations.
      It is
      expressly understood and agreed by the parties hereto that (a) this Agreement
      is
      executed and delivered by Wilmington Trust Company (“WTC”), not individually or
      personally but solely as trustee on behalf of Party B, (b) each of the
      representations, undertakings and agreements herein made on the part of Party
      B
      is made and intended not as personal representations, undertakings and
      agreements by WTC but is made and intended for the purpose of binding only
      Party
      B, (c) nothing herein contained shall be construed as creating any liability
      on
      WTC, individually or personally, to perform any covenant either expressed or
      implied contained herein, all such liability, if any, being expressly waived
      by
      the parties hereto and by any Person claiming by, through or under the parties
      hereto, (d) under no circumstances shall WTC be personally liable for the
      payment of any indebtedness or expenses of Party B or be liable for the breach
      or failure of any obligation, representation, warranty or covenant made or
      undertaken by Party B under this Agreement or any other related
      documents.

    

    7)
      “Affiliate”: Party A and Party B shall be deemed to have no Affiliates for
      purposes of this Agreement, including for purposes of Section
      6(b)(ii).

    

    8)
      Payment Instructions. Party A hereby agrees that, unless notified in writing
      by
      Party B of other payment instructions, any and all amounts payable by Party
      A to
      Party B under this Agreement shall be paid to the Indenture Trustee at the
      account specified in Section 5.

    

    9)
      Section 3 of the Master Agreement is hereby amended by adding at the end thereof
      the following subsection (g): 

    

    “(g)       
       Relationship
      Between Parties.
      

    

    
      	 	 	
              Each
                party represents to the other party on each date when it enters into
                a
                Transaction that:--

            

    

    

    (1)
      Nonreliance.
      (i) It
      is not relying on any statement or representation of the other party regarding
      the Transaction (whether written or oral), other than the representations
      expressly made in this Agreement or the Confirmation in respect of that
      Transaction and (ii) it has consulted with its own legal, regulatory, tax,
      business, investment, financial and accounting advisors to the extent it has
      deemed necessary, and it has made its own investment, hedging and trading
      decisions based upon its own judgment and upon any advice from such advisors
      as
      it has deemed necessary and not upon any view expressed by the other
      party.

     

    (2)
      Evaluation
      and Understanding.
      

    

    (i)
      It
      has the capacity to evaluate (internally or through independent professional
      advice) the Transaction and has made its own decision subject to Section 6(n)
      of
      this Agreement to enter into the Transaction; and

    

    (ii)
      It
      understands the terms, conditions and risks of the Transaction and is willing
      and able to accept those terms and conditions and to assume those risks,
      financially and otherwise. 

    

    (3)
      Purpose.
      It is
      entering into the Transaction for the purposes of managing its borrowings or
      investments, hedging its underlying assets or liabilities or in connection
      with
      a line of business. 

    

    (4)
      Status
      of Parties.
      The
      other party is not acting as an agent, fiduciary or advisor for it in respect
      of
      the Transaction.

    

    (5)
      Eligible
      Contract Participant.
      It
      constitutes an “eligible contract participant” as such term is defined in
      Section 1(a)12 of the Commodity Exchange Act, as amended.”

    

    10)
      Non-Recourse. Notwithstanding any provision herein or in the Master Agreement
      to
      the contrary, the obligations of Party B hereunder are limited recourse
      obligations of Party B, payable solely from Collateral and the proceeds thereof,
      in accordance with the terms of the Indenture. In the event that Collateral
      and
      proceeds thereof should be insufficient to satisfy all claims outstanding and
      following the realization of Collateral and the proceeds thereof, any claims
      against or obligations of Party B under the Master Agreement or any other
      confirmation thereunder still outstanding shall be extinguished and thereafter
      not revive.

    

    11) Transfer,
      Amendment and Assignment. No transfer, amendment, waiver, supplement, assignment
      or other modification of this Transaction shall be permitted by either party
      unless each of Fitch, Moody’s and S&P have been provided prior notice of the
      same and confirms in writing (including by facsimile transmission) that it
      will
      not downgrade, withdraw or otherwise modify its then-current ratings of the
      Notes. 

    

    12) Non-Petition.
      Party A shall not institute against, or cause any other person to institute
      against, or join any other person in instituting against Party B in any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
      or other proceedings under any federal or state bankruptcy or similar law for
      a
      period of one year and one day (or, if longer, the applicable preference period)
      following payment in full of the Notes. Nothing herein shall prevent Party
      A
      from participating in any such proceeding(s) once commenced. This provision
      will
      survive the termination of this Agreement.

     

    13)
      Additional Termination Events. Additional Termination Events will apply:

    

    (a)
      If a
      Rating Agency Downgrade has occurred and Party A has not complied with paragraph
      14 below, then an Additional Termination Event shall have occurred with respect
      to Party A and Party A shall be the sole Affected Party with respect to such
      Additional Termination Event. 

    

    (b)
      If,
      at any time, the Seller purchases the Mortgage Loans and REO Properties pursuant
      to Section 8.07 of the Indenture, then an Additional Termination Event shall
      have occurred and Party B shall be the sole Affected Party with respect thereto;
      provided, however, that notwithstanding Section 6(b)(iv), both Party A and
      Party
      B shall have the right to designate an Early Termination Date (such early
      Termination Date shall not be earlier than the final distribution date) in
      respect of this Additional Termination Event. 

    

    (c)
      If,
      upon the occurrence of a Swap Disclosure Event (as defined in paragraph 15
      below) Party A has not, within 10 Business Days after such Swap Disclosure
      Event
      complied with any of the provisions set forth in clause (iii) of paragraph
      15
      below, then an Additional Termination Event shall have occurred with respect
      to
      Party A and Party A shall be the sole Affected Party with respect to such
      Additional Termination Event.

    

    (d)
      An
      amendment and/or supplement to the Indenture (or any other Basic Document)
      is
      made without the prior written consent of Party A (such consent not to be
      unreasonably withheld), if such amendment and/or supplement would: (a)
      materially adversely affect any of Party A's rights or obligations hereunder;
      or
      (b) materially adversely affect the obligations of, or materially adversely
      impact the ability of, Party B to fully perform any of Party B's obligations
      hereunder. For purposes of Section 6 of the Master Agreement, Party B shall
      be
      the sole Affected Party.

    

    (e)
      The
      delivery of notice of any redemption or other prepayment in whole, but not
      in
      part, of the Notes in connection with any redemption pursuant to the Indenture.
      For purposes of Section 6 of the Master Agreement, Party B shall be the sole
      Affected Party, and the Early Termination Date shall occur not earlier than
      the
      date of redemption.

     

    14)
      Rating Agency Downgrade. In the event that Party A’s long-term unsecured and
      unsubordinated debt rating is reduced below “A+” by S&P or Party A’s
      short-term unsecured and unsubordinated debt rating is reduced below “A-1” by
      S&P or its long-term unsecured and unsubordinated debt rating is withdrawn
      or reduced below “A1” by Moody’s or its short-term unsecured and unsubordinated
      debt rating is reduced below “P1” by Moody’s, or in the event that Party A does
      not have a short-term rating from Moody’s, its long-term unsecured and
      unsubordinated debt rating is withdrawn or reduced below “Aa3” by Moody’s (and
      together with S&P and Fitch, the “Swap Rating Agencies”, and such rating
      thresholds, “Approved Rating Thresholds”), then within 30 days after such rating
      withdrawal or downgrade (unless, within 30 days after such withdrawal or
      downgrade, each such Swap Rating Agency, as applicable, has reconfirmed the
      rating of  Home
      Equity Loan Asset-Backed Notes, Series 2006-3 (the “Notes”), which was in effect
      immediately prior to such withdrawal or downgrade), Party A shall, at its own
      expense, subject to the Rating Agency Condition, either (i) seek another entity
      to replace Party A as party to this Agreement that meets or exceeds the Approved
      Rating Thresholds on terms substantially similar to this Agreement, (ii) obtain
      a guaranty of, or a contingent agreement of another person with the Approved
      Rating Thresholds, to honor, Party A’s obligations under this Agreement, or
      (iii) post collateral which will be sufficient to restore the immediately prior
      ratings of the Notes. Party A’s failure to do any of the foregoing shall, at
      Party B’s option, constitute an Additional Termination Event with Party A as the
      Affected Party. In the event that Party A’s long-term unsecured and
      unsubordinated debt rating is withdrawn or reduced below “BBB-” by S&P, then
      within 10 Business Days after such rating withdrawal or downgrade, Party A
      shall, subject to the Rating Agency Condition and at its own expense, either
      (i)
      secure another entity to replace Party A as party to this Agreement that meets
      or exceeds the Approved Rating Thresholds on terms substantially similar to
      this
      Agreement or (ii) obtain a guaranty of, or a contingent agreement of another
      person with the Approved Rating Thresholds, to honor, Party A’s obligations
      under this Agreement. For purposes of this provision, “Rating Agency Condition”
means, with respect to any particular proposed act or omission to act hereunder
      that the party acting or failing to act must consult with each of the Swap
      Rating Agencies then providing a rating of the Notes and receive from each
      of
      the Swap Rating Agencies a prior written confirmation that the proposed action
      or inaction would not cause a downgrade or withdrawal of the then-current rating
      of the Notes.

    

    15)
      Compliance with Regulation AB. 

    

    (i)
      Party
      A
agrees
      and acknowledges that Renaissance
      Mortgage Acceptance Corp. (the
      “Depositor”) may be required under Regulation AB, as defined in the Indenture,
      to disclose certain financial information regarding Party A or its group of
      affiliated entities, if applicable, depending on the aggregate “significance
      percentage” of this Agreement and any other derivative contracts between Party A
      or its group of affiliated entities, if applicable, and Party B, as calculated
      from time to time in accordance with Item 1115 of Regulation AB. 

    

    (ii)
      It
      shall be a swap disclosure event (“Swap Disclosure Event”) if, on any Business
      Day after the date hereof for so long as the Issuing Entity is required to
      file
      periodic reports under the Exchange Act with respect to the Certificates, Party
      B or the Depositor requests in writing from Party A the applicable financial
      information described in Item 1115(b) of Regulation AB (such request to be
      based
      on a reasonable determination by the Depositor, based on "significance
      estimates" made in substantially the same manner as that used in the Sponsor's
      internal risk management process in respect of similar instruments and furnished
      by the Sponsor to the Depositor, or if the Sponsor does not furnish such
      significance estimates to the Depositor, based on a good faith determination
      of
      such significance estimates by the Depositor in a manner that it deems
      reasonable) (the “Swap Financial Disclosure”).

    

    (iii)
      Upon the occurrence of a Swap Disclosure Event, Party A, at its own expense,
      shall either (1)(a) either (i) provide to the Depositor the current Swap
      Financial Disclosure in an EDGAR-compatible format (for example, such
      information may be provided in Microsoft Word® or Microsoft Excel® format but
      not in .pdf format) or (ii) provide written consent to the Depositor to
      incorporation by reference of such current Swap Financial Disclosure that are
      filed with the Securities and Exchange Commission in the Exchange Act Reports
      of
      the Depositor, (b) if applicable, cause its outside accounting firm to provide
      its consent to filing or incorporation by reference in the Exchange Act Reports
      of the Depositor of such accounting firm’s report relating to their audits of
      such current Swap Financial Disclosure, and (c) provide to the Depositor any
      updated Swap Financial Disclosure with respect to Party A or any entity that
      consolidates Party A within five days of the release of any such updated Swap
      Financial Disclosure; (2) secure another entity to replace Party A as party
      to
      this Agreement on terms substantially similar to this Agreement, which entity
      (or a guarantor therefor) meets or exceeds the Approved Rating Thresholds and
      which entity complies with the requirements of Item 1115 of Regulation AB and
      clause (1) above; (3) obtain a guaranty of Party A’s obligations under this
      Agreement from an affiliate of Party A that complies with the financial
      information disclosure requirements of Item 1115 of Regulation AB, and cause
      such affiliate to provide Swap Financial Disclosure and any future Swap
      Financial Disclosure and other information pursuant to clause (1), such that
      disclosure provided in respect of such affiliate will satisfy any disclosure
      requirements applicable to the Swap Provider; or (4) transfer Eligible
      Collateral to Party B's Custodian in an amount which is sufficient, as
      reasonably determined in good faith by the Depositor, to reduce the aggregate
      significance percentage below 10% (or, so long as Party A is able to provide
      the
      Swap Financial Disclosure required pursuant to Item 1115(b)(1) of Regulation
      AB,
      below 20%, in the event Party A is requested to provide the Swap Financial
      Disclosure required pursuant to Item 1115(b)(2) of Regulation AB).

    

    (iv)
      Party A agrees that, in the event that Party A provides Swap Financial
      Disclosure to the Depositor in accordance with clause (iii)(1) above or causes
      its affiliate to provide Swap Financial Disclosure to the Depositor in
      accordance with clause (iii)(3) above, it will indemnify and hold harmless
      the
      Depositor, its respective directors or officers and any person controlling
      the
      Depositor, from and against any and all losses, claims, damages and liabilities
      caused by any untrue statement or alleged untrue statement of a material fact
      contained in such Swap Financial Disclosure or caused by any omission or alleged
      omission to state in such Swap Financial Disclosure a material fact required
      to
      be stated therein or necessary to make the statements therein, in light of
      the
      circumstances under which they were made, not misleading.

    

    (v)
      Third
      Party Beneficiary. Depositor shall be an express third party beneficiary of
      this
      Agreement as if a party hereto to the extent of Depositor’s rights explicitly
      specified herein.

    

    16)
      For
      purposes of Section 7, Party A hereby consents to the Permitted Security
      Interest.

    

    “Permitted
      Security Interest” means the collateral assignment by Party B of the Swap
      Collateral to the Indenture Trustee pursuant to the Indenture, and the granting
      to the Indenture Trustee of a security interest in the Swap Collateral pursuant
      to the Indenture.

    

    “Swap
      Collateral” means all right, title and interest of Party B in this Agreement,
      each Transaction hereunder, and all present and future amounts payable by Party
      A to Party B under or in connection with the Agreement or any Transaction
      governed by the Agreement, whether or not evidenced by a Confirmation,
      including, without limitation, any transfer or termination of any such
      Transaction. 

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

     

    
      	5.	
              Account
                Details and 

              Settlement
                Information:

            	 	
              Payments
                to Party A:

            
	 	 	 	
              
                 

              

            
	 	 	 	
              As
                advised under separate cover with reference
                to this Confirmation, each party shall
                provide appropriate payment instructions to the other party in writing
                and
                such instructions shall be deemed to be incorporated into this
                agreement.

            
	 	 	 	 
	 	 	 	Payments to Party B:
	 	 	 	 
	 	 	 	
              Wells
                Fargo Bank, N.A.

              ABA
                # 121000248

              Account
                Name: SAS Clearing

              Account
                # 3970771416

              FFC:
                50950900

            

    

     

    This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which together shall constitute one and the same
      instrument.

    

    

    USA
      PATRIOT Act Notice. Party A hereby notifies Party B that pursuant to the
      requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
      law October 26, 2001)) (the "Act"), it is required to obtain, verify and record
      information that identifies Party B, which information includes the name and
      address of Party B and other information that will allow Party A to identify
      Party B in accordance with the Act.

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    We
      are
      very pleased to have executed this Transaction with you and we look forward
      to
      completing other transactions with you in the near future.

    

    Very
      truly yours,

    

    BANK
      OF
      AMERICA, N.A.

    

    By: _______________________________ 

    Name:   

    Title:  

    
 

    Party
      B,
      acting through its duly authorized signatory, hereby agrees to, accepts and
      confirms the terms of the foregoing as of the Trade Date.

    

    Renaissance
      Home Equity Loan Trust 2006-3

    By:
      Wilmington Trust Company not in its individual capacity but solely as Owner
      Trustee

    

     

    By: _______________________________
      

    Name: 

    Title:

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      I

     

    (All
      dates are subject to adjustment in accordance with the Modified Following
      Business Day Convention.)

    

    
      	
              Calculation
                Period scheduled to commence on:

            	
              Calculation
                Period

              scheduled
                to end on:

            	
              Notional
                Amount (USD)

            
	
              10/25/06

            	
              11/25/06

            	
              105,810,000.00

            
	
              11/25/06

            	
              12/25/06

            	
              101,060,000.00

            
	
              12/25/06

            	
              01/25/07

            	
              96,523,000.00

            
	
              01/25/07

            	
              02/25/07

            	
              92,189,000.00

            
	
              02/25/07

            	
              03/25/07

            	
              88,050,000.00

            
	
              03/25/07

            	
              04/25/07

            	
              84,096,000.00

            
	
              04/25/07

            	
              05/25/07

            	
              80,319,000.00

            
	
              05/25/07

            	
              06/25/07

            	
              76,711,000.00

            
	
              06/25/07

            	
              07/25/07

            	
              73,265,000.00

            
	
              07/25/07

            	
              08/25/07

            	
              69,973,000.00

            
	
              08/25/07

            	
              09/25/07

            	
              66,830,000.00

            
	
              09/25/07

            	
              10/25/07

            	
              63,827,000.00

            
	
              10/25/07

            	
              11/25/07

            	
              60,958,000.00

            
	
              11/25/07

            	
              12/25/07

            	
              58,219,000.00

            
	
              12/25/07

            	
              01/25/08

            	
              55,602,000.00

            
	
              01/25/08

            	
              02/25/08

            	
              53,102,000.00

            
	
              02/25/08

            	
              03/25/08

            	
              50,715,000.00

            
	
              03/25/08

            	
              04/25/08

            	
              48,435,000.00

            
	
              04/25/08

            	
              05/25/08

            	
              46,257,000.00

            
	
              05/25/08

            	
              06/25/08

            	
              44,176,000.00

            
	
              06/25/08

            	
              07/25/08

            	
              42,189,000.00

            
	
              07/25/08

            	
              08/25/08

            	
              40,189,000.00

            
	
              08/25/08

            	
              09/25/08

            	
              25,917,000.00

            
	
              09/25/08

            	
              10/25/08

            	
              24,550,000.00

            
	
              10/25/08

            	
              11/25/08

            	
              21,267,000.00

            
	
              11/25/08

            	
              12/25/08

            	
              20,310,000.00

            
	
              12/25/08

            	
              01/25/09

            	
              19,396,000.00

            
	
              01/25/09

            	
              02/25/09

            	
              18,523,000.00

            
	
              02/25/09

            	
              03/25/09

            	
              17,689,000.00

            
	
              03/25/09

            	
              04/25/09

            	
              16,893,000.00

            
	
              04/25/09

            	
              05/25/09

            	
              16,132,000.00

            
	
              05/25/09

            	
              06/25/09

            	
              15,406,000.00

            
	
              06/25/09

            	
              07/25/09

            	
              14,712,000.00

            
	
              07/25/09

            	
              08/25/09

            	
              13,960,000.00

            
	
              08/25/09

            	
              09/25/09

            	
              2,161,000.00

            
	
              09/25/09

            	
              10/25/09

            	
              2,019,000.00

            

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    FORM
      OF
      CUSTODIAL AGREEMENT

     

    

      CUSTODIAL
        AGREEMENT

       

      THIS
        CUSTODIAL AGREEMENT
        (as
        amended and supplemented from time to time, the “Custodial Agreement”), dated as
        of September 28, 2006, by and among HSBC Bank USA, National Association,
        not
        individually, but as indenture trustee (the “Indenture Trustee”), Wells Fargo
        Bank, N.A., as custodian (together with any successor in interest or any
        successor appointed hereunder, the “Custodian”), Renaissance REIT Investment
        Corp. (“RRIC” or the “Seller”), Renaissance Mortgage Acceptance Corp. (“RMAC” or
        the “Depositor”) and Ocwen Loan Servicing, LLC (together with any successor
        entity, “Ocwen” or the “Servicer”).

       

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

       

      WHEREAS,
        Renaissance Home Equity Loan Trust 2006-3 as issuer, the Indenture Trustee
        and
        Wells Fargo Bank, N.A. as securities administrator, have entered into an
        Indenture dated as of September 28, 2006, relating to the issuance of RMAC’s
        Home Equity Loan Asset-Backed Notes, Series 2006-3 (as amended and supplemented
        from time to time, the “Agreement”); and 

       

      WHEREAS,
        the
        Custodian has agreed to act as agent for the Indenture Trustee for the purposes
        of receiving and holding certain documents and other instruments as described
        in
        Section 2.1(b) of the Mortgage Loan Sale and Contribution Agreement, dated
        as of
        September 28, 2006 (the “Contribution Agreement”), among RMAC, RRIC and Delta
        Funding Corporation as originator (“Delta”), delivered by RRIC under the
        Contribution Agreement, all upon the terms and conditions and subject to
        the
        limitations hereinafter set forth; 

       

      NOW,
        THEREFORE,
        in
        consideration of the premises and the mutual covenants and agreements
        hereinafter set forth, the Indenture Trustee and the Custodian hereby agree
        as
        follows:

       

      1.  Definitions

       

      Capitalized
        terms used in this Custodial Agreement and not defined herein shall have
        the
        meanings assigned in the Agreement, unless otherwise required by the context
        herein.

       

      2.  Custody
        of Mortgage Documents

       

      
        	 	
                2.1

              	
                Custodian
                  to Act as Agent; Acceptance of Mortgage Files.
                  

              

      

       

      The
        Custodian, as the duly appointed agent of the Indenture Trustee for these
        purposes, acknowledges that it will hold the Mortgage Notes, the Related
        Documents, the assignments and other documents required to be delivered by
        RRIC
        to the Custodian pursuant to Section 2.1(b) of the Contribution Agreement
        and
        relating to the Mortgage Loans identified on Schedule I hereto and declares
        that
        it will hold such Mortgage Notes, Related Documents, assignments and other
        documents and any similar documents received by the Indenture Trustee subsequent
        to the date hereof (the “Mortgage Files”) as agent for the Indenture Trustee, in
        trust, for the benefit of all present and future Noteholders. The Custodian
        agrees to execute the initial certification and the final certification set
        forth on Exhibits C-1 and C-2 of the Agreement. 

       

      
        	 	
                2.2

              	
                Recordation
                  of Assignments.
                  

              

      

       

      Except
        with respect to any MERS Mortgage Loan, if any Mortgage File includes one
        or
        more assignments to the Indenture Trustee of Related Documents that have
        not
        been recorded, within 30 days of the Closing Date, RRIC, at no expense to
        the
        Custodian, shall cause to be recorded in the appropriate public office for
        real
        property records each such assignment and, upon receipt thereof from such
        public
        office, shall return each such assignment to the Custodian; The Custodian
        also
        agrees to perform its other obligations, including, but not limited to its
        obligations under Section 2.03 of the Agreement and Section 3.07 of the
        Servicing Agreement. 

       

      2.3 Review
        of Mortgage Files.

       

      The
        Custodian agrees, for the benefit of the Issuer, the Seller, the Depositor
        and
        the Noteholders, to review, in accordance with the provisions of Section
        2.03 of
        the Agreement, each Mortgage File. If in performing the reviews required
        by this
        Section 2.3, the Custodian finds any document or documents constituting a
        part
        of a Mortgage File to be unexecuted or missing or, based on the criteria
        set
        forth in Section 2.1(b) of the Contribution Agreement, to be unrelated to
        the
        applicable Mortgage Loan, the Custodian shall promptly so notify RRIC, RMAC
        and
        the Indenture Trustee. 

       

      In
        connection with such review, the Custodian makes no representations as to,
        and
        shall not be responsible to verify (A) the validity, legality, enforceability,
        due authorization, recordability, sufficiency, or genuineness of any of the
        documents contained in any Mortgage File or (B) the collectability,
        insurability, effectiveness, or suitability of any Mortgage Loan.

       

      2.4 Notification
        of Breaches of Representations and Warranties.
        

       

      Upon
        discovery by the Custodian of a breach of any representation or warranty
        made by
        Delta as set forth in Section 3.1(c) of the Contribution Agreement, the
        Custodian shall give prompt written notice to Delta, RRIC, RMAC and the
        Indenture Trustee. 

       

      2.5 Custodian
        to Cooperate; Release of Mortgage Files.
        

       

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Servicer of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Servicer shall, pursuant to the Servicing Agreement, promptly
        notify the Custodian by delivering to the Custodian two copies of a Request
        for
        Release (Exhibit B to the Servicing Agreement), one of which will be returned
        to
        the Servicer with the Mortgage File, executed by a Servicing Officer or in
        a
        mutually agreeable electronic format that originates from a Servicing Officer
        and shall request delivery to it of the Mortgage File. The Custodian agrees,
        upon receipt of such certification and request, promptly to release the related
        Mortgage File to the Servicer. 

       

      From
        time
        to time as is appropriate for the servicing or foreclosure of any Mortgage
        Loan,
        the Master Servicer or the Servicer shall, pursuant to the Servicing Agreement,
        deliver to the Custodian two copies of a Request for Release requesting that
        possession of all of the Mortgage File be released to the Master Servicer
        or the
        Servicer and certifying as to the reason for such release. With such Request
        for
        Release, the Master Servicer or the Servicer shall, pursuant to the Servicing
        Agreement, deliver to the Custodian a receipt signed by a Servicing Officer
        of
        the Master Servicer or the Servicer on behalf of the Master Servicer or the
        Servicer (or in a mutually agreeable electronic format that originates from
        a
        Servicing Officer), and upon receipt of the foregoing, the Custodian shall
        deliver the Mortgage File or such document to the Master Servicer or the
        Servicer and the Master Servicer or the Servicer shall, pursuant to the
        Servicing Agreement, hold the Mortgage File or such document in trust for
        the
        benefit of the Seller and the Noteholders. The Master Servicer or the Servicer
        shall, pursuant to the Servicing Agreement, cause each Mortgage File to be
        returned to the Custodian when the need therefor by the Master Servicer or
        the
        Servicer no longer exists, unless (i) the Mortgage Loan has been liquidated
        and
        the Liquidation Proceeds relating to the Mortgage Loan have been deposited
        in
        the Collection Account to the extent required by the Agreement or (ii) the
        Mortgage File 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 or the Servicer has
        delivered to the Custodian a certificate of a Servicing Officer of the Master
        Servicer or the Servicer certifying as to the name and address of the Person
        to
        which such Mortgage File was delivered and the purpose or purposes of such
        delivery. In the event of the liquidation of a Mortgage Loan, the Custodian
        shall deliver such receipt with respect thereto to the Master Servicer or
        the
        Servicer upon deposit of the related Liquidation Proceeds in the Distribution
        Account to the extent required by the Agreement. 

       

      2.6 Assumption
        Agreements.
        

       

      In
        the
        event that any assumption agreement or substitution of liability agreement
        is
        entered into with respect to any Mortgage Loan subject to this Custodial
        Agreement in accordance with the terms and provisions of the Agreement, the
        Master Servicer or the Servicer shall, pursuant to the Servicing Agreement,
        notify the Custodian that such assumption or substitution agreement has been
        completed by forwarding to the Custodian the original of such assumption
        or
        substitution agreement, which document shall be added to the related Mortgage
        File and, for all purposes, shall be considered a part of such Mortgage File
        to
        the same extent as all other documents and instruments constituting parts
        thereof. 

       

      3.  Concerning
        the Custodian

       

      3.1 Custodian
        a Bailee and Agent of the Indenture Trustee.
        

       

      With
        respect to each Mortgage Note, Related Document and other documents constituting
        each Mortgage File which are delivered to the Custodian, the Custodian is
        exclusively the bailee and agent of the Indenture Trustee, holds such documents
        for the benefit of the Trust and the Noteholders and undertakes to perform
        such
        duties and only such duties as are specifically set forth in this Agreement.
        Except upon compliance with the provisions of Section 2.5 of this Custodial
        Agreement, no Mortgage Note, Related Document or other document constituting
        a
        part of a Mortgage File shall be delivered by the Custodian to the Master
        Servicer or the Servicer or otherwise released from the possession of the
        Custodian. 

       

      3.2 Indemnification.
        

       

      Both
        RRIC
        and RMAC hereby agree to indemnify and hold the Custodian harmless from and
        against all claims, liabilities, losses, actions, suits or proceedings at
        law or
        in equity, or any other expenses, fees or charges of any character or nature,
        which the Custodian may incur or with which the Custodian may be threatened
        by
        reason of its acting as custodian under this Custodial Agreement, including
        indemnification of the Custodian against any and all expenses, including
        attorney’s fees if counsel for the Custodian has been approved by the Seller and
        the Depositor, which approval shall not be unreasonably withheld, and the
        cost
        of defending any action, suit or proceedings or resisting any claim.
        Notwithstanding the foregoing, it is specifically understood and agreed that
        in
        the event any such claim, liability, loss, action, suit or proceeding or
        other
        expense, fees, or charge shall have been caused by reason of any negligent
        act,
        negligent failure to act, or willful misconduct on the part of the Custodian,
        or
        which shall constitute a willful breach of its duties hereunder, the
        indemnification provisions of this Custodial Agreement shall not apply. The
        indemnification provided by this Section 3.2 shall survive the termination
        or
        assignment of this Custodial Agreement or the resignation or removal of the
        Custodian hereunder. 

       

      3.3 Custodian
        May Own Notes.
        

       

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

       

      3.4 Custodian’s
        Fees and Expenses.
        

       

      RRIC
        will
        pay the initial fees of the Custodian. Other fees payable to the Custodian
        hereunder for all services rendered by it in the exercise and performance
        of any
        of the powers and duties hereunder of the Custodian, as set forth in a separate
        letter agreement shall be paid from the Master Servicing Fee. RRIC will pay
        or
        reimburse the Custodian upon its request for all reasonable expenses,
        disbursements and advances incurred or made by the Custodian in accordance
        with
        any of the provisions of this Custodial Agreement (including the reasonable
        compensation and the expenses and disbursements of its counsel and of all
        persons not regularly in its employ), except any such expense, disbursement
        or
        advance as may arise from its negligence or bad faith. 

       

      3.5 Custodian
        May Resign; Indenture Trustee May Remove Custodian.
        

       

      The
        Custodian may resign from the obligations and duties hereby imposed upon
        it as
        such obligations and duties relate to its acting as Custodian of the Mortgage
        Loans upon giving 60 days written notice to the Indenture Trustee. Upon
        receiving such notice of resignation, the Indenture Trustee shall either
        take
        custody of the Mortgage Files itself and give prompt notice thereof to RRIC,
        RMAC and the Custodian or promptly appoint a successor Custodian which is
        able
        to satisfy the requirements of Section 3.7(i) of this Custodial Agreement
        by
        written instrument, in duplicate, one copy of which instrument shall be
        delivered to the resigning Custodian and one copy to the successor Custodian.
        If
        the Indenture Trustee has not taken custody of the Mortgage Files and no
        successor Custodian has been so appointed, the resigning Custodian may petition
        any court of competent jurisdiction for the appointment of a successor
        Custodian. All fees and expenses of any successor Custodian shall be the
        responsibility of RRIC. 

       

      The
        Indenture Trustee may remove the Custodian at any time for cause, or otherwise
        the Indenture Trustee may remove the Custodian at any time upon giving 60
        days
        written notice. In such event, the Indenture Trustee shall take custody of
        the
        Mortgage Files itself, or shall appoint, or petition a court of competent
        jurisdiction to appoint, a successor Custodian hereunder. Any successor
        Custodian shall be a depository institution subject to supervision or
        examination by federal or state authority and shall be able to satisfy the
        other
        requirements contained in Section 3.7(i) of this Custodial Agreement.

       

      Any
        resignation or removal of the Custodian and appointment of a successor Custodian
        pursuant to any of the provisions of this Section 3.5 shall become effective
        only upon acceptance of appointment by the successor Custodian and subject
        to
        the prior approval of RRIC and RMAC. The Indenture Trustee shall give prompt
        notice to RRIC, RMAC, the Servicer, the Master Servicer and the Custodian
        of the
        appointment of any successor Custodian. 

       

      3.6 Merger
        or Consolidation of Custodian.
        

       

      Any
        Person into which the Custodian may be merged or converted or with which
        it may
        be consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Custodian shall be a party, or any Person succeeding
        to the business of the Custodian, shall be the successor of the Custodian
        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. 

       

      3.7 Representations
        of the Custodian.
        

       

      The
        Custodian hereby represents and warrants as follows: 

       

      
        	(i)  	
                It
                  is a national banking association subject to supervision or examination
                  by
                  a federal authority, has a combined capital and surplus of at least
                  $50,000,000 and is qualified to do business in the jurisdiction
                  in which
                  it will hold any Mortgage File;

              

      

       

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

              

      

       

      
        	(iii)  	
                To
                  the best of its knowledge, after reasonable investigation, the
                  execution
                  and delivery by it of this Custodial Agreement and the performance
                  by it
                  of its obligations hereunder will not violate any provision of
                  its Charter
                  or By-Laws or any law or regulation governing it or any order,
                  writ,
                  judgment or decree of any court, arbitrator or governmental authority
                  or
                  agency applicable to it or any of its assets. To the best of its
                  knowledge, after reasonable investigation, such execution, delivery
                  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 its activities. To the best of its knowledge, after
                  reasonable
                  investigation, such execution, delivery and performance will not
                  conflict
                  with, or result in a breach or violation of, any material indenture,
                  mortgage, deed of trust, lease or other agreement or instrument
                  to which
                  it is a party or by which it or its properties are bound;
                  and

              

      

       

      
        	(iv)  	
                This
                  Custodial Agreement has been duly executed and delivered by it.
                  This
                  Custodial Agreement, when executed and delivered by the other parties
                  hereto, will constitute its valid, legal and binding obligation,
                  enforceable against it in accordance with its terms, except as
                  the
                  enforcement thereof may be limited by applicable debtor relief
                  laws and
                  that certain equitable remedies may not be available regardless
                  of whether
                  enforcement is sought in equity or at
                  law.

              

      

       

      3.8 Limitations
        on the Responsibilities of the Custodian.
        

       

      (a)  Neither
        the Custodian nor any of its Affiliates, directors, officers, agents, counsel,
        attorneys-in-fact, and employees shall be liable for any action or omission
        to
        act hereunder except for its own or such person’s gross negligence or willful
        misconduct. Notwithstanding the foregoing sentence, in no event shall the
        Custodian or its Affiliates, directors, officers, agents, counsel,
        attorneys-in-fact, and employees be held liable for any special, indirect,
        punitive or consequential damages resulting from any action taken or omitted
        to
        be taken by it or them hereunder or in connection herewith even if advised
        of
        the possibility of such damages. The provisions of this Section 3.8 shall
        survive the resignation or removal of the Custodian and the termination of
        this
        Agreement. 

       

      (b)  The
        Custodian shall not be responsible for preparing or filing any reports or
        returns relating to federal, state or local income taxes with respect to
        this
        Agreement, other than for the Custodian’s compensation or for reimbursement of
        expenses. 

       

      (c)  The
        Custodian shall not be responsible or liable for, and makes no representation
        or
        warranty with respect to, the validity, adequacy or perfection of any lien
        upon
        or security interest in any Mortgage File. 

       

      (d)  The
        Custodian shall not be responsible for delays or failures in performance
        resulting from acts beyond its control. Such acts shall include, but not
        be
        limited to, acts of God, strikes, lockouts, riots, acts or war or terrorism,
        epidemics, nationalization, expropriation, currency restrictions, governmental
        regulations superimposed after the fact, fire, communication line failures,
        computer viruses, power failures, earthquakes or other disasters. 

       

      (e)  The
        duties and obligations of the Custodian shall only be such as are expressly
        set
        forth in this Agreement or as set forth in a written amendment to this Agreement
        executed by the parties hereto or their successors and assigns. In the event
        that any provision of this Agreement implies or requires that action or
        forbearance be taken by a party, but is silent as to which party has the
        duty to
        act or refrain from acting, the parties agree that the Custodian shall not
        be
        the party required to take the action or refrain from acting. In no event
        shall
        the Custodian have any responsibility to ascertain or take action except
        as
        expressly provided herein. 

       

      (f)  Nothing
        in this Agreement shall be deemed to impose on the Custodian any duty to
        qualify
        to do business in any jurisdiction, other
        than
        (i) any
        jurisdiction where any Mortgage File is or may be held by the Custodian from
        time to time hereunder, and (ii) any jurisdiction where its ownership of
        property or conduct of business requires such qualification and where failure
        to
        qualify could have a material adverse effect on the Custodian or its property
        or
        business or on the ability of the Custodian to perform it duties hereunder.
        

       

      (g)  The
        Indenture Trustee and RRIC agree that the Custodian may delegate any of its
        duties under this Agreement to any of its agents, attorneys-in-fact, or
        Affiliates. Any such agent, attorney-in-fact, or Affiliate (and such Affiliate’s
        directors, officers, agents and employees) which performs duties in connection
        with this Agreement shall be entitled to the same benefits of the
        indemnification, waiver and other protective provisions to which the Custodian
        is entitled under this Agreement. 

       

      (h)  The
        Custodian shall have no duty to ascertain whether or not any cash amount
        or
        payment has been received by the Seller, Depositor, the Master Servicer,
        the
        Servicer or any third person. 

       

      4.  Miscellaneous
        Provisions

       

      
        	 	
                4.1

              	
                Notices. 

              

      

       

      All
        notices, requests, consents and demands and other communications required
        under
        this Custodial Agreement or pursuant to any other instrument or document
        delivered hereunder shall be in writing and, unless otherwise specifically
        provided, may be delivered personally, by telegram or telex, or by registered
        or
        certified mail, postage prepaid, return receipt requested, at the addresses
        specified below (unless changed by the particular party whose address is
        stated
        herein by similar notice in writing), in which case the notice will be deemed
        delivered when received: 

       

      
        	
                The
                  Indenture Trustee:

              	
                HSBC
                  Bank USA, National Association

              
	 	
                452
                  Fifth Avenue

              
	 	
                New
                  York, New York

              
	 	
                Attention: Corporate
                  Trust/Renaissance HEL Trust 2006-3

              
	 	
                Telecopy: (212)
                  525-1300

              
	 	
                Confirmation: (212)
                  525-1501

              
	 	 
	
                The
                  Custodian:

              	
                Wells
                  Fargo Bank, N.A.

              
	 	
                24
                  Executive Park, Suite 100

              
	 	
                Irvine,
                  California 92614

              
	 	
                Attention:
                  Mortgage Document Custody

              
	 	
                Telecopy:
                   
                  (949) 955-0140

              
	 	
                Confirmation:
                   
                  (949) 757-5100

              
	 	 
	
                RRIC:

              	
                Renaissance
                  REIT Investment Corp.

              
	 	
                1000
                  Woodbury Road, Suite 200

              
	 	
                Woodbury,
                  New York 11797

              
	 	
                Attention:
                  Executive Department

              
	 	
                Telecopy:
                   (516)
                  364-9450

              
	 	
                Confirmation: (516)
                  364-8500

              
	
                RMAC:

              	
                Renaissance
                  Mortgage Acceptance Corp.

              
	 	
                1000
                  Woodbury Road, Suite 200

              
	 	
                Woodbury,
                  New York 11797

              
	 	
                Attention:
                  Executive Department

              
	 	
                Telecopy:
                   (516)
                  364-9450

              
	 	
                Confirmation: (516)
                  364-8500

              
	 	 
	
                The
                  Servicer:

              	
                Ocwen
                  Loan Servicing, LLC

                1661
                  Worthington Road Centrepark West 

                Suite
                  100 

                West
                  Palm Beach, FL 33409 

                Attention:
                  Secretary

                Facsimile
                  Number: (561) 682-8177

                Confirmation
                  Number: (561) 682-8517

              
	 	 
	
                The
                  Master Servicer:

              	
                Wells
                  Fargo Bank, N.A.

              
	 	
                P.O.
                  Box 98

              
	 	
                Columbia,
                  Maryland 21046

              
	 	
                Or
                  in the case of overnight deliveries:

              
	 	
                9062
                  Old Annapolis Road

              
	 	
                Columbia,
                  Maryland 21045

              
	 	
                Attention:
                  Corporate Trust Services - Renaissance 2006-3

              
	 	
                Telecopy:
                   (410)
                  715-2380

              
	
                Confirmation:
                   (410)
                  884-2000

              
	 	 

      

      
        	 	
                4.2

              	
                Amendments.
                  

              

      

       

      No
        modification or amendment of or supplement to this Custodial Agreement shall
        be
        valid or effective unless the same is in writing and signed by all parties
        hereto, and the Indenture Trustee shall not enter into any amendment hereof
        except as permitted by the Agreement. The Indenture Trustee shall give prompt
        notice to the Custodian of any amendment or supplement to the Agreement and
        furnish the Custodian with written copies thereof. RRIC, RMAC, the Servicer,
        the
        Master Servicer and the Indenture Trustee agree to obtain the Custodian’s
        written consent prior to entering into any amendment or modification of the
        Agreement which affects any right, benefit, duty, or obligation of the Custodian
        thereunder. 

       

      
        	 	
                4.3

              	
                Governing
                  Law.
                  

              

      

       

      This
        Custodial Agreement shall be deemed a contract made under the laws of the
        State
        of New York and shall be construed and enforced in accordance with and governed
        by the laws of the State of New York (without regard to its conflicts of
        laws
        provisions). 

       

      
        	 	
                4.4

              	
                Recordation
                  of Agreement.
                  

              

      

       

      To
        the
        extent permitted by applicable law, this Custodial 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
        Mortgaged Properties subject to the Mortgage Loans are situated, and in any
        other appropriate public recording office or elsewhere, such recordation
        to be
        effected by RRIC and at its expense, but only upon direction accompanied
        by an
        Opinion of Counsel to the effect that such recordation materially and
        beneficially affects the interests of the Noteholders. 

       

      For
        the
        purpose of facilitating the recordation of this Custodial Agreement as herein
        provided and for other purposes, this Custodial 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. 

       

      
        	 	
                4.5

              	
                Severability
                  of Provisions.
                  

              

      

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Custodial
        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 Custodial Agreement and
        shall
        in no way affect the validity or enforceability of the other provisions of
        this
        Custodial Agreement or of the Notes or the rights of the Holders thereof.
        

       

      
        	 	
                4.6

              	
                Waiver
                  of Trial By Jury.
                  

              

      

       

      Each
        party hereto waives the right to trial by jury in any action, suit, proceeding,
        or counterclaim of any kind arising out of or related to this Custodial
        Agreement. In the event of litigation, this Custodial Agreement may be filed
        as
        a written consent to a trial by the court. 

       

      
        	 	
                4.7

              	
                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. 

       

      
        	 	
                4.8

              	
                Reliance
                  of Custodian.
                  

              

      

       

      In
        the
        absence of bad faith, negligence or willful misconduct on the part of the
        Custodian, the Custodian may conclusively rely, as to the truth of the
        statements and the correctness of the opinions expressed therein, upon any
        request, instructions, certificate, opinion or the document furnished to
        the
        Custodian, reasonably believed by the Custodian to be genuine and to have
        been
        signed or presented by the proper party or parties and conforming to the
        requirements of this Custodial Agreement; but in the case of any Related
        Document or other request, instruction, document or certificate which by
        any
        provision hereof is specifically required to be furnished to the Custodian,
        the
        Custodian shall be under a duty to examine the same to determine whether
        or not
        it conforms to the requirements of this Custodial Agreement. 

       

      The
        Custodian may rely upon the validity of documents delivered to it, without
        investigation as to their authenticity or legal effectiveness and RRIC and
        RMAC
        will hold the Custodian harmless from any claims that may arise or be asserted
        against the Custodian because of the invalidity of any such documents. Except
        as
        provided herein, no provision of this Custodial Agreement shall require the
        Custodian to expend or risk its own funds or otherwise incur any financial
        liability in the performance of any of its duties hereunder, if it should
        have
        reasonable grounds for believing that repayment of such funds or adequate
        indemnity against such risk or liability is not reasonably assured to it.
        The
        Custodian may consult with competent counsel with regard to legal questions
        arising out of or in connection with this Custodial Agreement and the informed
        advice or opinion of such counsel shall be full and complete authorization
        and
        protection in respect of any action taken, omitted or suffered by the Custodian
        in good faith in accordance herewith. 

       

      
        	 	
                4.9

              	
                Transmission
                  of Mortgage Files.
                  

              

      

       

      Written
        instructions as to the method of shipment and shipper(s) the Custodian is
        directed to utilize in connection with the transmission of Mortgage Files
        and
        Related Documents in the performance of the Custodian’s duties hereunder shall
        be delivered by the Master Servicer or the Servicer to the Custodian prior
        to
        any shipment of any Mortgage Files and Related Documents hereunder. The Master
        Servicer or the Servicer will arrange for the provision of such services
        at its
        sole cost and expense (or, at the Custodian’s option, reimburse the Custodian
        for all costs and expenses incurred by the Custodian consistent with such
        instructions) and will maintain such insurance against loss or damage to
        Mortgage Files and Related Documents as the Master Servicer and the Servicer
        deems appropriate. Without limiting the generality of the provisions of Section
        3.2 above, it is expressly agreed that in no event shall the Custodian have
        any
        liability for any losses or damages to any person, including without limitation
        the Master Servicer or the Servicer, arising out of actions of the Custodian
        consistent with instructions of the Master Servicer or the Servicer, as the
        case
        may be. If the Custodian does not receive written direction, the Custodian
        is
        hereby authorized to utilize a nationally recognized courier service, and
        shall
        incur no liability for acting in accordance with this sentence.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF,
        this
        Agreement is executed as of the date first above written.

       

      
        	
                HSBC
                  BANK USA, NATIONAL ASSOCIATION,

                as
                  Indenture Trustee 

                 

                 

                By: ____________________________

                Name:
                  

                Title: 

                 

              	 
	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Custodian

                 

                 

                By: ____________________________

                Name:
                  

                Title:
                  

                 

              	 
	
                RENAISSANCE
                  REIT INVESTMENT CORP.,

                as
                  Seller 

                 

                By: ____________________________

                Name:
                  

                Title: 

                 

              	 
	
                RENAISSANCE
                  MORTGAGE ACCEPTANCE CORP.,

                as
                  Depositor 

                 

                By: ____________________________

                Name: 

                Title: 

                 

              	 
	
                OCWEN
                  LOAN SERVICING, LLC,

                as
                  Servicer

                 

                By: ____________________________

                Name: 

                Title: 

                 

              	 
	
                Acknowledged:

                 

                WELLS
                  FARGO BANK, N.A.,

                as
                  Master Servicer

                 

                By: ____________________________

                Name:
                  

                Title: 

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Schedule
        I

       

      DELIVERED
        TO INDENTURE TRUSTEE AT CLOSING

      AS
        PROVIDED IN EXHIBIT
        A
        TO
        THE

      CONTRIBUTION
        AGREEMENT

      

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      F-1

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

    FOR
      TRANSFERS OF THE CLASS N NOTES

     

                                                                                [Date]

     

    [Wells
      Fargo Bank, N.A.]

     

    
      	
              Re:

            	
              Renaissance
                Home Equity Loan Trust 2006-3 Home Equity Loan Asset-Backed Notes,
                Series
                2006-3 (the “Notes”)

            

    

    Ladies
      and Gentlemen:

     

    In
      connection with the sale by _____________________________ (the “Transferor”) to
      _________________________ (the “Transferee”) of the Class N Notes having an
      initial aggregate Note Balance as of September 28, 2006 (the “Closing Date”) of
      $______________ (the “Transferred Notes”). The Class N Notes, including the
      Transferred Notes, were issued pursuant to the Indenture, dated as of September
      28, 2006 (the “Indenture”), among Renaissance Home Equity Loan Trust 2006-3 (the
“Issuer”), HSBC Bank USA, National Association (the “Indenture Trustee”) and
      Wells Fargo Bank, N.A. (the “Securities Administrator”). All capitalized terms
      used but not otherwise defined herein shall have the respective meanings set
      forth in the Indenture. The Transferor hereby certifies, represents and warrants
      to you, as Note Registrar, and for the benefit of the Issuer, the Indenture
      Trustee, the Securities Administrator and the Transferee, that:

     

    1.  The
      Transferor is the lawful owner of the Transferred Notes with the full right
      to
      transfer such Notes free from any and all claims and encumbrances
      whatsoever.

     

    2.  Neither
      the Transferor nor anyone acting on its behalf has (a) offered, transferred,
      pledged, sold or otherwise disposed of any Note, any interest in any Note or
      any
      other similar security to any person in any manner, (b) solicited any offer
      to
      buy or accept a transfer, pledge or other disposition of any Note, any interest
      in any Note or any other similar security from any person in any manner, (c)
      otherwise approached or negotiated with respect to any Note, any interest in
      any
      Note or any other similar security with any person in any manner, (d) made
      any
      general solicitation by means of general advertising or in any other manner,
      or
      (e) taken any other action, which (in the case of any of the acts described
      in
      clauses (a) through (e) hereof) would constitute a distribution of any Note
      under the Securities Act of 1933, as amended (the “Securities Act”), or would
      render the disposition of any Note a violation of Section 5 of the Securities
      Act or any state securities laws, or would require registration or qualification
      of any Note pursuant to the Securities Act or any state securities
      laws.

     

    3.  The
      Transferor and any person acting on behalf of the Transferor in this matter
      reasonably believe that the Transferee is a “qualified institutional buyer” as
      that term is defined in Rule l44A (“Rule l44A”) under the Securities Act (a
“Qualified Institutional Buyer”) purchasing for its own account or for the
      account of a Qualified Institutional Buyer. In determining whether the
      Transferee is a Qualified Institutional Buyer, the Transferor and any person
      acting on behalf of the Transferor in this matter have relied upon the following
      method(s) of establishing the Transferee’s ownership and discretionary
      investments of securities (check one or more):

     

    
      	
              ____

            	
              (a) The
                Transferee’s most recent publicly available financial statements, which
                statements present the information as of a date within 16 months
                preceding
                the date of sale of the Transferred Note in the case of a U.S. purchaser
                and within 18 months preceding such date of sale for a foreign purchaser;
                or

            
	 	 
	
              ____

            	
              (b) The
                most recent publicly available information appearing in documents
                filed by
                the Transferee with the Securities and Exchange Commission or another
                United States federal, state, or local governmental agency or
                self-regulatory organization, or with a foreign governmental agency
                or
                self-regulatory organization, which information is as of a date within
                16
                months preceding the date of sale of the Transferred Note in the
                case of a
                U.S. purchaser and within 18 months preceding such date of sale for
                a
                foreign purchaser, or

            
	 	 
	
              ____

            	
              (c) The
                most recent publicly available information appearing in a recognized
                securities manual, which information is as of a date within 16 months
                preceding the date of sale of the Transferred Note in the case of
                a U.S.
                purchaser and within 18 months preceding such date of sale for a
                foreign
                purchaser, or

            
	 	 
	
              ____

            	
              (d) A
                certification by the chief financial officer, a person fulfilling
                an
                equivalent function, or other executive officer of the Transferee,
                specifying the amount of securities owned and invested on a discretionary
                basis by the Transferee as of a specific date on or since the close
                of the
                Transferee’s most recent fiscal year, or, in the case of a Transferee that
                is a member of a “family of investment companies”, as that term is defined
                in Rule 144A, a certification by an executive officer of the investment
                adviser specifying the amount of securities owned by the “family of
                investment companies” as of a specific date on or since the close of the
                Transferee’s most recent fiscal
                year.

            

    

    

    4.  The
      Transferor and any person acting on behalf of the Transferor understand that
      in
      determining the aggregate amount of securities owned and invested on a
      discretionary basis by an entity for purposes of establishing whether such
      entity is a Qualified Institutional Buyer:

     

    1.  the
      following instruments and interests shall be excluded: securities of issuers
      that are affiliated with the Transferee; securities that are part of an unsold
      allotment to or subscription by the Transferee, if the Transferee is a dealer;
      securities of issuers that are part of the Transferee’s “family of investment
      companies”, if the Transferee is a registered investment company; bank deposit
      notes and certificates of deposit; loan participations; repurchase agreements;
      securities owned but subject to a repurchase agreement; and currency, interest
      rate and commodity swaps;

     

    2.  the
      aggregate value of the securities shall be the cost of such securities, except
      where the entity reports its securities holdings in its financial statements
      on
      the basis of their market value, and no current information with respect to
      the
      cost of those securities has been published, in which case the securities may
      be
      valued at market;

     

    3.  securities
      owned by subsidiaries of the entity that are consolidated with the entity in
      its
      financial statements prepared in accordance with United States generally
      accepted accounting principles may be included if the investments of such
      subsidiaries are managed under the direction of the entity, except that, unless
      the entity is a reporting company under Section 13 or 15(d) of the Securities
      Exchange Act of 1934, as amended, securities owned by such subsidiaries may
      not
      be included if the entity itself is a majority-owned subsidiary that would
      be
      included in the consolidated financial statements of another
      enterprise.

     

    5.  The
      Transferor or a person acting on its behalf has taken reasonable steps to ensure
      that the Transferee is aware that the Transferor is relying on the exemption
      from the provisions of Section 5 of the Securities Act provided by Rule
      144A.

     

    The
      Transferor or a person acting on its behalf has furnished, or caused to be
      furnished, to the Transferee all information regarding (a) the Transferred
      Notes
      and payments thereon, (b) the nature and performance of the Underlying
      Certificates, the Mortgage Loans and the Mortgage Participations, (c) the
      Indenture and the Collateral, and (d) any credit enhancement mechanism
      associated with the Transferred Notes, that the Transferee has
      requested.

     

    

     

    
      	
              Very
                truly yours,

               

              [TRANSFEROR]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F-2

     

    FORM
      OF
      TRANSFEREE CERTIFICATE

    FOR
      TRANSFERS OF THE CLASS N NOTES

     

                                                                    [Date]

     

    [Wells
      Fargo Bank, N.A.]

     

    
      	
              Re:

            	
              Renaissance
                Home Equity Loan Trust 2006-3 Home Equity Loan Asset-Backed Notes,
                Series
                2006-3 (the “Notes”)

            

    

    

     

    Ladies
      and Gentlemen:

     

    __________________
      (the “Transferee”) intends to purchase from _________________ (the “Transferor”)
      the Notes having an initial aggregate Note Balance as of September 28, 2006
      (the
“Closing Date”) of $_____________ (the “Transferred Notes”). The Notes,
      including the Transferred Notes, were issued pursuant to the Indenture, dated
      as
      of September 28, 2006 (the “Indenture”), between Renaissance Home Equity Loan
      Trust 2006-3 (the “Issuer”), HSBC Bank USA, National Association (the “Indenture
      Trustee”) and Wells Fargo Bank, N.A. (the “Securities Administrator”). All
      capitalized terms used herein and not otherwise defined shall have the meanings
      set forth in the Indenture. The Transferee hereby certifies, represents and
      warrants to you, as Note Registrar, and for the benefit of the Issuer, the
      Indenture Trustee, the Securities Administrator and the Transferor,
      that:

     

    1.  The
      Transferee is a “qualified institutional buyer” (a “Qualified Institutional
      Buyer”) as that term is defined in Rule 144A (“Rule l44A”) under the Securities
      Act of 1933, as amended (the “Securities Act”), and has completed one of the
      forms of certification to that effect attached hereto as Annex 1 and Annex
      2.
      The Transferee is aware that the sale to it of the Transferred Notes is being
      made in reliance on Rule 144A. The Transferee is acquiring the Transferred
      Notes
      for its own account or for the account of a Qualified Institutional Buyer,
      and
      understands that such Transferred Notes may be resold, pledged or transferred
      only (i) to a person reasonably believed to be a Qualified Institutional Buyer
      that purchases for its own account or for the account of a Qualified
      Institutional Buyer to whom notice is given that the resale, pledge or transfer
      is being made in reliance on Rule 144A, or (ii) pursuant to another exemption
      from registration under the Securities Act.

     

    2.  The
      Transferee has been furnished with all information regarding (a) the Transferred
      Notes and payments thereon, (b) the nature and performance of the Underlying
      Certificates and the Mortgage Loans, (c) the Indenture, and (d) any credit
      enhancement mechanism associated with the Transferred Notes, that it has
      requested.

     

    3.  The
      Transferee represents that:

     

    ____ a. it
      is
      neither: (1) an employee benefit plan or other retirement arrangement, including
      individual retirement accounts and annuities, Keogh plans and collective
      investment funds and separate accounts in which such plans, accounts or
      arrangements are invested, including, without limitation, insurance company
      general accounts, that is subject to ERISA or Section 4975 of the Code (each,
      a
“Plan”), nor (2) any Person who is directly or indirectly purchasing such Note
      or interest therein on behalf of, as named fiduciary of, as trustee of, or
      with
“plan assets” (as defined under the DOL Regulation at 29 C.F.R. Section
      2510.3-101) of a Plan; or

     

    ____ b. the
      acquisition, holding and transfer of the Transferred Note will not give rise
      to
      a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and (2) the Transferred Note is rated investment grade or better and
      the Transferee believes that the Transferred Note is properly treated as
      indebtedness without substantial equity features for purposes of the DOL
      Regulations, and agrees to so treat the Transferred Note; or

     

    ____ c. the
      Transferee has provided the Indenture Trustee, the Securities Administrator
      and
      the Owner Trustee with an Opinion of Counsel, which opines that the acquisition,
      holding and transfer of the Transferred Note or interest therein is permissible
      under applicable law, will not constitute or result in a non-exempt prohibited
      transaction under ERISA or Section 4975 of the Code and will not subject the
      Issuer, the Seller, the Depositor, any Underwriter, the Owner Trustee, the
      Indenture Trustee, the Securities Administrator, the Servicer, the Master
      Servicer or any successor servicer to any obligation in addition to those
      undertaken in the Indenture.

     

    
      	
              Very
                truly yours,

               

              [TRANSFEREE]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANNEX
      1
      TO EXHIBIT F-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [for
      Transferees other than Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) an Wells Fargo Bank, N.A., as Note Registrar, with respect to the
      Notes being transferred (the “Transferred Notes”) as described in the Transferee
      Certificate to which this certification relates and to which this certification
      is an Annex:

     

    1.  As
      indicated below, the undersigned is the chief financial officer, a person
      fulfilling an equivalent function, or other executive officer of the entity
      purchasing the Transferred Notes (the “Transferee”).

     

    2.  The
      Transferee is a “qualified institutional buyer” as that term is defined in Rule
      144A under the Securities Act of 1933, as amended (“Rule 144A”), because (i) the
      Transferee owned and/or invested on a discretionary basis $____________________
      in securities (other than the excluded securities referred to below) as of
      the
      end of the Transferee’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in
      the
      category marked below.

     

    
      	
              ____

            	
              Corporation,
                etc.
                The Transferee is a corporation (other than a bank, savings and loan
                association or similar institution), Massachusetts or similar business
                trust, partnership, or any organization described in Section 501(c)(3)
                of
                the Internal Revenue Code of 1986, as amended.

            
	 	 
	
              ____

            	
              Bank.
                The Transferee (a) is a national bank or a banking institution organized
                under the laws of any State, U.S. territory or the District of Columbia,
                the business of which is substantially confined to banking and is
                supervised by the State or territorial banking commission or similar
                official or is a foreign bank or equivalent institution, and (b)
                has an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements, a
                copy of which is attached hereto,
                as of a date not more than 16 months preceding the date of sale of
                the
                Note in the case of a U.S. bank, and not more than 18 months preceding
                such date of sale for a foreign bank or equivalent
                institution.

            
	 	 
	
              ____

            	
              Savings
                and Loan.
                The Transferee (a) is a savings and loan association, building and
                loan
                association, cooperative bank, homestead association or similar
                institution, which is supervised and examined by a State or Federal
                authority having supervision over any such institutions or is a foreign
                savings and loan association or equivalent institution and (b) has
                an
                audited net worth of at least $25,000,000 as demonstrated in its
                latest
                annual financial statements, a
                copy of which is attached hereto,
                as of a date not more than 16 months preceding the date of sale of
                the
                Note in the case of a U.S. savings and loan association, and not
                more than
                18 months preceding such date of sale for a foreign savings and loan
                association or equivalent institution.

            
	 	 
	
              ____

            	
              Broker-dealer.
                The Transferee is a dealer registered pursuant to Section 15 of the
                Securities Exchange Act of 1934, as amended.

            
	 	 
	
              ____

            	
              Insurance
                Company.
                The Transferee is an insurance company whose primary and predominant
                business activity is the writing of insurance or the reinsuring of
                risks
                underwritten by insurance companies and which is subject to supervision
                by
                the insurance commissioner or a similar official or agency of a State,
                U.S. territory or the District of Columbia.

            
	 	 
	
              ____

            	
              State
                or Local Plan.
                The Transferee is a plan established and maintained by a State, its
                political subdivisions, or any agency or instrumentality of the State
                or
                its political subdivisions, for the benefit of its
                employees.

            
	 	 
	
              ____

            	
              ERISA
                Plan.
                The Transferee is an employee benefit plan within the meaning of
                Title I
                of the Employee Retirement Income Security Act of 1974, as
                amended.

            
	 	 
	
              ____

            	
              Investment
                Advisor.
                The Transferee is an investment advisor registered under the Investment
                Advisers Act of 1940, as amended.

            
	 	 

    

    

    3.  The
      term
“securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Transferee, (ii) securities
      that are part of an unsold allotment to or subscription by the Transferee,
      if
      the Transferee is a dealer, (iii) bank deposit notes and certificates of
      deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
      owned but subject to a repurchase agreement and (vii) currency, interest rate
      and commodity swaps. For purposes of determining the aggregate amount of
      securities owned and/or invested on a discretionary basis by the Transferee,
      the
      Transferee did not include any of the securities referred to in this
      paragraph.

     

    4.  For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Transferee, the Transferee used the cost of
      such
      securities to the Transferee, unless the Transferee reports its securities
      holdings in its financial statements on the basis of their market value, and
      no
      current information with respect to the cost of those securities has been
      published, in which case the securities were valued at market. Further, in
      determining such aggregate amount, the Transferee may have included securities
      owned by subsidiaries of the Transferee, but only if such subsidiaries are
      consolidated with the Transferee in its financial statements prepared in
      accordance with United States generally accepted accounting principles and
      if
      the investments of such subsidiaries are managed under the Transferee’s
      direction. However, such securities were not included if the Transferee is
      a
      majority-owned, consolidated subsidiary of another enterprise and the Transferee
      is not itself a reporting company under the Securities Exchange Act of 1934,
      as
      amended.

     

    5.  The
      Transferee acknowledges that it is familiar with Rule l44A and understands
      that
      the Transferor and other parties related to the Transferred Notes are relying
      and will continue to rely on the statements made herein because one or more
      sales to the Transferee may be in reliance on Rule 144A.

     

    
      	_______ 	_______ 	
              Will
                the Transferee be purchasing the Transferred Notes

            
	
              Yes

            	
              No

            	
              only
                for the Transferee’s own account?

            

    

    

    6.  If
      the
      answer to the foregoing question is “no”, then in each case where the Transferee
      is purchasing for an account other than its own, such account belongs to a
      third
      party that is itself a “qualified institutional buyer” within the meaning of
      Rule 144A, and the “qualified institutional buyer” status of such third party
      has been established by the Transferee through one or more of the appropriate
      methods contemplated by Rule 144A.

     

    7.  The
      Transferee will notify each of the parties to which this certification is made
      of any changes in the information and conclusions herein. Until such notice
      is
      given, the Transferee’s purchase of the Transferred Notes will constitute a
      reaffirmation of this certification as of the date of such purchase. In
      addition, if the Transferee is a bank or savings and loan as provided above,
      the
      Transferee agrees that it will furnish to such parties any updated annual
      financial statements that become available on or before the date of such
      purchase, promptly after they become available.

     

    
      	
              Very
                truly yours,

               

              [TRANSFEREE]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ANNEX
      2 TO EXHIBIT F-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [for
      Transferees that are Registered Investment Companies]

     

    The
      undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Note Registrar, with respect to the
      Notes being transferred (the “Transferred Notes”) as described in the Transferee
      Certificate to which this certification relates and to which this certification
      is an Annex:

     

    1.  As
      indicated below, the undersigned is the chief financial officer, a person
      fulfilling an equivalent function, or other executive officer of the entity
      purchasing the Transferred Certificates (the “Transferee”) or, if the Transferee
      is a “qualified institutional buyer” as that term is defined in Rule 144A under
      the Securities Act of 1933, as amended (“Rule 144A”), because the Transferee is
      part of a Family of Investment Companies (as defined below), is an executive
      officer of the investment adviser (the “Adviser”).

     

    2.  The
      Transferee is a “qualified institutional buyer” as defined in Rule 144A because
      (i) the Transferee is an investment company registered under the Investment
      Company Act of 1940, as amended, and (ii) as marked below, the Transferee alone
      owned and/or invested on a discretionary basis, or the Transferee’s Family of
      Investment Companies owned, at least $100,000,000 in securities (other than
      the
      excluded securities referred to below) as of the end of the Transferee’s most
      recent fiscal year. For purposes of determining the amount of securities owned
      by the Transferee or the Transferee’s Family of Investment Companies, the cost
      of such securities was used, unless the Transferee or any member of the
      Transferee’s Family of Investment Companies, as the case may be, reports its
      securities holdings in its financial statements on the basis of their market
      value, and no current information with respect to the cost of those securities
      has been published, in which case the securities of such entity were valued
      at
      market.

     

    
      	
              ____

            	
              The
                Transferee owned and/or invested on a discretionary basis $____________
                in
                securities (other than the excluded securities referred to below)
                as of
                the end of the Transferee’s most recent fiscal year (such amount being
                calculated in accordance with Rule 144A).

            
	 	 
	
              ____

            	
              The
                Transferee is part of a Family of Investment Companies which owned
                in the
                aggregate $_____________ in securities (other than the excluded securities
                referred to below) as of the end of the Transferee’s most recent fiscal
                year (such amount being calculated in accordance with Rule
                144A).

            

    

    

    3.  The
      term
“Family
      of Investment Companies”
as
      used
      herein means two or more registered investment companies (or series thereof)
      that have the same investment adviser or I investment advisers that are
      affiliated (by virtue of being majority owned subsidiaries of the same parent
      or
      because one investment adviser is a majority owned subsidiary of the
      other).

     

    4.  The
      term
“securities”
as
      used
      herein does not include (i) securities of issuers that are affiliated with
      the
      Transferee or are part of the Transferee’s Family of Investment Companies, (ii)
      bank deposit notes and certificates of deposit, (iii) loan participations,
      (iv)
      repurchase agreements, (v) securities owned but subject to a repurchase
      agreement and (vi) currency, interest rate and commodity swaps. For purposes
      of
      determining the aggregate amount of securities owned and/or invested on a
      discretionary basis by the Transferee, or owned by the Transferee’s Family of
      Investment Companies, the securities referred to in this paragraph were
      excluded.

     

    5.  The
      Transferee is familiar with Rule 144A and understands that the parties to which
      this certification is being made are relying and will continue to rely on the
      statements made herein because one or more sales to the Transferee will be
      in
      reliance on Rule 144A.

     

    
      	 _______	 _______	
              Will
                the Transferee be purchasing the Transferred Notes

            
	
              Yes

            	
              No

            	
              only
                for the Transferee’s own account?

            

    

    

    6.  If
      the
      answer to the foregoing question is “no”, then in each case where the Transferee
      is purchasing for an account other than its own, such account belongs to a
      third
      party that is itself a “qualified institutional buyer” within the meaning of
      Rule 144A, and the “qualified institutional buyer” status of such third party
      has been established by the Transferee through one or more of the appropriate
      methods contemplated by Rule l44A.

     

    7.  The
      undersigned will notify the parties to which this certification is made of
      any
      changes in the information and conclusions herein. Until such notice, the
      Transferee’s purchase of the Transferred Notes will constitute a reaffirmation
      of this certification by the undersigned as of the date of such
      purchase.

     

    

     

    
      	
              Print
                Name of Transferee or Adviser

            
	
              By:

            	 
	 	
              Name

            
	 	
              Title

            
	 	 
	 	 
	
              IF
                AN ADVISER:

            
	 	 
	 
	
              Print
                Name of Transferee

            
	 	 
	 	 
	 	 
	
              Date:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      G-1

     

    FORM
      OF TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 4.16(e)(ii)

                          
      of the
      Indenture)                            

    

                                                                [Date]

     

    [Wells
      Fargo Bank, N.A.]

     

    
      	
              Re:

            	
              Renaissance
                Home Equity Loan Trust 2006-3 

              Home
                Equity Loan Asset-Backed Notes, Series 2006-3 (the
                “Notes”)

            

    

     

    Reference
      is hereby made to the Indenture, dated as of September 28, 2006 (the
“Indenture”), between Renaissance Home Equity Loan Trust 2006-3 (the “Issuer”),
      HSBC Bank USA, National Association (the “Indenture Trustee”) and Wells Fargo
      Bank, N.A. (the “Securities Administrator”). Capitalized terms used but not
      defined herein shall have the meanings given them in the Indenture.

     

    This
      letter relates to U.S. $____________________________ aggregate principal amount
      of Securities which are held in the form of a Restricted Global Security with
      the Depository in the name of [name of transferor]
      ___________________________________ (the “Transferor”) to effect the transfer of
      the Securities in exchange for an equivalent beneficial interest in a Regulation
      S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Indenture and the private placement memorandum dated September
      28,
      2006 relating to the Class N Notes and in accordance with Rule 904 of Regulation
      S, and that:

     

    (a)  the
      offer
      of the Class N Notes was not made to a person in the United States;

     

    (b)  at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

     

    (c)  no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    (d)  the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended (the
“Securities Act”); and

     

    (e)  the
      transferee is not a U.S. Person.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    You
      and
      the Issuer are entitled to rely upon this letter and are irrevocably authorized
      to produce this letter or a copy hereof to any interested party in any
      administrative or legal proceedings or official inquiry with respect to the
      matters covered hereby. Terms used in this certificate have the meanings set
      forth in Regulation S.

     

    
      	 
	
              [Name
                of Transferor]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	
              Date:

            	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      G-2

     

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to § 4.16(e)(iii)

                              of
      the
      Indenture)                          

     

                                                                [Date]

     

    [Wells
      Fargo Bank, N.A.]

     

    
      	
              Re:

            	
              Renaissance
                Home Equity Loan Trust 2006-3

              Home
                Equity Loan Asset-Backed Notes, Series 2006-3 (the
                “Notes”)

            

    

     

    Reference
      is hereby made to the Indenture, dated as of September 28, 2006 (the
“Indenture”), between Renaissance Home Equity Loan Trust 2006-3 (the “Issuer”),
      HSBC Bank USA, National Association (the “Indenture Trustee”) and Wells Fargo
      Bank, N.A. (the “Securities Administrator”). Capitalized terms used but not
      defined herein shall have the meanings given them in the Indenture.

     

    This
      letter relates to U.S. $____________________________ aggregate principal amount
      of Class N Notes which are held in the form of a Regulations S Global Security
      in the name of [name of transferor] ___________________________________ (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Indenture and the private
      placement memorandum dated September 28, 2006 relating to the Class N Notes
      and
      (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a
      transferee that the Transferor reasonably believes is purchasing the Class
      N
      Notes for its own account or an account with respect to which the transferee
      exercises sole investment discretion, the transferee or any such account is
      a
      qualified institutional buyer within the meaning of Rule 144A, in a transaction
      meeting the requirements of Rule 144A and in accordance with any applicable
      securities laws of any state of the United States or any other
      jurisdiction.

     

    
      	 
	
              [Name
                of Transferor]

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	
              Date:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      APPENDIX
        A

       

      DEFINITIONS

       

      “10-K
        Filing Deadline”: As specified in Section 3.13(a)(iv) of the Servicing
        Agreement.

       

      “Accepted
        Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
        either (x) those mortgage master servicing practices of prudent mortgage
        lending
        institutions which master service mortgage loans of the same type and quality
        as
        such Mortgage Loan in the jurisdiction where the related Mortgaged Property
        is
        located to the extent applicable to the Master Servicer, or (y) as provided
        in Section 4.01 of the Servicing Agreement, but in no event below the standard
        set forth in clause (x).

       

      “Accounts”:
        Collectively, the Collection Account and the Payment Account.

       

      “Additional
        Disclosure Notification”: The form of notice set forth on Exhibit K of the
        Servicing Agreement.

       

      “Additional
        Form 10-D Disclosure”: The meaning set forth in Section 3.13(a)(i) of the
        Servicing Agreement.

       

      “Additional
        Form 10-K Disclosure”: The meaning set forth in Section 3.13(a)(iv) of the
        Servicing Agreement.

       

      “Adjustable
        Rate Notes”: The Group I Notes.

       

      “Adjusted
        Net Mortgage Rate”: As to each Mortgage Loan, an amount equal to the Loan Rate
        less the sum of (i) the Servicing Fee Rate and (ii) the Master Servicing
        Fee
        Rate.

       

      “Administrator”:
        Delta Funding Corporation in the performance of its duties pursuant to Article
        VII under the Mortgage Loan Sale and Contribution Agreement.

       

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

       

      “Aggregate
        Principal Amount”: With respect to any Payment Date, the sum of the Basic
        Principal Amounts for each Loan Group.

       

      “Ancillary
        Income”: All income derived from the Mortgage Loans, other than Servicing Fees
        and Master Servicing Fees, including but not limited to, late charges, fees
        received with respect to checks or bank drafts returned by the related bank
        for
        non-sufficient funds, assumption fees, optional insurance administrative
        fees
        and all other incidental fees and charges, including investment income on
        the
        Collection Account and any interest due and actually received from the related
        Mortgagor that accrued during the portion of the Prepayment Period that is
        in
        the same calendar month as the Payment Date with respect to such Mortgage
        Loan
        in connection with such Principal Prepayments in full. Ancillary Income does
        not
        include any Prepayment Charges.

       

      “Applied
        Realized Loss Amounts”: As
        to any
        Payment Date, an amount equal to the excess, if any, of (i) the aggregate
        Class
        Note Balance of the Offered
        Notes, after giving effect to all payments on such Payment Date over (ii)
        the
        Pool Balance as of the last day of the related Due Period.

       

      “Appraised
        Value”: The appraised value of the Mortgaged Property based upon the appraisal
        or the insured automated valuation report made by or for the originator at
        the
        time of the origination of the related Mortgage Loan.

       

      “Approved
        Servicer”: For purposes of Sections 3.01(a), 5.04, 6.02 and 6.04 of the
        Servicing Agreement, any established housing and home finance institution,
        bank
        or other mortgage loan or home equity loan servicer, that meets each of the
        following requirements:

       

      (i)  an
        Approved Servicer shall be acceptable to each of the Seller, the Depositor,
        the
        Master Servicer, the Securities Administrator and the Indenture
        Trustee;

       

      (ii)  an
        Approved Servicer shall be either (a) an affiliate or division of Wells Fargo
        Bank, N.A. that services mortgage loans similar to the Mortgage Loans or
        (b) a
        Person who has a rating of at least “Above Average” by S&P and either a
        rating of at least “RPS2” by Fitch Ratings, Inc. or a rating of at least “SQ2”
by Moody’s;

       

      (iii)  each
        Rating Agency shall have delivered a letter to the Indenture Trustee (such
        letter not to be an expense of the Indenture Trustee) prior to the appointment
        of the Approved Servicer stating that the proposed appointment of such Approved
        Servicer as Servicer hereunder will not result in the reduction or withdrawal
        of
        the then current ratings of the Offered Notes ; and

       

      (iv)  an
        Approved Servicer shall have a net worth of not less than
        $25,000,000.

       

      “Assessment
        of Compliance”: As defined in Section 3.09 of the Servicing Agreement.

       

      “Assignment
        of Mortgage”: With respect to any Mortgage, an assignment, notice of transfer or
        equivalent instrument, in recordable form, sufficient under the laws of the
        jurisdiction in which the related Mortgaged Property is located to reflect
        the
        pledge of the Mortgage to the Indenture Trustee.

       

      “Attestation
        Report”: As defined in Section 3.09 of the Servicing Agreement.

       

      “Authorized
        Newspaper”: A newspaper of general circulation in the Borough of Manhattan, The
        City of New York, printed in the English language and customarily published
        on
        each Business Day, whether or not published on Saturdays, Sundays or
        holidays.

       

      “Authorized
        Officer”: With respect to the Issuer, any officer of the Owner Trustee who is
        authorized to act for the Owner Trustee in matters relating to the Issuer
        and
        who is identified on the list of Authorized Officers delivered by the Owner
        Trustee to the Indenture Trustee on the Closing Date (as such list may be
        modified or supplemented from time to time thereafter) and any authorized
        officer of the Originator in its capacity as Administrator.

       

      “Available
        Funds”: As to any Payment Date, an amount equal to the sum of the following
        amounts, without duplication, with respect to the Mortgage Loans:
        (i)
        scheduled payments of principal and interest on the Mortgage Loans due during
        the related Due Period and received by the Servicer and the Master Servicer,
        net
        of (a) amounts representing the Servicing Fee and the Master Servicing Fee
        with
        respect to each Mortgage Loan and reimbursement for Monthly Advances and
        Servicing Advances and other amounts reimbursable to the Seller, the Depositor,
        the Servicer, the Master Servicer, the Securities Administrator, the Owner
        Trustee and the Indenture Trustee pursuant to Sections 5.03, 3.01(g), 6.01(b),
        6.03(b) (with respect to Servicing Transfer Costs) of the Servicing Agreement
        and Section 6.07 of the Indenture (with respect to indemnification amounts),
        as
        applicable and (b) any Net Swap Payment or Swap Termination Payment owed
        to the
        Swap Provider (other than any Swap Termination Payment owed to the Swap Provider
        as a result of a Swap Provider Trigger Event); (ii) Net Liquidation Proceeds,
        Insurance Proceeds and any Subsequent Recoveries with respect to the Mortgage
        Loans and unscheduled payments of principal and interest on the Mortgage
        Loans
        received by the Servicer and the Master Servicer during the related Prepayment
        Period (net of amounts representing the Servicing Fee and the Master Servicing
        Fee and any Ancillary Income with respect to each Mortgage Loan and
        reimbursement for Monthly Advances and Servicing Advances); (iii) the Purchase
        Price for repurchased Defective Mortgage Loans and any related Substitution
        Adjustment Amounts; (iv) payments from the Servicer and the Master Servicer
        in
        connection with (a) Monthly Advances and (b) Compensating Interest; (v) payments
        from the Seller in connection with the redemption of the Notes as provided
        in
        this Indenture, (vi) any Net Swap Payment or Swap Termination Payment (to
        the
        extent not applied to a replacement swap as required to be retained and applied
        as provided herein) received by the Indenture Trustee under the Interest
        Rate
        Swap Agreement and (vii) with respect to the first Payment Date, the Initial
        Deposit.

       

      “Available
        Funds Rate”: The Group I Available Funds Rate. 

       

      “Back-Up
        Certification”: The meaning set forth in Section 3.13(a)(iv) of the Servicing
        Agreement.

       

      “Balloon
        Loan”: Any Mortgage Loan that provided on the date of origination for scheduled
        monthly payments in level amounts substantially lower than the amount of
        the
        final scheduled payment.

       

      “Basic
        Principal Amount”: As to any Payment Date and Loan Group, an amount equal to the
        sum of the following amounts (without duplication) with respect to the Mortgage
        Loans in that Loan Group: (i) each scheduled payment of principal on a Mortgage
        Loan due during such Due Period and received by the Servicer and remitted
        by the
        Servicer to the Master Servicer on or prior to the related Determination
        Date;
        (ii) any Net Liquidation Proceeds allocable to principal, any Subsequent
        Recoveries and all full and partial principal prepayments received by the
        Servicer and remitted by the Servicer to the Master Servicer during the related
        Prepayment Period; (iii) the portion of the Purchase Price allocable to
        principal of all repurchased Defective Mortgage Loans with respect to such
        Payment Date; (iv) any Substitution Adjustment allocable to principal received
        on or prior to the previous Determination Date and not yet distributed; and
        (vi)
        any Monthly Advances with respect to scheduled payments of principal due
        during
        the related Due Period.

       

      “Basic
        Documents”: The Trust Agreement, the Certificate of Trust, the Indenture, the
        Servicing Agreement, the Mortgage Loan Sale and Contribution Agreement, the
        Interest Rate Swap Agreement and the other documents and certificates delivered
        in connection with any of the above.

       

      “Basis
        Risk Shortfall Amount”: The Group I Basis Risk Shortfall Amount or the Group II
        Basis Risk Shortfall Amount, as applicable.

       

      “Beneficial
        Owner”: With respect to any Note, the Person who is the beneficial owner of such
        Note as reflected on the books of the Depository or on the books of a Person
        maintaining an account with such Depository (directly as a Depository
        Participant or indirectly through a Depository Participant, in accordance
        with
        the rules of such Depository).

       

      “BIF”:
        The Bank Insurance Fund, as from time to time constituted, created under
        the
        Financial Institutions Reform, Recovery and Enhancement Act of 1989, or,
        if at
        any time after the execution of this Agreement the Bank Insurance Fund is
        not
        existing and performing duties now assigned to it, the body performing such
        duties on such date.

       

      “Blanket
        Mortgage”: The mortgage or mortgages encumbering a Cooperative
        Property.

       

      “Book-Entry
        Notes”: Any Offered Note or Class N Note registered in the name of the
        Depository or its nominee, ownership of which is reflected on the books of
        the
        Depository or on the books of a Person maintaining an account with such
        Depository (directly or as an indirect participant in accordance with the
        rules
        of such Depository).

       

      “Business
        Day”: Any day other than a Saturday, a Sunday or a day on which banking
        institutions in New York City, the States of Delaware, Florida, Maryland,
        Minnesota and New Jersey or any city in which the Corporate Trust Office
        of the
        Trustee or the Securities Administrator is located are authorized or obligated
        by law or executive order to close.

       

      “Certificate
        Distribution Account”: The account or accounts created and maintained pursuant
        to Section 3.10(c) of the Trust Agreement. The Certificate Distribution Account
        shall be an Eligible Account.

       

      “Certificate
        Paying Agent”: The meaning specified in Section 3.10 of the Trust
        Agreement.

       

      “Certificate
        Percentage Interest”: With respect to each Certificate, the Certificate
        Percentage Interest stated on the face thereof.

       

      “Certificate
        Register”: The register maintained by the Certificate Registrar in which the
        Certificate Registrar shall provide for the registration of Certificates
        and of
        transfers and exchanges of Certificates.

       

      “Certificate
        Registrar”: Initially, Wells Fargo Bank, N.A., as Certificate Registrar, or any
        successor to Wells Fargo Bank, N.A. in such capacity.

       

      “Certificate
        of Trust”: The Certificate of Trust filed for the Trust pursuant to Section
        3810(a) of the Statutory Trust Statute.

       

      “Certificates”
        or “Trust Certificates”: The Renaissance Home Equity Loan Trust 2006-3 Trust
        Certificates, evidencing the beneficial ownership interest in the Issuer
        and
        executed by the Owner Trustee in substantially the form set forth in Exhibit
        A
        to the Trust Agreement.

       

      “Certificateholder”
        or “Holder”: The Person in whose name a Certificate is registered in the
        Certificate Register. Owners of Certificates that have been pledged in good
        faith may be regarded as Holders if the pledgee establishes to the satisfaction
        of the Indenture Trustee or the Owner Trustee, as the case may be, the pledgee’s
        right so to act with respect to such Certificates and that the pledgee is
        not
        the Issuer, any other obligor upon the Certificates or any Affiliate of any
        of
        the foregoing Persons.

       

      “Certification”:
        As defined in Section 3.13 of the Servicing Agreement.

       

      “Certification
        Parties”: The meaning set forth in Section 3.13(a)(iv) of the Servicing
        Agreement.

       

      “Certifying
        Person”: The meaning set forth in Section 3.13(a)(iv) of the Servicing
        Agreement.

       

      “Civil
        Relief Act”: The Servicemembers Civil Relief Act and similar state
        laws.

       

      “Class”:
        All Notes having the same designation.

       

      “Class
        AF
        Notes”: The Class AF-1 Notes, Class AF-2 Notes, Class AF-3 Notes, Class AF-4
        Notes, Class AF-5 Notes and Class AF-6 Notes.

       

      “Class
        AF-1 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-1 Note.

       

      “Class
        AF-2 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-2 Note.

       

      “Class
        AF-3 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-3 Note.

       

      “Class
        AF-4 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-4 Note.

       

      “Class
        AF-5 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-5 Note.

       

      “Class
        AF-6 Calculation Percentage”: For any Payment Date will be the fraction,
        expressed as a percentage, the numerator of which is the Class Note Balance
        of
        the Class AF-6 Notes, and the denominator of which is the aggregate of the
        Class
        Note Balances of the Group II Notes, in each case before giving effect to
        any
        payments in reduction of the Class Note Balances of the Group II Notes pursuant
        to Section 3.05 hereof.

       

      “Class
        AF-6 Lockout Payment Amount”: For any Payment Date will be an amount equal to
        the product of (1) the applicable Class AF-6 Lockout Percentage for that
        Payment
        Date, (2) the Class AF-6 Calculation Percentage for that Payment Date and
        (3)
        the Senior Principal Payment Amount for that Payment Date. In no event shall
        the
        Class AF-6 Lockout Payment Amount exceed the outstanding Class Note Balance
        of
        the Class AF-6 Notes or the Senior Principal Payment Amount for such Payment
        Date.

       

      “Class
        AF-6 Lockout Percentage”: For each Payment Date will be as follows:

       

      
        	
                Payment Date

              	
                Lockout
                  Percentage

              
	
                1st
                  to
                  36th 

              	
                   
                  0%

              
	
                37th
                  to
                  60th 

              	
                 
                  45%

              
	
                61st
                  to
                  72nd 

              	
                 
                  80%

              
	
                73rd
                  to
                  84th 

              	
                100%

              
	
                85th
                  and thereafter

              	
                300%

              

      

      

      “Class
        AF-6 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AF-6 Note.

       

      “Class
        AV
        Notes”: The Class AV-1 Notes, Class AV-2 Notes and Class AV-3
        Notes.

       

      “Class
        AV-1 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AV-1 Note.

       

      “Class
        AV-2 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AV-2 Note.

       

      “Class
        AV-3 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class AV-3 Note.

       

      “Class
        Interest Carryover Shortfall”: As to any Class of Offered Notes and any Payment
        Date, an amount equal to the sum of (i) the excess of the related Class Monthly
        Interest Amount for the preceding Payment Date and any Outstanding Class
        Interest Carryover Shortfall with respect to such Class on such preceding
        Payment Date, over the amount in respect of interest that is actually paid
        to
        the Holders of such Class on such preceding Payment Date plus (ii) one month’s
        interest on such excess, to the extent permitted by law, at the related Note
        Rate.

       

      “Class
        Interest Payment”: As to any Class of Offered Notes and Payment Date, an amount
        equal to the sum of (a) the related Class Monthly Interest Amount and (b)
        any
        Class Interest Carryover Shortfall for such Class of Offered Notes for such
        Payment Date.

       

      “Class
        M
        Notes” or “Mezzanine Notes”: The Class M-1 Notes, Class M-2 Notes, Class M-3
        Notes, Class M-4 Notes, Class M-5 Notes, Class M-6 Notes, Class M-7 Notes,
        Class
        M-8 Notes and Class M-9 Notes.

       

      “Class
        M-1 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-1 Note.

       

      “Class
        M-1 Principal Payment Amount: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balance of the Senior Notes has been reduced to zero, 100% of the remaining
        Principal Payment Amount, or (y) if a Delinquency Event is not in effect:
        the
        excess of (1) the sum of (A) the aggregate Class Note Balance of the Senior
        Notes (after giving effect to payments of the Senior Principal Payment Amount
        for such Payment Date) and (B) the Class Note Balance of the Class M-1 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 75.80%
        of the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-2 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-2 Note.

       

      “Class
        M-2 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and if the aggregate Class
        Note
        Balances of the Senior and Class M-1 Notes have been reduced to zero, 100%
        of
        the remaining Principal Payment Amount, or (y) if a Delinquency Event is
        not in
        effect: the excess of (1) the sum of (A) the aggregate Class Note Balance
        of the
        Senior Notes (after giving effect to payment of the Senior Principal Payment
        Amount for such Payment Date), (B) the Class Note Balance of the Class M-1
        Notes
        (after giving effect to payment of the Class M-1 Principal Payment Amount
        for
        such Payment Date) and (C) the Class Note Balance of the Class M-2 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 81.70%
        of the
        Pool Balance as of the last day of the related Due Period, minus the related
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-3 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-3 Note.

       

      “Class
        M-3 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1 and Class M-2 Notes have been reduced to
        zero,
        100% of the remaining Principal Payment Amount, or (y) if a Delinquency Event
        is
        not in effect: the excess of (1) the sum of (A) the aggregate Class Note
        Balance
        of the Senior Notes (after giving effect to payment of the Senior Principal
        Payment Amount for such Payment Date), (B) the Class Note Balance of the
        Class
        M-1 Notes (after giving effect to payment of the Class M-1 Principal Payment
        Amount for such Payment Date), (C) the Class Note Balance of the Class M-2
        Notes
        (after giving effect to payment of the Class M-2 Principal Payment Amount
        for
        such Payment Date) and (D) the Class Note Balance of the Class M-3 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 85.20%
        of the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-4 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-4 Note.

       

      “Class
        M-4 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2 and Class M-3 Notes have been
        reduced to zero, 100% of the remaining Principal Payment Amount, or (y) if
        a
        Delinquency Event is not in effect: the excess of (1) the sum of (A) the
        aggregate Class Note Balance of the Senior Notes (after giving effect to
        payment
        of the Senior Principal Payment Amount for such Payment Date), (B) the Class
        Note Balance of the Class M-1 Notes (after giving effect to payment of the
        Class
        M-1 Principal Payment Amount for such Payment Date), (C) the Class Note Balance
        of the Class M-2 Notes (after giving effect to payment of the Class M-2
        Principal Payment Amount for such Payment Date), (D) the Class Note Balance
        of
        the Class M-3 Notes (after giving effect to payment of the Class M-3 Principal
        Payment Amount for such Payment Date) and (E) the Class Note Balance of the
        Class M-4 Notes immediately prior to such Payment Date over (2) the lesser
        of
        (A) 88.60% of the Pool Balance as of the last day of the related Due Period,
        minus the Subordination Required Overcollateralization Amount for that Payment
        Date and (B) the Pool Balance as of the last day of the related Due Period
        minus
        the OC Floor.

       

      “Class
        M-5 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-5 Note.

       

      “Class
        M-5 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3 and Class M-4 Notes
        have
        been reduced to zero, 100% of the remaining Principal Payment Amount, or
        (y) if
        a Delinquency Event is not in effect: the excess of (1) the sum of (A) the
        aggregate Class Note Balance of the Senior Notes (after giving effect to
        payment
        of the Senior Principal Payment Amount for such Payment Date), (B) the Class
        Note Balance of the Class M-1 Notes (after giving effect to payment of the
        Class
        M-1 Principal Payment Amount for such Payment Date), (C) the Class Note Balance
        of the Class M-2 Notes (after giving effect to payment of the Class M-2
        Principal Payment Amount for such Payment Date), (D) the Class Note Balance
        of
        the Class M-3 Notes (after giving effect to payment of the Class M-3 Principal
        Payment Amount for such Payment Date), (E) the Class Note Balance of the
        Class
        M-4 Notes (after giving effect to payment of the Class M-4 Principal Payment
        Amount for such Payment Date) and (F) the Class Note Balance of the Class
        M-5
        Notes immediately prior to such Payment Date over (2) the lesser of (A) 91.50%
        of the Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-6 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-6 Note.

       

      “Class
        M-6 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3, Class M-4 and Class
        M-5
        Notes have been reduced to zero, 100% of the remaining Principal Payment
        Amount,
        or (y) if a Delinquency Event is not in effect: the excess of (1) the sum
        of (A)
        the aggregate Class Note Balance of the Senior Notes (after giving effect
        to
        payment of the Senior Principal Payment Amount for such Payment Date), (B)
        the
        Class Note Balance of the Class M-1 Notes (after giving effect to payment
        of the
        Class M-1 Principal Payment Amount for such Payment Date), (C) the Class
        Note
        Balance of the Class M-2 Notes (after giving effect to payment of the Class
        M-2
        Principal Payment Amount for such Payment Date), (D) the Class Note Balance
        of
        the Class M-3 Notes (after giving effect to payment of the Class M-3 Principal
        Payment Amount for such Payment Date), (E) the Class Note Balance of the
        Class
        M-4 Notes (after giving effect to payment of the Class M-4 Principal Payment
        Amount for such Payment Date), (F) the Class Note Balance of the Class M-5
        Notes
        (after giving effect to payment of the Class M-5 Principal Payment Amount
        for
        such Payment Date) and (G) the Class Note Balance of the Class M-6 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 94.00%
        of the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-7 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-7 Note.

       

      “Class
        M-7 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3, Class M-4, Class
        M-5
        and Class M-6 Notes have been reduced to zero, 100% of the remaining Principal
        Payment Amount, or (y) if a Delinquency Event is not in effect: the excess
        of
        (1) the sum of (A) the aggregate Class Note Balance of the Senior Notes (after
        giving effect to payments of the Senior Principal Payment Amount for such
        Payment Date), (B) the Class Note Balance of the Class M-1 Notes (after giving
        effect to payment of the Class M-1 Principal Payment Amount for such Payment
        Date), (C) the Class Note Balance of the Class M-2 Notes (after giving effect
        to
        payment of the Class M-2 Principal Payment Amount for such Payment Date),
        (D)
        the Class Note Balance of the Class M-3 Notes (after giving effect to payment
        of
        the Class M-3 Principal Payment Amount for such Payment Date), (E) the Class
        Note Balance of the Class M-4 Notes (after giving effect to payment of the
        Class
        M-4 Principal Payment Amount for such Payment Date), (F) the Class Note Balance
        of the Class M-5 Notes (after giving effect to payment of the Class M-5
        Principal Payment Amount for such Payment Date), (G) the Class Note Balance
        of
        the Class M-6 Notes (after giving effect to payment of the Class M-6 Principal
        Payment Amount for such Payment Date) and (H) the Class Note Balance of the
        Class M-7 Notes immediately prior to such Payment Date over (2) the lesser
        of
        (A) 96.20% of the Pool Balance as of the last day of the related Due Period,
        minus the Subordination Required Overcollateralization Amount for that Payment
        Date and (B) the Pool Balance as of the last day of the related Due Period
        minus
        the OC Floor.

       

      “Class
        M-8 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-8 Note.

       

      “Class
        M-8 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3, Class M-4, Class
        M-5,
        Class M-6 and Class M-7 Notes have been reduced to zero, 100% of the remaining
        Principal Payment Amount, or (y) if a Delinquency Event is not in effect:
        the
        excess of (1) the sum of (A) the aggregate Class Note Balance of the Senior
        Notes (after giving effect to payments of the Senior Principal Payment Amount
        for such Payment Date), (B) the Class Note Balance of the Class M-1 Notes
        (after
        giving effect to payment of the Class M-1 Principal Payment Amount for such
        Payment Date), (C) the Class Note Balance of the Class M-2 Notes (after giving
        effect to payment of the Class M-2 Principal Payment Amount for such Payment
        Date), (D) the Class Note Balance of the Class M-3 Notes (after giving effect
        to
        payment of the Class M-3 Principal Payment Amount for such Payment Date),
        (E)
        the Class Note Balance of the Class M-4 Notes (after giving effect to payment
        of
        the Class M-4 Principal Payment Amount for such Payment Date), (F) the Class
        Note Balance of the Class M-5 Notes (after giving effect to payment of the
        Class
        M-5 Principal Payment Amount for such Payment Date), (G) the Class Note Balance
        of the Class M-6 Notes (after giving effect to payment of the Class M-6
        Principal Payment Amount for such Payment Date), (H) the Class Note Balance
        of
        the Class M-7 Notes (after giving effect to payment of the Class M-7 Principal
        Payment Amount) and (I) the Class Note Balance of the Class M-8 Notes
        immediately prior to such Payment Date over (2) the lesser of (A) 98.20%
        of the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the related Due Period minus the
        OC
        Floor.

       

      “Class
        M-9 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-1 and designated as
        a
        Class M-9 Note.

       

      “Class
        M-9 Principal Payment Amount”: As to any Payment Date on or after the Stepdown
        Date, (x) if a Delinquency Event is in effect and the aggregate Class Note
        Balances of the Senior, Class M-1, Class M-2, Class M-3, Class M-4, Class
        M-5,
        Class M-6, Class M-7 and Class M-8 Notes have been reduced to zero, 100%
        of the
        remaining Principal Payment Amount, or (y) if the Senior, Class M-1, Class
        M-2,
        Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class M-8 Notes
        are
        outstanding and a Delinquency Event is not in effect: the excess of (1) the
        sum
        of (A) the aggregate Class Note Balance of the Senior Notes (after giving
        effect
        to payments of the Senior Principal Payment Amount for such Payment Date),
        (B)
        the Class Note Balance of the Class M-1 Notes (after giving effect to payment
        of
        the Class M-1 Principal Payment Amount for such Payment Date), (C) the Class
        Note Balance of the Class M-2 Notes (after giving effect to payment of the
        Class
        M-2 Principal Payment Amount for such Payment Date), (D) the Class Note Balance
        of the Class M-3 Notes (after giving effect to payment of the Class M-3
        Principal Payment Amount for such Payment Date), (E) the Class Note Balance
        of
        the Class M-4 Notes (after giving effect to payment of the Class M-4 Principal
        Payment Amount for such Payment Date), (F) the Class Note Balance of the
        Class
        M-5 Notes (after giving effect to payment of the Class M-5 Principal Payment
        Amount for such Payment Date), (G) the Class Note Balance of the Class M-6
        Notes
        (after giving effect to payment of the Class M-6 Principal Payment Amount
        for
        such Payment Date), (H) the Class Note Balance of the Class M-7 Notes (after
        giving effect to payment of the Class M-7 Principal Payment Amount), (I)
        the
        Class Note Balance of the Class M-8 Notes (after giving effect to payment
        of the
        Class M-8 Principal Payment Amount) and (J) the Class Note Balance of the
        Class
        M-9 Notes immediately prior to such Payment Date over (2) the lesser of (A)
        the
        Pool Balance as of the last day of the related Due Period, minus the
        Subordination Required Overcollateralization Amount for that Payment Date
        and
        (B) the Pool Balance as of the last day of the Due Period minus the OC
        Floor.

       

      “Class
        Monthly Interest Amount”: As to any Payment Date and Class of Offered Notes,
        interest for the related Interest Period at the related Note Rate on the
        related
        Class Note Balance immediately prior to that Payment Date.

       

      “Class
        N
        Interest Payment Amount”: With respect to the Class N-1 and Class N-2 Notes and
        any Payment Date, an amount equal to interest accrued during the related
        Interest Period on the related outstanding Class Note Balance at the related
        Note Rate, plus all interest accrued for prior Interest Periods but not paid
        on
        the related Payment Dates or any Payment Dates subsequent thereto (together
        with
        interest thereon at the related Note Rate).

       

      “Class
        N
        Interest Shortfall”: With respect to any Payment Date, an amount equal to the
        Class N Interest Payment Amount for such Payment Date less Available Funds
        remaining after payments pursuant to Section 3.05(b)(i) through Section
        3.05(b)(xvi) hereof.

       

      “Class
        N-1 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-2 and designated as
        a
        Class N-1 Note.

       

      “Class
        N-2 Note”: Any Note executed and authenticated by the Securities Administrator
        substantially in the form attached hereto as Exhibit A-2 and designated as
        a
        Class N-2 Note.

       

      “Class
        N
        Principal Payment Amount”: With respect to the Class N Notes and any Payment
        Date, the lesser of (i) the related outstanding Class Note Balance immediately
        prior to such Payment Date and (ii) any Available Funds remaining after the
        payment of the related Class N Interest Payment Amount for such Payment
        Date.

       

      “Class
        Note Balance”: As of any date of determination and Class of Offered Notes or the
        Class N Notes, the Original Class Note Balance for such Class reduced by
        the sum
        of all amounts previously paid to the Noteholders of such Class in respect
        of
        principal from the Group I Principal Payment Amount or Group II Principal
        Payment Amount, as applicable, on all previous Payment Dates and, in the
        case of
        any Class of Mezzanine Notes, reduced by any related Applied Realized Loss
        Amounts allocated to such Class on prior Payment Dates; provided, however,
        if
        the context so specifies, the Class Note Balance will also be reduced by
        all
        payments of principal and allocations of related Applied Realized Loss Amounts
        on the Payment Date that is the date of determination.

       

      “Class
        Principal Carryover Shortfall”: As to any Class of Mezzanine Notes and any
        Payment Date, the excess, if any, of (i) the sum of (x) the amount of the
        reduction in the Class Note Balance of that Class of Mezzanine Notes on such
        Payment Date and (y) the amount of such reductions contemplated by clause
        (x)
        above on prior Payment Dates over (ii) the amount distributed in respect
        of such
        reductions of principal thereof on prior Payment Dates.

       

      “Closing
        Date”: September 28, 2006.

       

      “Code”:
        The Internal Revenue Code of 1986, as amended.

       

      “Collateral”:
        The meaning specified in the Granting Clause of the Indenture.

       

      “Collection
        Account”: The custodial account or accounts created and maintained for the
        benefit of the Noteholders pursuant to Section 3.02(b) of the Servicing
        Agreement. The Collection Account shall be an Eligible Account.

       

      “Combined
        Loan-to-Value Ratio” or “CLTV”: With respect to any Mortgage Loan that is not
        secured by a first priority lien on the Mortgaged Property, the sum of the
        original principal balance of such Mortgage Loan and the outstanding principal
        balance of the related First Lien, if any, as of the date of origination
        of the
        Mortgage Loan, divided by the Appraised Value.

       

      “Commission”:
        The U.S. Securities and Exchange Commission.

       

      “Compensating
        Interest”: As to any Payment Date, the amount calculated pursuant to Section
        3.14 of the Servicing Agreement.

       

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

       

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

       

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

       

      “Cooperative
        Shares”: Shares issued by a Cooperative Corporation.

       

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

       

      “Corporate
        Trust Office”: The designated offices of the Securities Administrator at which
        at any particular time its corporate trust business with respect to this
        Indenture shall be administered, which offices at the date of the execution
        of
        this Indenture are located for Note transfer purposes at: Wells Fargo Center,
        Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479-0113, Attention:
        Corporate Trust Services—Renaissance HEL Trust 2006-3 and for all other purposes
        at: P.O. Box 98, Columbia, Maryland 21046, Attention: Corporate Trust
        Services—Renaissance HEL Trust 2006-3 or in the case of overnight deliveries,
        9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust
        Services—Renaissance HEL Trust 2006-3 and which are the respective addresses to
        which notices to and correspondence with the Securities Administrator should
        be
        directed; and the designated office of the Indenture Trustee at which at
        any
        particular time its corporate trust business with respect to this Indenture
        shall be administered, which office at the date of the execution of this
        Indenture is located at 452
        Fifth
        Avenue, New York, New York 10018, Attention: Corporate Trust and Loan
        Agency/Renaissance HEL Trust 2006-3,
        and which is the address to which notices to and correspondence with the
        Indenture Trustee should be directed.

       

      “Cumulative
        Loss Event”: For any Payment Date in the applicable period below, if Cumulative
        Net Losses exceed the applicable percentage set forth below for the related
        Payment Date: 

       

      
        	
                Number
                  of

                Payment
                  Dates

              	
                Percentages

              
	
                25th
                  -
                  36th

              	
                1.05%
                  for the first month plus an additional 1/12th of 1.35% for each
                  month
                  thereafter

              
	
                37th
                  -
                  48th

              	
                2.40%
                  for the first month plus an additional 1/12th of 1.60% for each
                  month
                  thereafter

              
	
                49th
                  -
                  60th

              	
                4.00%
                  for the first month plus an additional 1/12th of 1.25% for each
                  month
                  thereafter

              
	
                61st
                  -
                  72nd

              	
                5.25%
                  for the first month plus an additional 1/12th of 0.90% for each
                  month
                  thereafter

              
	
                73rd
                  -84th

                85th
                  and thereafter

              	
                6.15%
                  for the first month plus an additional 1/12th of 0.25% for each
                  month
                  thereafter

                6.40%

              

      

      

      “Cumulative
        Net Losses”: As of any date of determination, the aggregate of the Liquidation
        Loan Losses incurred from the Cut-Off Date through the end of the calendar
        month
        preceding such date of determination, expressed as a percentage of the related
        Cut-Off Date Pool Balance.

       

      “Curtailment”:
        With respect to a Mortgage Loan, any payment of principal received during
        a Due
        Period as part of a payment that is in excess of the amount of the Monthly
        Payment due for such Due Period and which is not intended to satisfy the
        Mortgage Loan in full or intended to cure a delinquency.

       

      “Custodial
        Agreement”: Any Custodial Agreement, as amended and supplemented from time to
        time, dated as of the date hereof, by and among the Indenture Trustee, the
        Seller, the Servicer, the Depositor, the Master Servicer and the Custodian
        substantially in the form set forth as Exhibit E.

       

      “Custodian”:
        The Person acting as custodian under a Custodial Agreement from time to time.
        As
        of the Closing Date, the initial Custodian shall be Wells Fargo Bank,
        N.A.

       

      “Cut-Off
        Date”: As to any Mortgage Loan, the later of (x) close of business on September
        1, 2006 and (y) date of origination of such Mortgage Loan.

       

      “Cut-Off
        Date Pool Balance”: The aggregate Cut-Off Date Principal Balance of the Mortgage
        Loans (i.e., $824,999,010.80).

       

      “Cut-Off
        Date Principal Balance”: With respect to any Mortgage Loan, the unpaid principal
        balance thereof as of the related Cut-Off Date after giving effect to payments
        of principal due on or before the Cut-Off Date (or as of the applicable date
        of
        substitution with respect to an Eligible Substitute Mortgage Loan).

       

      “Default”:
        Any occurrence which is or with notice or the lapse of time or both would
        become
        an Event of Default.

       

      “Defective
        Mortgage Loan”: Any Mortgage Loan subject to repurchase or substitution pursuant
        to Section 2.1(f), 3.1 or 3.2 of the Mortgage Loan Sale and Contribution
        Agreement.

       

      “Definitive
        Notes”: The meaning specified in Section 4.06 of the Indenture.

       

      “Delinquency
        Amount”: As to any Payment Date, the aggregate Principal Balance of the Mortgage
        Loans that are any of the following: (a) 60 days or more delinquent (including
        any such delinquent Mortgage Loans that are in bankruptcy or in foreclosure)
        and
        (b) REO Properties, in each case, as of the last day of the preceding
        month.

       

      “Delinquency
        Event”: A Delinquency Event shall be in effect on a Payment Date, if the related
        Three Month Delinquency Rate exceeds 43.85% of the Senior Enhancement Percentage
        for such Payment Date.

       

      “Deposit
        Date”: As to any Payment Date, the Business Day preceding such Payment
        Date.

       

      “Depositor”:
        Renaissance Mortgage Acceptance Corp., a Delaware corporation, or any successor
        thereto.

       

      “Depository”:
        The initial Depository shall be The Depository Trust Company, the nominee
        of
        which is Cede & Co., as the registered Holder of the Notes. The Depository
        shall at all times be a “clearing corporation” as defined in Section 8-102(3) of
        the UCC of the State of New York.

       

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

       

      “Determination
        Date”: As to any Payment Date, the fourth Business Day preceding such Payment
        Date.

       

      “Due
        Date”: As to any Mortgage Loan, the day of the month on which the Monthly
        Payment is due from the Mortgagor.

       

      “Due
        Period”: With respect to each Payment Date, the period from and including the
        second day of the month preceding the month in which such Payment Date occurs
        to
        and including the first day of the month of such Payment Date.

       

      “Electronic
        Ledger”: The electronic master record of home equity mortgage loans maintained
        by the Seller.

       

      “Eligible
        Account”: A segregated account that is (i) maintained with a depository
        institution whose debt obligations at the time of any deposit therein have
        the
        highest short-term debt rating by the Rating Agencies and whose accounts
        are
        insured to the maximum extent provided by either the Savings Association
        Insurance Fund (“SAIF”) or the Bank Insurance Fund (“BIF”) of the Federal
        Deposit Insurance Corporation and which has a minimum long-term unsecured
        debt
        rating of “A” by S&P and Fitch and “A2” by Moody’s, and which is any of (A)
        a federal savings and loan association duly organized, validly existing and
        in
        good standing under the federal banking laws, (B) an institution duly organized,
        validly existing and in good standing under the applicable banking laws of
        any
        state, (C) a national banking association duly organized, validly existing
        and
        in good standing under the federal banking laws, (D) a principal subsidiary
        of a
        bank holding company; (ii) a segregated trust account maintained with the
        corporate trust department of a federal or state chartered depository
        institution or trust company, having capital and surplus of not less than
        $50,000,000, acting in its fiduciary capacity; (iii) maintained at Wells
        Fargo
        Bank, N.A., so long as its debt obligations at the time of any deposit therein
        have a short-term debt rating of at least “A-1” for S&P, “P-1” for Moody’s
        and “F1” for Fitch; or (iv) otherwise acceptable to each Rating Agency as
        evidenced by a letter from each Rating Agency to the Securities Administrator,
        without reduction or withdrawal of the then current ratings of the
        Notes.

       

      “Eligible
        Investments”: One or more of the following (excluding any callable investments
        purchased at a premium):

       

      (i)  direct
        obligations of, or obligations fully guaranteed as to timely payment of
        principal and interest by, the United States or any agency or instrumentality
        thereof, provided that such obligations are backed by the full faith and
        credit
        of the United States;

       

      (ii)  repurchase
        agreements on obligations specified in clause (i) maturing not more than
        three
        (3) months from the date of acquisition thereof, provided that the short-term
        unsecured debt obligations of the party agreeing to repurchase such obligations
        are at the time rated by each Rating Agency in its highest short-term rating
        category (which is “A-1+” for S&P, “P-1” for Moody’s and “F1+” for
        Fitch);

       

      (iii)  certificates
        of deposit, time deposits and bankers’ acceptances of any U.S. depository
        institution or trust company incorporated under the laws of the United States
        or
        any state thereof and subject to supervision and examination by federal and/or
        state banking authorities, provided that the unsecured short-term debt
        obligations of such depository institution or trust company at the date of
        acquisition thereof have been rated by S&P and Moody’s in their respective
        highest unsecured short-term debt rating category;

       

      (iv)  commercial
        paper (having original maturities of not more than ninety (90) days) of any
        corporation incorporated under the laws of the United States or any state
        thereof which on the date of acquisition has been rated by each Rating Agency
        that rates such securities in their respective highest short term rating
        categories;

       

      (v)  short
        term investment funds (“STIFS”) sponsored by any trust company or national
        banking association incorporated under the laws of the United States or any
        state thereof which on the date of acquisition has been rated by each Rating
        Agency in their respective highest rating category of long term unsecured
        debt;

       

      (vi)  interests
        in any money market fund which at the date of acquisition of the interests
        in
        such fund including any such fund that is managed by the Indenture Trustee
        or
        the Securities Administrator or an Affiliate of the Indenture Trustee or
        the
        Securities Administrator or for which the Indenture Trustee or the Securities
        Administrator or an Affiliate of the Indenture Trustee or the Securities
        Administrator acts as advisor and throughout the time as the interest is
        held in
        such fund has a rating of “AAA” by S&P or “Aaa” by Moody’s ;
        and

       

      (vii)  other
        obligations or securities that are acceptable to each Rating Agency as an
        Eligible Investment hereunder and will not result in a reduction in the then
        current rating of the Notes, as evidenced by a letter to such effect from
        such
        Rating Agency and with respect to which the Indenture Trustee and the Securities
        Administrator have received confirmation that, for tax purposes, the investment
        complies with the last clause of this definition;

       

      provided
        that no instrument described hereunder shall evidence either the right to
        receive (a) only interest with respect to the obligations underlying such
        instrument or (b) both principal and interest payments derived from obligations
        underlying such instrument and the interest and principal payments with respect
        to such instrument provide a yield to maturity at par greater than 120% of
        the
        yield to maturity at par of the underlying obligations; provided, further,
        that
        no instrument described hereunder may be purchased at a price greater than
        par
        if such instrument may be prepaid or called at a price less than its purchase
        price prior to its stated maturity; and provided further, that if S&P is
        rating any of the Notes, an instrument described hereunder shall be rated
        the
        applicable rating of S&P set forth above.

       

      “Eligible
        Substitute Mortgage Loan”: A Mortgage Loan substituted by the Seller for a
        Defective Mortgage Loan which must, on the date of such substitution: (i)
        have
        an outstanding Principal Balance after deducting all scheduled principal
        payments due in the month of substitution (or in the case of a substitution
        of
        more than one Mortgage Loan for a Defective Mortgage Loan, an aggregate
        Principal Balance), not in excess of and not less than 95% of the Principal
        Balance of the Defective Mortgage Loan; (ii) have a Loan Rate not less than
        the
        Loan Rate of the Defective Mortgage Loan and not more than 1% in excess of
        the
        Loan Rate of such Defective Mortgage Loan; (iii) if such Defective Mortgage
        Loan
        is an adjustable-rate Mortgage Loan, have a Loan Rate based on the same Loan
        Index with adjustments to such Loan Rate made on the same interval between
        Interest Rate Adjustment Dates as that of the Defective Mortgage Loan and
        have a
        Margin that is not less than the Margin of the Defective Mortgage Loan and
        not
        more than one hundred (100) basis points higher than the Margin for the
        Defective Mortgage Loan; (iv) have a Mortgage of the same or higher level
        of
        priority as the Mortgage relating to the Defective Mortgage Loan at the time
        such Mortgage was transferred to the Trust; (v) have a remaining term to
        maturity not more than six (6) months earlier and not later than the remaining
        term to maturity of the Defective Mortgage Loan; (vi) comply with each
        representation and warranty set forth in the Mortgage Loan Sale and Contribution
        Agreement (deemed to be made as of the date of substitution); (vii) have
        an
        original CLTV not greater than that of the Defective Mortgage Loan; (viii)
        if
        such Defective Mortgage Loan is an adjustable-rate Mortgage Loan, have a
        Lifetime Rate Cap and a Periodic Rate Cap no lower than the Lifetime Rate
        Cap
        and Periodic Rate Cap, respectively, applicable to such Defective Mortgage
        Loan;
        (ix) have a credit risk not less than the credit risk of the Defective Mortgage
        Loan; and (x) be of the same type of Mortgaged Property as the Defective
        Mortgage Loan or a detached single family residence. More than one Eligible
        Substitute Mortgage Loan may be substituted for a Defective Mortgage Loan
        if
        such Eligible Substitute Mortgage Loans meet the foregoing attributes in
        the
        aggregate.

       

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

       

      “Escrow
        Repair Loan”: A Mortgage Loan as to which the Servicer holds a portion of the
        proceeds in escrow pending repair of the related Mortgaged Property as specified
        in the related Mortgage and Mortgage Note.

       

      “Event
        of
        Default”: With respect to the Indenture, any one of the following events
        (whatever the reason for such Event of Default and whether it shall be voluntary
        or involuntary or be effected by operation of law or pursuant to any judgment,
        decree or order of any court or any order, rule or regulation of any
        administrative or governmental body):

       

      (i)  a
        failure
        by the Issuer to pay (a) with respect to the Offered Notes, (1) the Class
        Monthly Interest Amount or the Group I Principal Payment Amount or the Group
        II
        Principal Payment Amount on any Payment Date, which failure
        is not cured within 3 Business Days
        or (2)
        the Class Interest Carryover Shortfall, but only, with respect to clause
        (2), to
        the extent funds are available to make such payment as provided in the Indenture
        or (b) with respect to the Class N Notes, all interest and principal due
        on the
        Class N Notes by the Final Stated Maturity Date; or

       

      (ii)  the
        failure by the Issuer on the Final Stated Maturity Date to reduce the Class
        Note
        Balance of any of the Notes to zero; or

       

      (iii)  there
        occurs a default in the observance or performance of any covenant or agreement
        of the Issuer made in the Indenture, or any representation or warranty of
        the
        Issuer made in the Indenture or in any certificate or other writing delivered
        pursuant hereto or in connection herewith proving to have been incorrect
        in any
        material respect as of the time when the same shall have been made, and such
        default shall continue or not be cured, or the circumstance or condition
        in
        respect of which such representation or warranty was incorrect shall not
        have
        been eliminated or otherwise cured, for a period of 30 days after there shall
        have been given, by registered or certified mail, to the Issuer by the Indenture
        Trustee or to the Issuer and the Indenture Trustee by the Holders of at least
        25% of the aggregate Note Balance of the Outstanding Notes, a written notice
        specifying such default or incorrect representation or warranty and requiring
        it
        to be remedied and stating that such notice is a notice of default hereunder;
        or

       

      (iv)  there
        occurs the filing of a decree or order for relief by a court having jurisdiction
        in the premises in respect of the Issuer or any substantial part of the Trust
        in
        an involuntary case under any applicable federal or state bankruptcy, insolvency
        or other similar law now or hereafter in effect, or appointing a receiver,
        liquidator, assignee, custodian, trustee, sequestrator or similar official
        of
        the Issuer or for any substantial part of the Trust, or ordering the winding-up
        or liquidation of the Issuer’s affairs, and such decree or order shall remain
        unstayed and in effect for a period of 60 consecutive days; or

       

      (v)  there
        occurs the commencement by the Issuer of a voluntary case under any applicable
        federal or state bankruptcy, insolvency or other similar law now or hereafter
        in
        effect, or the consent by the Issuer to the entry of an order for relief
        in an
        involuntary case under any such law, or the consent by the Issuer to the
        appointment or taking possession by a receiver, liquidator, assignee, custodian,
        trustee, sequestrator or similar official of the Issuer or for any substantial
        part of the assets of the Trust, or the making by the Issuer of any general
        assignment for the benefit of creditors, or the failure by the Issuer generally
        to pay its debts as such debts become due, or the taking of any action by
        the
        Issuer in furtherance of any of the foregoing; or

       

      (vi)  a
        failure
        of the Trust to be wholly owned by a REIT or a Qualified REIT
        Subsidiary.

       

      “Excess
        Interest”: As to any Payment Date and the Offered Notes, the Available Funds
        remaining after the application of payments pursuant to Section 3.05(b)(iii)(1)
        through (12).

       

      “Excess
        Overcollateralization Amount”: As to any Payment Date, the lesser of (i) the
        Basic Principal Amount for such Payment Date and (ii) the excess, if any,
        of (x)
        the Overcollateralization Amount (assuming 100% of the Basic Principal Amount
        is
        paid on the Offered Notes) over (y) the Required Overcollateralization
        Amount.

       

      “Exchange
        Act”: The Securities Exchange Act of 1934, as amended, and the rules and
        regulations thereunder.

       

      “Expenses”:
        The meaning specified in Section 7.02 of the Trust Agreement.

       

      “Fannie
        Mae”: Fannie Mae, formerly known as the Federal National Mortgage Association,
        or any successor thereto.

       

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

       

      “Final
        Stated Maturity Date”: The Payment Date in November 2036.

       

      “First
        Lien”: With respect to any Mortgage Loan which is a second priority lien, the
        mortgage loan relating to the corresponding Mortgaged Property having a first
        priority lien.

       

      “Fitch”:
        Fitch Ratings, or its successor in interest

       

      “Fixed
        Rate Notes”: The Class AF and Class M Notes.

       

      “Fixed
        Swap Payment”: With respect to any Payment Date, a fixed amount equal to the
        product of (i) the Strike Rate, (ii) the Notional Amount (as defined in the
        Interest Rate Swap Agreement) for that Payment Date, and (iii) a fraction,
        the
        numerator of which is 30 (or, for the first Payment Date, the number of days
        elapsed from and including the effective date (as defined in the Interest
        Rate
        Swap Agreement) to but excluding the first Payment Date, determined on a
        30/360
        basis) and the denominator of which is 360.

       

      “Floating
        Swap Payment”: With respect to any Payment Date, a floating amount equal to the
        product of (i) Swap LIBOR, (ii) the Notional Amount (as defined in the Interest
        Rate Swap Agreement) for that Payment Date, and (iii) a fraction, the numerator
        of which is the actual number of days in the related calculation period and
        the
        denominator of which is 360.

       

      “Foreclosure
        Profits”: With respect to a Liquidated Mortgage Loan, the amount, if any, by
        which (i) the aggregate of its Net Liquidation Proceeds exceeds (ii) the
        related
        Principal Balance (plus accrued and unpaid interest thereon at the applicable
        Loan Rate from the date interest was last paid (or advanced and not reimbursed)
        through the date of receipt of the final Liquidation Proceeds) of such
        Liquidated Mortgage Loan immediately prior to the final recovery of its
        Liquidation Proceeds.

       

      “Form
        8-K
        Disclosure Information”: The meaning set forth in Section 3.13(a)(iii) of the
        Servicing Agreement.

       

      “Freddie
        Mac”: Freddie Mac (also known as the Federal Home Loan Mortgage
        Corporation).

       

      “Free
        Writing Prospectus”: The
        free
        writing prospectus supplement, dated September 7, 2006, relating to the public
        offering of the Offered Notes. 

       

      “GAAP”:
        United States generally accepted accounting principles as in effect from
        time to
        time, consistently applied.

       

      “Grant”:
        Pledge, bargain, sell, warrant, alienate, remise, release, convey, assign,
        transfer, create, and grant a lien upon and a security interest in and right
        of
        set-off against, deposit, set over and confirm pursuant to the Indenture.
        A
        Grant of the Collateral or of any other agreement or instrument shall include
        all rights, powers and options (but none of the obligations) of the granting
        party thereunder, including the immediate and continuing right to claim for,
        collect, receive and give receipt for principal and interest payments in
        respect
        of such collateral or other agreement or instrument and all other moneys
        payable
        thereunder, to give and receive notices and other communications, to make
        waivers or other agreements, to exercise all rights and options, to bring
        proceedings in the name of the granting party or otherwise, and generally
        to do
        and receive anything that the granting party is or may be entitled to do
        or
        receive thereunder or with respect thereto.

       

      “Group
        I
        Available Funds Rate”: As to any Payment Date and the Group I Notes, a rate per
        annum (adjusted for the actual number of days in the related Interest Period)
        equal to the product of (x) a fraction, expressed as a percentage, the numerator
        of which is the amount of interest received on the Group I Mortgage Loans
        during
        the related Due Period minus (i) the sum of the servicing fees and master
        servicing fees with respect to each Group I Mortgage Loan and any other amounts
        reimbursable to the Seller, Depositor, Servicer, Master Servicer, Securities
        Administrator, Owner Trustee or Indenture Trustee and (ii) an amount equal
        to
        any Net Swap Payment and Swap Termination Payment, if any, payable by the
        Trust
        (other than Swap Termination Payments resulting from a Swap Provider Trigger
        Event), and the denominator of which is the aggregate Note Balance of the
        Group
        I Notes immediately prior to such Payment Date, and (y) 12.

       

      “Group
        I
        Basis Risk Shortfall Amount”: As to any Payment Date and each class of Group I
        Notes, the sum of (a) the excess, if any, of the related Class Monthly Interest
        Amount, calculated at the lesser of (i) the sum of one-month LIBOR and the
        applicable note margin and (ii) 14.00% over the related Class Monthly Interest
        Amount for the applicable Payment Date; (b) any Group I Basis Risk Shortfall
        Amount remaining unpaid from the prior Payment Date; and (c) accrued interest
        on
        the amount in clause (b) calculated at the lesser of clause (a)(i) or (a)(ii)
        herein for the most recently ended interest Period.

       

      “Group
        I
        Notes”: Class AV Notes.

       

      “Group
        I
        Parity Amount”: For any Payment Date, the greater of (i) zero and (ii) the
        excess, if any, of (x) the aggregate Class Note Balance of the Group I Notes
        immediately prior to such Payment Date over (y) the aggregate Principal Balance
        of the Group I Mortgage Loans as of the last day of the related Due
        Period.

       

      “Group
        I
        Principal Payment Amount”: With respect to any Payment Date, the lesser of (A)
        the greatest of (1) the product of (x) the Senior Principal Payment Amount
        for
        such Payment Date and (y) a fraction, the numerator of which is the excess
        of
        (i) the aggregate Principal Balance of the Group I Mortgage Loans as of the
        first day of the related Due Period over (ii) the aggregate Principal Balance
        of
        the Group I Mortgage Loans as of the last day of the related Due Period,
        and the
        denominator of which is the excess of (i) the Pool Balance as of the first
        day
        of the related Due Period over (ii) the Pool Balance as of the last day of
        the
        related Due Period, (2) the Group I Parity Amount and (3) the excess of (i)
        the
        Senior Principal Payment Amount for such Payment Date over (ii) the aggregate
        Class Note Balance of the Group II Notes immediately prior to such Payment
        Date
        and (B) the aggregate Class Note Balance of the Group I Notes immediately
        prior
        to such Payment Date.

       

      “Group
        II
        Notes”: The Class AF Notes.

       

      “Group
        II
        Principal Payment Amount”: With respect to any Payment Date, the excess of (1)
        the Senior Principal Payment Amount for such Payment Date and (2) the Group
        I
        Principal Payment Amount for such Payment Date.

       

      “High
        Cost Home Loan”: A Mortgage Loan classified as (a) a “high cost” loan under the
        Home Ownership and Equity Protection Act of 1994, (b) a “high cost,”
“threshold,” “covered,” “predatory” or similar loan under any other applicable
        state, federal or local law (or a similarly classified loan using different
        terminology under a law imposing heightened regulatory scrutiny or additional
        legal liability for residential mortgage loans having high interest rates,
        points and/or fees) or (c) a “High Cost Loan” or “Covered Loan” as defined in
        the current S&P LEVELS® Glossary.

       

      “Indemnified
        Party”: The meaning specified in Section 7.02 of the Trust
        Agreement.

       

      “Indenture”:
        The indenture dated as of September 28, 2006, among the Issuer, the Indenture
        Trustee and the Securities Administrator, relating to the Renaissance Home
        Equity Loan Trust 2006-3, Home Equity Loan Asset-Backed Notes, Series
        2006-3.

       

      “Indenture
        Trustee”: HSBC Bank USA, National Association, and its successors and assigns or
        any successor indenture trustee appointed pursuant to the terms of the
        Indenture.

       

      “Independent”:
        When used with respect to any specified Person, the Person (i) is in fact
        independent of the Issuer, any other obligor on the Notes, the Seller, the
        Servicer, the Master Servicer, the Depositor and any Affiliate of any of
        the
        foregoing Persons, (ii) does not have any direct financial interest or any
        material indirect financial interest in the Issuer, any such other obligor,
        the
        Seller, the Servicer, the Master Servicer, the Depositor or any Affiliate
        of any
        of the foregoing Persons and (iii) is not connected with the Issuer, any
        such
        other obligor, the Seller, the Servicer, the Master Servicer, the Depositor
        or
        any Affiliate of any of the foregoing Persons as an officer, employee, promoter,
        underwriter, trustee, partner, director or person performing similar
        functions.

       

      “Independent
        Certificate”: A certificate or opinion to be delivered to the Indenture Trustee
        under the circumstances described in, and otherwise complying with, the
        applicable requirements of Section 10.01 of the Indenture, made by an
        independent appraiser or other expert appointed by an Issuer Request, and
        such
        opinion or certificate shall state that the signer has read the definition
        of
“Independent” in this Indenture and that the signer is Independent within the
        meaning thereof.

       

      “Initial
        Deposit”: $989.20.

       

      “Initial
        Note Balance”: As set forth in Section 2.02 of the Indenture.

       

      “Insurance
        Proceeds”: Proceeds paid by any insurer pursuant to any insurance policy
        covering a Mortgage Loan or Mortgaged Property, or amounts required to be
        paid
        by the Servicer pursuant to Section 3.05 of the Servicing Agreement, net
        of any
        component thereof (i) covering any expenses incurred by or on behalf of the
        Servicer in connection with obtaining such proceeds, (ii) applied to the
        restoration or repair of the related Mortgaged Property, (iii) released to
        the
        Mortgagor in accordance with the Servicer’s normal servicing procedures or (iv)
        required to be paid to any holder of a mortgage senior to such Mortgage
        Loan.

       

      “Interest
        Period”: With respect to the Adjustable Rate Notes, the period from the
        preceding Payment Date (or in the case of the first Payment Date, from the
        Closing Date) through the day preceding the applicable Payment Date, calculated
        on the basis of a 360-day year and the actual number of days in the applicable
        Interest Period. With respect to the Fixed Rate Notes and any Payment Date,
        the
        calendar month preceding the month in which such Payment Date occurs, which
        such
        calendar month shall be deemed to have 30 days. 

       

      With
        respect to the Class N Notes and any Payment Date other than the Payment
        Date in
        October 2006, the period from and including the
        Payment Date occurring in the
        immediately
        preceding
        month
and
        ending on the day
        immediately preceding such Payment Date.
        With
        respect to the Class
        N
        Notes
        and the
        Payment Date in October
        2006, the period from and including the Closing Date and ending on October
        24,
        2006.
        Notwithstanding
        the foregoing, each Interest Period for the Class N Notes will be calculated
        on
        the basis of a 360-day year comprised of twelve 30-day months, and, after
        the
        first Interest Period, will be deemed to be 30 days, regardless of its actual
        length.

       

      “Interest
        Rate Adjustment Date”: With respect to each adjustable-rate Mortgage Loan, the
        date or dates on which the Loan Rate is subject to adjustment in accordance
        with
        the related Mortgage Note.

       

      “Interest
        Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
        Border) dated as of September 28, 2006 (together with the schedule thereto,
        the
        Master Agreement) between the Swap Provider and the Trust and a confirmation
        of
        the same date, which supplements and forms part of the Master
        Agreement.

       

      “Investment
        Company Act”: The Investment Company Act of 1940, as amended, and any amendments
        thereto.

       

      “IRS”:
        The Internal Revenue Service.

       

      “Issuer”:
        Renaissance Home Equity Loan Trust 2006-3, a Delaware statutory trust, or
        its
        successor in interest.

       

      “Issuer
        Request”: A written order or request signed in the name of the Issuer by any one
        of its Authorized Officers and delivered to the Indenture Trustee.

       

      “LIBOR
        Business Day”: Any day other than (i) a Saturday or a Sunday or (ii) a day on
        which banking institutions in the State of New York or in the city of London,
        England are required or authorized by law to be closed.

       

      “Lien”:
        Any mortgage, deed of trust, pledge, conveyance, hypothecation, assignment,
        participation, deposit arrangement, encumbrance, lien (statutory or other),
        preference, priority right or interest or other security agreement or
        preferential arrangement of any kind or nature whatsoever, including, without
        limitation, any conditional sale or other title retention agreement, any
        financing lease having substantially the same economic effect as any of the
        foregoing and the filing of any financing statement under the UCC (other
        than
        any such financing statement filed for informational purposes only) or
        comparable law of any jurisdiction to evidence any of the foregoing; provided,
        however, that any assignment pursuant to Section 5.04 of the Servicing Agreement
        shall not be deemed to constitute a Lien.

       

      “Lifetime
        Rate Cap”: With respect to each adjustable-rate Mortgage Loan, the maximum Loan
        Rate permitted over the life of such Mortgage Loan, as provided by the terms
        of
        the related Mortgage Note.

       

      “Liquidated
        Mortgage Loan”: As to any Payment Date, a Mortgage Loan with respect to which
        the Servicer has determined, in accordance with the servicing procedures
        specified herein as of the end of the preceding related Prepayment Period,
        that
        all Liquidation Proceeds which it expects to recover with respect to such
        Mortgage Loan (including the disposition of the related REO Property) have
        been
        received.

       

      “Liquidation
        Loan Losses”: For each Liquidated Mortgage Loan the amount, if any, by which the
        Principal Balance thereof plus accrued and unpaid interest thereon is in
        excess
        of the Net Liquidation Proceeds realized with respect thereto.

       

      “Liquidation
        Proceeds”: Proceeds (including Insurance Proceeds) received in connection with
        the liquidation of any Mortgage Loan or related REO Property, whether through
        trustee’s sale, foreclosure sale or otherwise, other than Subsequent
        Recoveries.

       

      “Loan
        Group”: Either Loan Group I or Loan Group II.

       

      “Loan
        Group I”: The Mortgage Loans identified on the Mortgage Loan Schedule as being
        part of Loan Group I.

       

      “Loan
        Group II”: The Mortgage Loans identified on the Mortgage Loan Schedule as being
        part of Loan Group II.

       

      “Loan
        Index”: With respect to each Interest Rate Adjustment Date for each
        adjustable-rate Mortgage Loan that is identified on the Mortgage Loan Schedule
        as having a LIBOR Loan Index, the average of the interbank offered rate for
        six-month U.S. dollar denominated deposits in the London Market, as determined
        according to the terms of the related Note.

       

      “Loan
        Rate”: With respect to any Mortgage Loan as of any day, the per annum rate of
        interest applicable under the related Mortgage Note to the calculation of
        interest for such day on the Principal Balance.

       

      “Maintenance”:
        With respect to any Cooperative Unit, the rent paid by the Mortgagor to the
        Cooperative Corporation pursuant to the Proprietary Lease.

       

      “Majority
        Certificateholder”: A Holder of a 50.01% or greater Certificate Percentage
        Interest of the Certificates.

       

      “Margin”:
        As to any adjustable-rate Mortgage Loan, the percentage set forth as the
        “Margin” for such Mortgage Loan on the Mortgage Loan Schedule.

       

      “Master
        Servicer”: Wells Fargo Bank, N.A., a national banking association or any
        successor thereto or any successor under the Servicing Agreement.

       

      “Master
        Servicer Event of Default”: As defined in Section 6.03 of the Servicing
        Agreement.

       

      “Master
        Servicing Fee”: As to each Payment Date and each Mortgage Loan, the monthly fee
        payable to the Master Servicer, which is calculated as an amount equal to
        the
        product of one-twelfth of the Master Servicing Fee Rate and the Principal
        Balance thereof at the beginning of the related Due Period.

       

      “Master
        Servicing Fee Rate”: For any Payment Date, 0.0150% per annum.

       

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

       

      “MERS”:
        Mortgage Electronic Registration Systems, Inc., a corporation organized and
        existing under the laws of the State of Delaware, or any successor
        thereto.

       

      “MERS
        Mortgage Loan”: Any Mortgage Loan registered with MERS on the MERS
        System.

       

      “MERS®
        System”: The system of recording transfers of mortgages electronically
        maintained by MERS.

       

      “Mezzanine
        Notes”: The Class M Notes.

       

      “MIN”:
        The Mortgage Identification Number for any MERS Mortgage Loan.

       

      “MOM
        Loan”: Any Mortgage Loan as to which MERS is acting as mortgagee, solely as
        nominee for the originator of such Mortgage Loan and its successors and
        assigns.

       

      “Monthly
        Advance”: An advance made by the Servicer or the Master Servicer pursuant to
        Section 3.15 or Section 4.13 of the Servicing Agreement,
        respectively.

       

      “Monthly
        Payment”: The scheduled monthly payment of principal and/or interest required to
        be made by a Mortgagor on the related Mortgage Loan.

       

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

       

      “Mortgage”:
        The mortgage, deed of trust or other instrument creating a first or second
        lien
        on an estate in fee simple interest in real property securing a Mortgage
        Loan.

       

      “Mortgage
        File”: The mortgage documents listed in Section 2.1 of the Mortgage Loan Sale
        and Contribution Agreement pertaining to a particular Mortgage Loan and any
        additional documents required to be added to the Mortgage File pursuant to
        the
        Mortgage Loan Sale and Contribution Agreement.

       

      “Mortgage
        Loan Sale and Contribution Agreement”: The mortgage loan sale and contribution
        agreement, dated September 28, 2006, between the Seller and the
        Depositor.

       

      “Mortgage
        Loan Schedule”: With respect to any date, the schedule of Mortgage Loans
        constituting assets of the Trust, which on the Closing Date shall be the
        schedule set forth herein as Exhibit B, which schedule sets forth as to each
        Mortgage Loan: (i) the Cut-Off Date Principal Balance, (ii) the account number,
        (iii) the original principal amount, (iv) the CLTV as of the date of the
        origination of the related Mortgage Loan, (v) the Due Date, (vi) the Loan
        Rate
        as of the Cut-Off Date, (vii) the first date on which a Monthly Payment is
        or
        was due under the Mortgage Note, (viii) the original stated maturity date
        of the
        Mortgage Note and if the Mortgage Loan is a Balloon Loan, the amortization
        terms, (ix) the remaining number of months to maturity as of the Cut-Off
        Date,
        (x) the state in which the related Mortgaged Property is situated, (xi) the
        type
        of property, (xii) the lien status, (xiii) whether the Mortgage Loan is a
        MERS
        Mortgage Loan and, if so, its corresponding MIN, (xiv) the applicable Loan
        Group
        and (xv) with respect to each adjustable-rate Mortgage Loan, (a) the Periodic
        Rate Cap, (b) the Margin, (c) the Lifetime Rate Cap and (d) the next Interest
        Rate Adjustment Date after the Cut-Off Date. The Seller shall indicate to
        the
        Indenture Trustee, Master Servicer and Securities Administrator which Mortgage
        Loans, if any, are Cooperative Loans. The Mortgage Loan Schedule will be
        amended
        by the Seller from time to time to reflect the substitution of an Eligible
        Substitute Mortgage Loan for a Defective Mortgage Loan from time to time
        hereunder.

       

      “Mortgage
        Loans”: The mortgage loans that are transferred and assigned to the Indenture
        Trustee, on behalf of the Trust, on the Closing Date, together with the Related
        Documents, and are held by the Custodian on behalf of the Indenture Trustee
        as a
        part of the Trust, exclusive of Mortgage Loans that are transferred to the
        Seller or the Servicer, as the case may be, from time to time pursuant to
        Section 2.1(f) or 3.2 of the Mortgage Loan Sale and Contribution Agreement
        or
        Section 3.16 of the Servicing Agreement, such mortgage loans originally so
        held
        being identified in the Mortgage Loan Schedule, set forth on Exhibit B hereto,
        delivered on the Closing Date.

       

      “Mortgage
        Note”: With respect to a Mortgage Loan, the note pursuant to which the related
        mortgagor agrees to pay the indebtedness evidenced thereby which is secured
        by
        the related Mortgage.

       

      “Mortgaged
        Property”: The underlying property, including real property and improvements
        thereon, securing a Mortgage Loan, which, with respect to a Cooperative Loan,
        is
        the related Cooperative Shares and Proprietary Lease.

       

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

       

      “Net
        Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan, Liquidation
        Proceeds, net of unreimbursed Servicing Fees, Master Servicing Fees, Servicing
        Advances and Monthly Advances with respect thereto.

       

      “Net
        Swap
        Payment”: In the case of payments made by the Trust, the excess, if any, of (x)
        the Fixed Swap Payment over (y) the Floating Swap Payment and in the case
        of
        payments made by the Swap Provider, the excess, if any, of (x) the Floating
        Swap
        Payment over (y) the Fixed Swap Payment. In each case, the Net Swap Payment
        shall not be less than zero.

       

      “Ninety
        Day Delinquency Rate”: As to any Payment Date, the percentage equivalent of a
        fraction, the numerator of which is the aggregate Principal Balances of (a)
        Mortgage Loans that are ninety (90) or more days delinquent as of the last
        day
        of the related Prepayment Period, (b) all REO Property and (c) Mortgage Loans
        in
        foreclosure or in bankruptcy and the denominator of which is the Pool Balance
        as
        of the last day of the related Due Period.

       

      “Nonrecoverable
        Advances”: With respect to any Mortgage Loan, (i) any Servicing Advance or
        Monthly Advance previously made and not reimbursed pursuant to Section 3.03(ii)
        or Section 4.13 of the Servicing Agreement or (ii) a Servicing Advance or
        Monthly Advance proposed to be made in respect of a Mortgage Loan or REO
        Property which, in the good faith business judgment of the Servicer or the
        Master Servicer, as applicable, as evidenced by an Officer’s Certificate
        delivered to the Seller, the Master Servicer, the Securities Administrator
        and
        the Indenture Trustee no later than the Business Day following such
        determination, would not be ultimately recoverable pursuant to Section 3.03(ii)
        or Section 4.13 of the Servicing Agreement.

       

      “Note”:
        Any Offered Note or Class N Note.

       

      “Note
        Balance”: As of any date of determination, the aggregate Class Note Balance of
        the Offered Notes or the Class N Notes, as applicable.

       

      “Note
        Group”: Either the Group I or the Group II Notes.

       

      “Note
        Index”: The rate for one month United States dollar deposits quoted on Telerate
        Page 3750 as of 11:00 A.M., London time, on the second LIBOR Business Day
        prior
        to the first day of any Interest Period relating to the Adjustable Rate Notes.
        “Telerate Page 3750” means the display designated as page 3750 on Bridge
        Telerate Service (or such other page as may replace page 3750 on that service
        for the purpose of displaying London interbank offered rates of major banks).
        If
        such rate does not appear on such page or such other page as may replace
        that
        page on that service (or if such service is no longer offered, such other
        service for displaying LIBOR or comparable rates as may be reasonably selected
        by the Securities Administrator after consultation with the Seller), the
        rate
        will be the Reference Bank Rate. If no such quotations can be obtained and
        no
        Reference Bank Rate is available, the Note Index will be the Note Index
        applicable to the preceding Payment Date. On the second LIBOR Business Day
        immediately preceding each Payment Date, the Securities Administrator shall
        determine the Note Index for the Interest Period commencing on such Payment
        Date
        and inform the Seller and the Servicer of such rate.

       

      “Note
        Margin”: As to any Adjustable Rate Note, the respective amount set forth
        below:

       

      
        	
                Class

              	
                  Note
                  Margin  

              
	 	
                (1)

              	
                (2)

              
	
                Class
                  AV-1

              	
                0.060%

              	
                0.120%

              
	
                Class
                  AV-2

              	
                0.150%

              	
                0.300%

              
	
                Class
                  AV-3

              	
                0.240%

              	
                0.480%

              

      

      __________

      (1) On
        or
        before the Optional Redemption Date.

      (2) After
        the
        Optional Redemption Date.

       

      “Note
        Owner”: The Person who is the beneficial owner of a Book-Entry
        Note.

       

      “Note
        Rate”: The Note Rate for any Interest Period with respect to the Adjustable-Rate
        Notes, will equal the lesser of (a) the sum of the Note Index and the Note
        Margin, (b) 14.00%, and (c) the Group
        I
        Available Funds Rate.
        The
        Note Rate for any Interest Period with respect to the Fixed-Rate Notes, will
        equal the applicable fixed interest rate listed in the table below.

       

      As
        to any
        Class of Fixed-Rate Notes, the respective per annum rate set forth or described
        below:

       

      
        	
                Class

              	
                Rate

              
	
                Class
                  AF-1

              	
                5.917%
                  per annum(1)

              
	
                Class
                  AF-2

              	
                5.580%
                  per annum(1)

              
	
                Class
                  AF-3

              	
                5.586%
                  per annum(1)

              
	
                Class
                  AF-4

              	
                5.812%
                  per annum(1)

              
	
                Class
                  AF-5

              	
                6.120%
                  per annum(1)

              
	
                Class
                  AF-6

              	
                5.731%
                  per annum(1)

              
	
                Class
                  M-1

              	
                6.019%
                  per annum(1)

              
	
                Class
                  M-2

              	
                6.068%
                  per annum(1)

              
	
                Class
                  M-3

              	
                6.118%
                  per annum(1)

              
	
                Class
                  M-4

              	
                6.217%
                  per annum(1)

              
	
                Class
                  M-5

              	
                6.266%
                  per annum(1)

              
	
                Class
                  M-6

              	
                6.484%
                  per annum(1)

              
	
                Class
                  M-7

              	
                6.959%
                  per annum(1)

              
	
                Class
                  M-8

              	
                7.157%
                  per annum(1)

              
	
                Class
                  M-9

              	
                7.500%
                  per annum(1)

              
	
                Class
                  N-1

              	
                6.414%
                  per annum(1)

              
	
                Class
                  N-2

              	
                8.595%
                  per annum(1)

              

      

      
        	 	
                _________________

              	 

      

      (1)  
         As
        to (i)
        any Payment Date on or before the Optional Redemption Date, the fixed rate
        of
        interest shown above and (ii) any Payment Date after the Optional Redemption
        Date, the sum of the fixed interest rate shown above and 0.50%.

       

       

      “Note
        Register and Note Registrar”: The register maintained and the registrar
        appointed pursuant to Section 4.02.

       

      “Noteholder
        or Holder”: The Person in whose name a Note is registered in the Note Register,
        except that, solely for the purpose of giving any consent, direction, waiver
        or
        request pursuant to this Indenture, (x) any Note registered in the name of
        the
        Seller or the Depositor or any Person known to a Responsible Officer to be
        an
        Affiliate of the Seller or the Depositor and (y) any Note for which the Seller
        or the Depositor or any Person known to a Responsible Officer to be an Affiliate
        of the Seller or the Depositor is the Note Owner or Holder shall be deemed
        not
        to be outstanding (unless to the knowledge of a Responsible Officer (i) the
        Seller or such Affiliate is acting as trustee or nominee for a Person who
        is not
        an Affiliate of such Seller or the Depositor and who makes the voting decision
        with respect to such Notes or (ii) the Seller or the Depositor or such Affiliate
        is the Note Owner or Holder of all the Notes of a Class, but only with respect
        to the Class as to which the Seller or the Depositor or such Affiliate owns
        all
        the Notes) and the Percentage Interest evidenced thereby shall not be taken
        into
        account in determining whether the requisite amount of Percentage Interests
        necessary to effect any such consent, direction, waiver or request has been
        obtained.

       

      “OC
        Floor”: An amount equal to 0.50% of the Cut-Off Date Pool Balance.

       

      “Offered
        Notes”: The Senior Notes and the Mezzanine Notes.

       

      “Officer’s
        Certificate”: A certificate signed by the President, an Executive Vice
        President, a Senior Vice President, a First Vice President, a Vice President,
        Assistant Vice President, the Treasurer, Assistant Treasurer, Assistant
        Secretary, Controller or Assistant Controller of the Servicer or the Master
        Servicer and delivered to the Indenture Trustee, the Master Servicer, the
        Securities Administrator or the Custodian. With respect to the Issuer, a
        certificate signed by any Authorized Officer of the Issuer.

       

      “Opinion
        of Counsel”: A written opinion of counsel reasonably acceptable to the Indenture
        Trustee and the Securities Administrator, who may be in-house counsel for
        the
        Servicer, the Master Servicer, the Depositor or the Seller and who, in the
        case
        of opinions delivered to each Rating Agency, is reasonably acceptable to
        it.

       

      “Optional
        Redemption Date”: The Payment Date following the Due Period at the end of which
        the Pool Balance is less than 10% of the Cut-Off Date Pool Balance.

       

      “Originator”:
        Delta Funding Corporation, a New York corporation, or any successor
        thereto.

       

      “Outstanding”:
        With respect to the Notes, as of the date of determination, all Notes
        theretofore executed, authenticated and delivered under this Indenture
        except:

       

      (i) Notes
        theretofore canceled by the Note Registrar or delivered to the Securities
        Administrator for cancellation; and

       

      (ii) Notes
        in
        exchange for or in lieu of which other Notes have been executed, authenticated
        and delivered pursuant to the Indenture unless proof satisfactory to the
        Securities Administrator is presented that any such Notes are held by a holder
        in due course;

       

      “Outstanding
        Class Interest Carryover Shortfall”: As to any Class of Offered Notes and any
        Payment Date, the amount of Class Interest Carryover Shortfall for such Payment
        Date.

       

      “Overcollateralization
        Amount”: As to any Payment Date, the excess, if any, of (i) the Pool Balance as
        of the end of the related Due Period over (ii) the aggregate Class Note Balance
        of the Offered Notes after giving effect to the payment of the Principal
        Payment
        Amount on such Payment Date.

       

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

       

      “Owner
        Trust”: The corpus of the Issuer created by the Trust Agreement which consists
        of items referred to in Section 3.01 of the Trust Agreement.

       

      “Owner
        Trustee”: Wilmington Trust Company, acting not in its individual capacity but
        solely as Owner Trustee, and its successors and assigns or any successor
        owner
        trustee appointed pursuant to the terms of the Trust Agreement.

       

      “Paying
        Agent”: Any paying agent appointed pursuant to Section 3.03 of the
        Indenture.

       

      “Payment
        Account”: The account established and maintained by the Securities Administrator
        pursuant to Section 3.01. The Payment Account shall be an Eligible
        Account.

       

      “Payment
        Date”: The 25th
        day of
        each month, or, if such day is not a Business Day, then the next Business
        Day,
        beginning in October 2006.

       

      “Percentage
        Interest”: With respect to any Note, the percentage obtained by dividing the
        Class Note Balance of such Note by the aggregate Class Note Balances of all
        Notes of that Class. With respect to any Note, the percentage as stated on
        the
        face thereof.

       

      “Periodic
        Rate Cap”: With respect to each adjustable-rate Mortgage Loan with respect to
        which the related Mortgage Note provides for a periodic rate cap, the maximum
        percentage increase or decrease in the Loan Rate permitted for such Mortgage
        Loan over the Loan Rate in effect as of an Interest Rate Adjustment Date,
        as set
        forth on the Mortgage Loan Schedule.

       

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

       

      “Plan”:
        Any employee benefit plan or certain other retirement plans and arrangements,
        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 are subject
        to
        ERISA or Section 4975 of the Code.

       

      “Plan
        Assets”: Assets of a Plan within the meaning of Department of Labor regulation
        29 C.F.R. § 2510.3-101.

       

      “Pool
        Balance”: With respect to any date of determination, the aggregate Principal
        Balance of the Mortgage Loans as of the applicable date.

       

      “Prepayment
        Charge”: As to a Mortgage Loan, any charge to be paid by a Mortgagor in
        connection with certain partial prepayments and all prepayments in full made
        during the related Prepayment Charge Period, the Prepayment Charges with
        respect
        to each applicable Mortgage Loan so held by the Trust being identified in
        the
        Prepayment Charge Schedule (other than any Prepayment Charge Payment
        Amount).

       

      “Prepayment
        Charge Payment Amount”: The amounts payable by the Seller or the Servicer, as
        the case may be, pursuant to Section 3.1 of the Mortgage Loan Sale and
        Contribution Agreement and Section 3.21 of the Servicing Agreement.

       

      “Prepayment
        Charge Period”: As to any Mortgage Loan, the period of time, if any, during
        which a Prepayment Charge may be imposed.

       

      “Prepayment
        Charge Schedule”: As of any date, the list of Mortgage Loans subject to
        Prepayment Charges included in the Trust on such date, attached hereto as
        Exhibit B (including the prepayment charge summary attached thereto). The
        Prepayment Charge Schedule shall set forth the following information with
        respect to each such Mortgage Loan subject to a Prepayment Charge:

       

      (i)  the
        Mortgage Loan account number;

       

      (ii)  a
        code
        indicating the type of Prepayment Charge;

       

      (iii)  the
        first
        date on which a Monthly Payment is or was due under the related Mortgage
        Note;

       

      (iv)  the
        original term of the Prepayment Charge;

       

      (v)  the
        Cut-Off Date Principal Balance of the related Mortgage Loan; and

       

      (vi)  the
        remaining term of the Prepayment Charge.

       

      The
        Prepayment Charge Schedule shall be amended by the Seller and delivered to
        the
        Indenture Trustee, the Securities Administrator, the Master Servicer and
        the
        Servicer from time to time in accordance with the provisions of the Mortgage
        Loan Sale and Contribution Agreement, and the Indenture Trustee, the Securities
        Administrator, the Master Servicer and the Servicer shall have no responsibility
        to recalculate or otherwise review the information set forth
        therein.

       

      “Prepayment
        Interest Shortfall”: With respect to any Payment Date, for each Mortgage Loan
        that was the subject during the related Prepayment Period of a voluntary
        Principal Prepayment (other than Principal Prepayments in full that occur
        during
        the portion of the related Prepayment Period that is in the same calendar
        month
        as the Payment Date), an amount equal to the excess, if any, of (i) 30 days
        of
        accrued interest on the Principal Balance of such Mortgage Loan at the Loan
        Rate
        (or at such lower rate as may be in effect for such Mortgage Loan pursuant
        to
        application of the Civil Relief Act), net of the Servicing Fee Rate (which
        shall
        constitute payment of the Servicing Fee with respect to such Mortgage Loan),
        with respect to the Servicer’s obligation in respect of any Prepayment Interest
        Shortfall and net of the Master Servicing Fee Rate (which shall constitute
        payment of the Master Servicing Fee with respect to such Mortgage Loan),
        with
        respect to the Master Servicer’s obligation in respect of any Prepayment
        Interest Shortfall, over (ii) the amount of interest actually remitted by
        the
        Mortgagor in connection with such Principal Prepayment.

       

      “Prepayment
        Period”: With respect to any Payment Date and any Principal Prepayment in full,
        the period from the 16th
        day of
        the calendar month preceding the month in which such Payment Date occurs
        (or in
        the case of the first Payment Date, from the related Cut-off Date) through
        the
        15th
        day of
        the month in which such Payment Date occurs. With respect to any Payment
        Date
        and any Curtailment, the calendar month preceding such Payment
        Date.

       

      “Principal
        Balance”: With respect to any date and as to any Mortgage Loan, other than a
        Liquidated Mortgage Loan, the related Cut-Off Date Principal Balance, minus
        all
        collections credited against the Cut-Off Date Principal Balance of such Mortgage
        Loan, as of such date. For purposes of this definition, a Liquidated Mortgage
        Loan shall be deemed to have a Principal Balance equal to the Principal Balance
        of the related Mortgage Loan immediately prior to the final recovery of related
        Liquidation Proceeds and a Principal Balance of zero thereafter.

       

      “Principal
        Payment Amount”: With respect to any Payment Date, the lesser of (1) the
        aggregate Class Note Balance of the Offered Notes immediately preceding such
        Payment Date and (2) the sum of (x) the Aggregate Principal Amount for such
        Payment Date minus the Excess Overcollateralization Amount, if any, for such
        Payment Date and (y) the Subordination Increase Amount, if any, for such
        Payment
        Date. On the first Payment Date, the Principal Payment Amount will also include
        the Initial Deposit.

       

      “Principal
        Prepayment”: Any payment or other recovery of principal on a Mortgage Loan equal
        to the outstanding principal balance thereof, received in advance of the
        final
        scheduled Due Date which is intended to satisfy a Mortgage Loan in full (without
        regard to any Prepayment Charge that may have been collected by the Servicer
        in
        connection with such payment of principal).

       

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

       

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

       

      “Prospectus”:
        The base prospectus of the Depositor dated September 7, 2006.

       

      “Prospectus
        Supplement”: The prospectus supplement dated September 8, 2006 relating to the
        offering of the Offered Notes.

       

      “Purchase
        Price”: As to any Mortgage Loan repurchased on any date pursuant to Section
        2.1(f) or 3.1 of the Mortgage Loan Sale and Contribution Agreement or Section
        3.16 of the Servicing Agreement, an amount equal to the sum of (i) the unpaid
        Principal Balance thereof, (ii) the greater of (a) all unpaid accrued interest
        thereon to the end of the Due Period preceding the Payment Date on which
        such
        Purchase Price is included in Available Funds and (b) thirty (30) days’ interest
        thereon, computed at the applicable Loan Rate; provided, however, that if
        the
        purchaser is the Servicer, the amount described in clause (ii) shall be computed
        at the Loan Rate net of the Servicing Fee Rate (which shall constitute payment
        of the Servicing Fee with respect to such Mortgage Loan), (iii) if the purchaser
        is the Seller, (x) any unreimbursed Servicing Advances with respect to such
        Mortgage Loan and (y) expenses reasonably incurred or to be incurred by the
        Servicer, the Master Servicer, the Securities Administrator, the Trust or
        the
        Indenture Trustee in respect of the breach or defect giving rise to the purchase
        obligation, including costs due to any violations of any predatory or abusive
        lending law and (iv) the amount of any penalties, fines, forfeitures, legal
        fees
        and related costs, judgments and any other costs, fees and expenses incurred
        by
        or imposed on the Indenture Trustee, the Servicer, the Master Servicer, the
        Securities Administrator or the Trust or with respect to which any of them
        are
        liable arising from a breach by the Seller of its representations and warranties
        in the Mortgage Loan Sale and Contribution Agreement.

       

      “Qualified
        REIT Subsidiary”: A qualified REIT subsidiary within the meaning of Section
        856(i)(2) of the Code.

       

      “Rating
        Agency”: Initially Moody’s, S&P and Fitch, and their successors and assigns.
        If such agency or a successor is no longer in existence, “Rating Agency” shall
        include such other statistical credit rating agency, or other comparable
        Person,
        designated by the Depositor, notice of which designation shall be given to
        the
        Indenture Trustee and the Securities Administrator. References herein to
        the
        highest short term unsecured rating category of a Rating Agency shall mean
“A-1”
or better in the case of S&P and “P-1” or better in the case of Moody’s.
        References herein to the highest long-term rating category of a Rating Agency
        shall mean “AAA” in the case of S&P and “Aaa” in the case of
        Moody’s.

       

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

       

      “Record
        Date”: As to the Fixed Rate Notes and any Payment Date, the last Business Day
        of
        the month immediately preceding the month in which the related Payment Date
        occurs. As to the Adjustable Rate Notes and Class N Notes and any Payment
        Date,
        the Business Day preceding such Payment Date (except in the case of the first
        Payment Date, for which the Record Date shall be the Closing Date); provided,
        however, that if the Adjustable Rate Notes or the Class N Notes are no longer
        Book-Entry Notes, the “Record Date” shall be the last Business Day of the month
        immediately preceding the month in which the related Payment Date
        occurs.

       

      “Redemption
        Price”: As defined in Section 8.07 of the Indenture.

       

      “Reference
        Bank Rate”: As to any Interest Period relating to the Adjustable Rate Notes as
        follows: the arithmetic mean (rounded upwards, if necessary, to the nearest
        one
        sixteenth of a percent) of the offered rates for United States dollar deposits
        for one month which are offered by the Reference Banks as of 11:00 A.M.,
        London
        time, on the second LIBOR Business Day prior to the first day of such Interest
        Period to prime banks in the London interbank market for a period of one
        month
        in amounts approximately equal to the aggregate Class Note Balance of the
        Adjustable Rate Notes; provided that at least two such Reference Banks provide
        such rate. If fewer than two offered rates appear, the Reference Bank Rate
        will
        be the arithmetic mean of the rates quoted by one or more major banks in
        New
        York City, selected by the Securities Administrator after consultation with
        the
        Seller, as of 11:00 A.M., New York City time, on such date for loans in U.S.
        Dollars to leading European Banks for a period of one month in amounts
        approximately equal to the aggregate Class Note Balance of the Adjustable
        Rate
        Notes. If no such quotations can be obtained, the Reference Bank Rate shall
        be
        the Reference Bank Rate applicable to the preceding Interest
        Period.

       

      “Reference
        Banks”: Three major banks that are engaged in the London interbank market,
        selected by the Seller after consultation with the Securities
        Administrator.

       

      “Registered
        Holder”: The Person in whose name a Note is registered in the Note Register on
        the applicable Record 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.

       

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

       

      “Regulation
        S Global Security”: The meaning specified in Section 4.06(b).

       

      “Related
        Documents”: With respect to each Mortgage Loan, the documents specified in
        Section 2.1(b) of the Mortgage Loan Sale and Contribution Agreement and any
        documents required to be added to such documents pursuant to the Mortgage
        Loan
        Sale and Contribution Agreement, the Trust Agreement, Indenture or the Servicing
        Agreement.

       

      “Released
        Mortgaged Property Proceeds”: As to any Mortgage Loan, proceeds received by the
        Servicer in connection with (a) a taking of an entire Mortgaged Property
        by
        exercise of the power of eminent domain or condemnation or (b) any release
        of
        part of the Mortgaged Property from the lien of the related Mortgage, whether
        by
        partial condemnation, sale or otherwise, which are not released to the Mortgagor
        in accordance with applicable law and mortgage servicing standards the Servicer
        would use in servicing mortgage loans for its own account and the Servicing
        Agreement.

       

      “Relevant
        Servicing Criteria”: The Servicing Criteria applicable to the various parties,
        as set forth on Exhibit J to the Servicing Agreement. For clarification
        purposes, multiple parties can have responsibility for the same Relevant
        Servicing Criteria. With respect to a Servicing Function Participant engaged
        by
        the Servicer, the Master Servicer, the Securities Administrator, the Trustee,
        and the Custodian, the term “Relevant Servicing Criteria” may refer to a portion
        of the Relevant Servicing Criteria applicable to such parties.

       

      “REO
        Property”: A Mortgaged Property that is acquired by the Servicer or the Master
        Servicer on behalf of the Trust in foreclosure or by deed in lieu of
        foreclosure.

       

      “Reportable
        Event”: The meaning set forth in Section 3.13(a)(iii) of the Servicing
        Agreement.

       

      “Reporting
        Servicer”: As set forth in Section 3.13(a)(iv) of the Servicing
        Agreement.

       

      “Required
        Overcollateralization Amount”: With respect to any Payment Date (a) prior to the
        Stepdown Date, the product of (x) 3.00% and (y) the Cut-Off Date Pool Balance
        and (b) on and after the Stepdown Date, the greater of (1) the lesser of
        (x) the
        product of 3.00% and the Cut-Off Date Pool Balance and (y) the product of
        6.00%
        and the Pool Balance as of the end of the related Due Period and (2) the
        OC
        Floor.

       

      Notwithstanding
        the foregoing, on each Payment Date during the continuance of (a) a Delinquency
        Event (whether or not a Cumulative Loss Event is continuing), the Required
        Overcollateralization Amount will equal the Required Overcollateralization
        Amount in effect as of the immediately preceding Payment Date or (b) a
        Cumulative Loss Event (and a Delinquency Event is not then continuing), the
        Required Overcollateralization Amount will equal the lesser of (x) the Required
        Overcollateralization Amount in effect as of the immediately preceding Payment
        Date and (y) the product of 12.00% and the Pool Balance as of the end of
        the
        related Due Period; but the Required Overcollateralization Amount will never
        be
        less than the OC Floor.

       

      “Residential
        Dwelling”: A one- to five-family dwelling, a five- to eight-family dwelling, a
        mixed use property, a unit in a planned unit development, a unit in a
        condominium development, a townhouse, a unit in a cooperative or a mobile
        home
        treated as real property under local law.

       

      “Responsible
        Officer”: When used with respect to the Securities Administrator, any officer
        assigned to the corporate trust group (or any successor thereto), including
        any
        executive vice president, senior vice president, first vice president, vice
        president, assistant vice president, controller, assistant controller, trust
        officer, any assistant secretary, any trust officer or any other officer
        of the
        Trustee customarily performing functions similar to those performed by any
        of
        the above designated officers and having direct responsibility for the
        administration of this Agreement. When used with respect to the Indenture
        Trustee, any officer in the Corporate Trust Office with direct responsibility
        for the administration of the Basic Documents. When used with respect to
        the
        Depositor, the Seller, the Master Servicer or Servicer, the President or
        any
        Vice President, Assistant Vice President or any Secretary or Assistant
        Secretary.

       

      “Restricted
        Global Security”: The meaning specified in Section 4.06(b).

       

      “Rule
        144A”: Rule 144A under the 1933 Act.

       

      “S&P”:
        Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies,
        Inc.

       

      “SAIF”:
        The Savings Association Insurance Fund, as from time to time constituted,
        created under the Financial Institutions Reform, Recovery and Enhancement
        Act of
        1989, or, if at any time after the execution of this Agreement the Savings
        Association Insurance Fund is not existing and performing duties now assigned
        to
        it, the body performing such duties on such date.

       

      “Sarbanes-Oxley
        Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the
        Commission promulgated thereunder (including any interpretations thereof
        by the
        Commission’s staff).

       

      “Sarbanes-Oxley
        Certification”: A written certification signed by an officer of the Master
        Servicer that complies with (i) the Sarbanes-Oxley Act, and (ii) Exchange
        Act
        Rules 13a-14(d) and 15d-14(d), as in effect from time to time; provided that
        if,
        after the Closing Date (a) the Sarbanes-Oxley Act is amended, (b) the Rules
        referred to in clause (ii) are modified or superseded by any subsequent
        statement, rule or regulation of the Commission or any statement of a division
        thereof, or (c) any future releases, rules and regulations are published
        by the
        Commission from time to time pursuant to the Sarbanes-Oxley Act, which in
        any
        such case affects the form or substance of the required certification and
        results in the required certification being, in the reasonable judgment of
        the
        Master Servicer, materially more onerous that then form of the required
        certification as of the Closing Date, the Sarbanes-Oxley Certification shall
        be
        as agreed to by the Master Servicer and the Depositor following a negotiation
        in
        good faith to determine how to comply with any such new
        requirements.

       

      “Securities
        Act”: The Securities Act of 1933, as amended, and the rules and regulations
        thereunder.

       

      “Securities
        Administrator”: Wells Fargo Bank, N.A., a national banking association or any
        successor thereto or any successor hereunder.

       

      “Securities
        Administrator Information”: As defined in Section 3.13 of the Servicing
        Agreement.

       

      “Security
        Agreement”: With respect to any Cooperative Loan, the agreement between the
        owner of the related Cooperative Shares and the originator of the related
        Mortgage Note, which defines the terms of the security interest in such
        Cooperative Shares and the related Proprietary Lease.

       

      “Seller”:
        Renaissance REIT Investment Corp.

       

      “Senior
        Note”: Any Class AV Note or Class AF Note.

       

      “Senior
        Noteholder”: The Holder of a Senior Note.

       

      “Senior
        Enhancement Percentage”: As to any Payment Date, the percentage equivalent of a
        fraction, the numerator of which is the sum of (i) the aggregate Class Note
        Balances of the Mezzanine Notes and (ii) the Overcollateralization Amount
        (in
        each case, on the prior Payment Date) and the denominator of which is the
        Pool
        Balance as of the last day of the prior Due Period.

       

      “Senior
        Principal Payment Amount”: With respect to (a) any Payment Date prior to the
        Stepdown Date or during the continuation of a Delinquency Event, the lesser
        of
        (1) 100% of the Principal Payment Amount and (2) the aggregate Class Note
        Balance of the Senior Notes immediately prior to such Payment Date, and (b)
        any
        other Payment Date, an amount equal to the lesser of (1) the Principal Payment
        Amount and (2) the excess, if any, of (x) the aggregate Class Note Balance
        of
        the Senior Notes immediately prior to the applicable Payment Date over (y)
        the
        lesser of (A) 69.50% of the Pool Balance as of the last day of the related
        Due
        Period minus the Subordination Required Overcollateralization Amount for
        such
        Payment Date and (B) the Pool Balance as of the last day of the related Due
        Period minus the OC Floor.

       

      “Servicer”:
        Ocwen Loan Servicing, LLC, or any successor thereto or any successor
        hereunder.

       

      “Servicer
        Event of Default”: As defined in Section 6.01 of the Servicing
        Agreement.

       

      “Servicer
        Information”: As defined in Section 3.13 of the Servicing
        Agreement.

       

      “Servicer
        Reimbursement Amount”: As defined in Section 3.20 of the Servicing
        Agreement.

       

      “Servicer
        Termination Test”: The Servicer Termination Test is failed if either (x)
        Cumulative Net Losses for the Mortgage Loans exceed 5.10% of the aggregate
        Original Class Note Balance of the Offered Notes or (y) the most recent Three
        Month 90-Day Delinquency Rate exceeds 30%.

       

      “Servicing
        Advances”: All reasonable and customary “out of pocket” costs and expenses
        incurred prior to, on or after the Cut-Off Date in the performance by the
        Servicer of its servicing obligations under the Servicing Agreement, including,
        but not limited to, the cost of (i) the preservation, restoration and protection
        of the Mortgaged Property, (ii) any enforcement or judicial proceedings,
        including foreclosures and any litigation related to a Mortgage Loan, (iii)
        the
        management and liquidation of the REO Property, including reasonable fees
        paid
        to any independent contractor in connection therewith, (iv) compliance with
        the
        obligations under Section 3.04, 3.06 or 3.19 of the Servicing Agreement,
        (v) in
        connection with the liquidation of a Mortgage Loan, expenditures relating
        to the
        purchase or maintenance of the First Lien pursuant to Section 3.17 of the
        Servicing Agreement, all of which reasonable and customary out-of-pocket
        costs
        and expenses are reimbursable to the Servicer to the extent provided in Sections
        3.03(ii) and (vi) and 3.06 of the Servicing Agreement and (vi) correcting
        any
        outstanding title issues (i.e., any lien or encumbrance on the Mortgaged
        Property that prevents the effective enforcement of the intended lien position)
        not customarily processed internally by servicers in the servicing industry
        reasonably necessary for the Servicer to perform its obligations under the
        Servicing Agreement.

       

      “Servicing
        Agreement”: The Servicing Agreement dated as of September 28, 2006, among the
        Master Servicer, the Servicer, the Issuer, the Indenture Trustee and the
        Securities Administrator.

       

      “Servicing
        Certificate”: A certificate completed and executed by a Servicing Officer on
        behalf of the Servicer.

       

      “Servicing
        Compensation”: The Servicing Fee and other amounts to which the Servicer is
        entitled pursuant to Section 3.08 of the Servicing Agreement.

       

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

       

      “Servicing
        Fee”: As to each Payment Date and each Mortgage Loan, the monthly fee payable
        to
        the Servicer, which is calculated as an amount equal to the product of
        one-twelfth of the Servicing Fee Rate and the Principal Balance thereof at
        the
        beginning of the related Due Period.

       

      “Servicing
        Fee Rate”: For any Payment Date, 0.50% per annum, which shall not exceed 0.50%
        per annum upon the Optional Redemption of the Notes and shall survive the
        termination of the Servicing Agreement.

       

      “Servicing
        Function Participant”: Any Sub-Servicer, Subcontractor or any other Person,
        other than the Servicer, the Master Servicer, the Trustee, the Custodian
        and the
        Securities Administrator, that is determined to be “participating in the
        servicing function” within the meaning of Item 1122 of Regulation AB, without
        regard to any threshold referenced therein.

       

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

       

      “Servicing
        Rights Owner”: The Servicer or an Affiliate of the Servicer that has acquired or
        may acquire ownership of the servicing rights associated with the servicing
        rights and obligations under the Servicing Agreement.

       

      “Servicing
        Rights Pledgee”: As defined in Section 5.04 of the Servicing
        Agreement.

       

      “Servicing
        Transfer Costs”: All reasonable costs and expenses incurred by the Successor
        Servicer or the Successor Master Servicer in connection with the transfer
        of
        servicing from a predecessor Servicer or the transfer of master servicing
        from
        the predecessor Master Servicer, as applicable, including, without limitation,
        any reasonable costs or expenses associated with the complete transfer of
        all
        electronic servicing data and the completion, correction or manipulation
        of such
        electronic servicing data as may be required by the successor to correct
        any
        errors or insufficiencies in the servicing data or otherwise to enable the
        successor to service or master service, as applicable, the Mortgage Loans
        properly and effectively.

       

      “Significance
        Percentage”: The percentage equivalent of a fraction, the numerator of which is
        the net present value of the estimated future amounts payable under the Interest
        Rate Swap Agreement and the denominator of which is the aggregate Certificate
        Principal Balance of the Class A and Mezzanine Notes on such Distribution
        Date
        (after giving effect to all distributions on such Payment Date), in each
        case as
        determined pursuant to the Interest Rate Swap Agreement.

       

      “Sixty
        Day Delinquency Rate”: As to any Payment Date, the percentage equivalent of a
        fraction, the numerator of which is the aggregate Principal Balance of (a)
        Mortgage Loans that are 60 or more days delinquent, (b) Mortgage Loans that
        are
        60 or more days delinquent and in bankruptcy or foreclosure and (c) all REO
        Property, in each case, as of the last day of the preceding month, and the
        denominator of which is the Pool Balance as of the last day of the related
        Due
        Period.

       

      “Statutory
        Trust Statute”: Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code §§3801
        et seq., as the same may be amended from time to time.

       

      “Stepdown
        Date”: The earlier to occur of (x) the first Payment Date after the Payment Date
        on which the aggregate Class Note Balance of the Senior Notes is reduced
        to zero
        and (y) the later to occur of (A) the Payment Date in October 2009 and (B)
        the
        first Payment Date on which the Senior Enhancement Percentage (calculated
        for
        this purpose only after taking into account payments of principal on the
        mortgage loans, but prior to payment of the Principal Payment Amount to the
        Offered Notes then entitled to payments of principal on such Payment Date),
        is
        at least equal to 36.50%.

       

      “Stepped
        Fixed Rate Loan”: A Mortgage Loan having a fixed rate throughout its term, and a
        thirty year maturity without a balloon payments that is comprised of a fixed
        monthly payment based on a forty-year amortization during the first ten years
        of
        such Mortgage Loan’s term and a fixed monthly payment based on a twenty year
        amortization during the next twenty years of such Mortgage Loan’s
        term.

       

      “Strike
        Rate”: 5.1775% per annum.

       

      “Subcontractor”:
        Any vendor, subcontractor or other Person that is not responsible for the
        overall servicing of Mortgage Loans but performs one or more discrete functions
        identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
        under
        the direction or authority of the Servicer (or a Sub-Servicer of the Servicer),
        the Master Servicer, the Trustee, the Custodian or the Securities
        Administrator.

       

      “Subordination
        Deficiency”: As to any Payment Date, the excess, if any, of (i) the Required
        Overcollateralization Amount for such Payment Date over (ii) the
        Overcollateralization Amount for such Payment Date after giving effect to
        the
        payment of the Aggregate Principal Amount on such Payment Date.

       

      “Subordination
        Increase Amount”: As to any Payment Date, the lesser of (i) the Subordination
        Deficiency and (ii) the Excess Interest.

       

      “Subordination
        Required Overcollateralization Amount”: As to any Payment Date on which a
        Delinquency Event does not exist, the Required Overcollateralization Amount
        without giving effect to the OC Floor calculation. As to any other Payment
        Date,
        the Required Overcollateralization Amount.

       

      “Subsequent
        Recovery”: With respect to any Liquidated Mortgage Loan, an amount received in
        respect of principal on such Mortgage Loan which has previously been allocated
        as an Applied Realized Loss Amount to a Class or Classes of Notes net of
        reimburseable expenses.

       

      “Subservicer”:
        Any Person that services Mortgage Loans on behalf of the Servicer, and is
        responsible for the performance (whether directly or through sub-servicers
        or
        Subcontractors) of servicing functions required to be performed under this
        Agreement, the Servicing Agreement or any sub-servicing agreement that are
        identified in Item 1122(d) of Regulation AB.

       

      “Subservicing
        Agreement”: Any agreement between the Servicer and any Subservicer relating to
        subservicing and/or administration of certain Mortgage Loans as provided
        in
        Section 3.01(b) of the Servicing Agreement, a copy of which shall be delivered,
        along with any modifications thereto, to the Indenture Trustee, the Master
        Servicer and the Securities Administrator.

       

      “Substitution
        Adjustment”: As to any date on which a substitution occurs pursuant to Section
        3.2 of the Mortgage Loan Sale and Contribution Agreement, the sum of (a)
        the
        excess of (i) the aggregate Principal Balances of all Defective Mortgage
        Loans
        to be replaced by Eligible Substitute Mortgage Loans (after application of
        principal payments received on or before the date of substitution of any
        Eligible Substitute Mortgage Loans as of the date of substitution) over (ii)
        the
        Principal Balance of such Eligible Substitute Mortgage Loans and (b) the
        greater
        of (x) accrued and unpaid interest on such excess through the Due Period
        relating to the Payment Date for which such Substitution Adjustment will
        be
        included as part of Available Funds and (y) thirty (30) days’ interest on such
        excess calculated on a 360-day year in each case at the Loan Rate and (c)
        the
        amount of any unreimbursed Servicing Advances made by the Servicer with respect
        to such Defective Mortgage Loan and (d) the amount referred to in clause
        (iv) of
        the definition of Purchase Price in respect of such Defective Mortgage
        Loan.

       

      “Successor
        Servicer”: As defined in Section 6.02 of the Servicing Agreement.

       

      “Successor
        Master Servicer”: As defined in Section 6.04 of the Servicing
        Agreement.

       

      “Swap
        LIBOR”: A per annum rate equal to the floating rate payable by the Swap Provider
        under the Interest Rate Swap Agreement.

       

      “Swap
        Provider”: Bank of America, N.A.

       

      “Swap
        Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
        an Event of Default under the Interest Rate Swap Agreement with respect to
        which
        the Swap Provider is a Defaulting Party (as defined in the Interest Rate
        Swap
        Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
        with
        respect to which the Swap Provider is the sole Affected Party (as defined
        in the
        Interest Rate Swap Agreement) or (iii) an Additional Termination Event under
        the
        Interest Rate Swap Agreement with respect to which the Swap Provider is the
        sole
        Affected Party.

       

      “Swap
        Termination Payment”: The payment due to either party under the Interest Rate
        Swap Agreement upon the early termination of the Interest Rate Swap
        Agreement.

       

      “Three
        Month Delinquency Rate”: As to any Payment Date the arithmetic average of the
        Sixty Day Delinquency Rates for the related Payment Date and the two immediately
        preceding Payment Dates.

       

      “Three
        Month 90-Day Delinquency Rate”: As to any Payment Date, the arithmetic average
        of the Ninety Day Delinquency Rates for the related Payment Date and the
        two
        immediately preceding Payment Dates.

       

      “Trust”:
        The Renaissance Home Equity Loan Trust 2006-3.

       

      “Trust
        Agreement”: The Trust Agreement, dated as of September 27, 2006, between the
        Owner Trustee and the Depositor together with the Amended and Restated Trust
        Agreement dated as of September 28, 2006, among the Owner Trustee, the Depositor
        and Wells Fargo Bank, N.A., as Certificate Registrar and Certificate Paying
        Agent, relating to the Trust.

       

      “Trust
        Indenture Act” or “TIA”: The Trust Indenture Act of 1939, as amended from time
        to time, as in effect on any relevant date.

       

      “UCC”:
        The Uniform Commercial Code, as amended from time to time, as in effect in
        any
        specified jurisdiction.

       

      “Underwriters”:
        J.P. Morgan Securities Inc., Greenwich Capital Markets, Inc., Banc of America
        Securities LLC and Citigroup Global Markets Inc., or their
        successors.Unassociated Document

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.
Depositor

    
 

     

    HOMEQ
      SERVICING CORPORATION

    Servicer

     

    

     

    WELLS
      FARGO BANK, N.A.

    Master
      Servicer, Trust Administrator and Custodian

     

     

    and

    

     

    U.S.
      BANK
      NATIONAL ASSOCIATION
Trustee

    

     

    POOLING
      AND SERVICING AGREEMENT

    Dated
      as
      of August 1, 2006

     

    

     

    MASTR
      Asset Backed Securities Trust 2006-HE3
Mortgage Pass-Through
      Certificates

    
Series
      2006-HE3

     

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

    

      
        
          	
                  ARTICLE
                    I

                  DEFINITIONS

                   

                
	
                  SECTION
                    1.01.

                	
                  Defined
                    Terms.

                
	
                  SECTION
                    1.02.

                	
                  Allocation
                    of Certain Interest Shortfalls.

                
	
                  SECTION
                    1.03.

                	
                  Rights
                    of the NIMS Insurer.

                   

                
	
                  ARTICLE
                    II

                  CONVEYANCE
                    OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

                   

                
	
                  SECTION
                    2.01.

                	
                  Conveyance
                    of the Mortgage Loans.

                
	
                  SECTION
                    2.02.

                	
                  Acceptance
                    of REMIC I by Trustee.

                
	
                  SECTION
                    2.03.

                	
                  Repurchase
                    or Substitution of Mortgage Loans by an Originator or the
                    Seller.

                
	
                  SECTION
                    2.04.

                	
                  Reserved.

                
	
                  SECTION
                    2.05.

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

                
	
                  SECTION
                    2.06.

                	
                  Conveyance
                    of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC
                    III, REMIC IV, REMIC V and REMIC VI by the Trustee; Issuance
                    of
                    Certificates.

                
	
                  SECTION
                    2.07.

                	
                  Issuance
                    of Class R Certificates and Class R-X Certificates.

                   

                
	
                  ARTICLE
                    III

                  ADMINISTRATION
                    AND SERVICING OF THE MORTGAGE LOANS

                   

                
	
                  SECTION
                    3.01.

                	
                  Servicer
                    to Act as Servicer.

                
	
                  SECTION
                    3.02.

                	
                  Sub-Servicing
                    Agreements Between Servicer and Sub-Servicers.

                
	
                  SECTION
                    3.03.

                	
                  Successor
                    Sub-Servicers.

                
	
                  SECTION
                    3.04.

                	
                  Liability
                    of the Servicer.

                
	
                  SECTION
                    3.05.

                	
                  No
                    Contractual Relationship Between Sub-Servicers and the Trustee,
                    the Trust
                    Administrator, the NIMS Insurer or Certificateholders.

                
	
                  SECTION
                    3.06.

                	
                  Assumption
                    or Termination of Sub-Servicing Agreements by Master
                    Servicer.

                
	
                  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.

                	
                  Collection
                    Account.

                
	
                  SECTION
                    3.11.

                	
                  Withdrawals
                    from the Collection Account and Distribution Account.

                
	
                  SECTION
                    3.12.

                	
                  Investment
                    of Funds in the Collection Account.

                
	
                  SECTION
                    3.13.

                	
                  [Reserved].

                
	
                  SECTION
                    3.14.

                	
                  Maintenance
                    of Hazard Insurance and Errors and Omissions and Fidelity
                    Coverage.

                
	
                  SECTION
                    3.15.

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

                
	
                  SECTION
                    3.16.

                	
                  Realization
                    Upon Defaulted Mortgage Loans.

                
	
                  SECTION
                    3.17.

                	
                  Trustee
                    to Cooperate; Release of Mortgage Files.

                
	
                  SECTION
                    3.18.

                	
                  Servicing
                    Compensation.

                
	
                  SECTION
                    3.19.

                	
                  Reports
                    to the Trust Administrator; Collection Account
                    Statements.

                
	
                  SECTION
                    3.20.

                	
                  Statement
                    as to Compliance.

                
	
                  SECTION
                    3.21.

                	
                  Assessments
                    of Compliance and Attestation Reports.

                
	
                  SECTION
                    3.22.

                	
                  Access
                    to Certain Documentation.

                
	
                  SECTION
                    3.23.

                	
                  Title,
                    Management and Disposition of REO Property.

                
	
                  SECTION
                    3.24.

                	
                  Obligations
                    of the Servicer in Respect of Prepayment Interest
                    Shortfalls.

                
	
                  SECTION
                    3.25.

                	
                  Obligations
                    of the Servicer in Respect of Mortgage Rates and Monthly
                    Payments.

                
	
                  SECTION
                    3.26.

                	
                  Advance
                    Facility

                
	
                  SECTION
                    3.27.

                	
                  Solicitations.

                   

                
	
                  ARTICLE
                    IIIA 

                  ADMINISTRATION
                    AND SERVICING OF THE MORTGAGE LOANS

                   

                
	
                  SECTION
                    3A.01.

                	
                  Master
                    Servicer to Act as Master Servicer

                
	
                  SECTION
                    3A.02.

                	
                  [Reserved].

                
	
                  SECTION
                    3A.03.

                	
                  Monitoring
                    of Servicer.

                
	
                  SECTION
                    3A.04.

                	
                  Fidelity
                    Bond.

                
	
                  SECTION
                    3A.05.

                	
                  Power
                    to Act; Procedures.

                
	
                  SECTION
                    3A.06.

                	
                  Due
                    on Sale Clauses; Assumption Agreements.

                
	
                  SECTION
                    3A.07.

                	
                  [Reserved].

                
	
                  SECTION
                    3A.08.

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

                
	
                  SECTION
                    3A.09.

                	
                  Compensation
                    for the Master Servicer.

                
	
                  SECTION
                    3A.10.

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

                
	
                  SECTION
                    3A.11.

                	
                  Distribution
                    Account.

                
	
                  SECTION
                    3A.12.

                	
                  Permitted
                    Withdrawals and Transfers from the Distribution Account.

                   

                
	
                  ARTICLE
                    IV

                  PAYMENTS
                    TO CERTIFICATEHOLDERS

                   

                
	
                  SECTION
                    4.01.

                	
                  Distributions.

                
	
                  SECTION
                    4.02.

                	
                  Statements
                    to Certificateholders.

                
	
                  SECTION
                    4.03.

                	
                  Remittance
                    Reports, Advances.

                
	
                  SECTION
                    4.04.

                	
                  Allocation
                    of Realized Losses.

                
	
                  SECTION
                    4.05.

                	
                  Compliance
                    with Withholding Requirements.

                
	
                  SECTION
                    4.06.

                	
                  Exchange
                    Commission Filings; Additional Information.

                
	
                  SECTION
                    4.07.

                	
                  Net
                    WAC Rate Carryover Reserve Account.

                
	
                  SECTION
                    4.08.

                	
                  Swap
                    Account.

                
	
                  SECTION
                    4.09.

                	
                  Tax
                    Treatment of Swap Payments and Swap Termination
                    Payments.

                
	
                  SECTION
                    4.10.

                	
                  Cap
                    Account.

                   

                
	
                  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.

                
	
                  SECTION
                    5.05.

                	
                  Certain
                    Available Information.

                   

                
	
                  ARTICLE
                    VI

                  THE
                    DEPOSITOR AND THE MASTER SERVICER

                   

                
	
                  SECTION
                    6.01.

                	
                  Liability
                    of the Depositor, the Servicer and the Master Servicer.

                
	
                  SECTION
                    6.02.

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

                
	
                  SECTION
                    6.03.

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

                
	
                  SECTION
                    6.04.

                	
                  Limitation
                    on Resignation of the Servicer; Assignment of Master
                    Servicing.

                
	
                  SECTION
                    6.05.

                	
                  Successor
                    Master Servicer.

                
	
                  SECTION
                    6.06.

                	
                  Rights
                    of the Depositor in Respect of the Servicer.

                
	
                  SECTION
                    6.07.

                	
                  [Reserved].

                
	
                  SECTION
                    6.08.

                	
                  Duties
                    of the Credit Risk Manager.

                
	
                  SECTION
                    6.09.

                	
                  Limitation
                    Upon Liability of the Credit Risk Manager.

                
	
                  SECTION
                    6.10.

                	
                  Removal
                    of the Credit Risk Manager.

                   

                
	
                  ARTICLE
                    VII

                  DEFAULT

                   

                
	
                  SECTION
                    7.01.

                	
                  Servicer
                    Events of Default and Master Servicer Events of
                    Termination.

                
	
                  SECTION
                    7.02.

                	
                  Master
                    Servicer or Trustee to Act; Appointment of Successor
                    Servicer.

                
	
                  SECTION
                    7.03.

                	
                  Trustee
                    to Act; Appointment of Successor Master Servicer.

                
	
                  SECTION
                    7.04.

                	
                  Notification
                    to Certificateholders.

                
	
                  SECTION
                    7.05.

                	
                  Waiver
                    of Servicer Events of Default and Master Servicer Events of
                    Termination.

                
	
                  SECTION
                    7.06.

                	
                  Survivability
                    of Servicer and Master Servicer Liabilities.

                   

                
	
                  ARTICLE
                    VIII

                  CONCERNING
                    THE TRUSTEE AND THE TRUST ADMINISTRATOR

                   

                
	
                  SECTION
                    8.01.

                	
                  Duties
                    of Trustee and Trust Administrator.

                
	
                  SECTION
                    8.02.

                	
                  Certain
                    Matters Affecting the Trustee and the Trust
                    Administrator

                
	
                  SECTION
                    8.03.

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

                
	
                  SECTION
                    8.04.

                	
                  Trustee
                    and Trust Administrator May Own Certificates.

                
	
                  SECTION
                    8.05.

                	
                  Trust
                    Administrator’s and Trustee’s Fees and Expenses.

                
	
                  SECTION
                    8.06.

                	
                  Eligibility
                    Requirements for Trustee and Trust Administrator.

                
	
                  SECTION
                    8.07.

                	
                  Resignation
                    and Removal of the Trustee or Trust Administrator.

                
	
                  SECTION
                    8.08.

                	
                  Successor
                    Trustee or Trust Administrator.

                
	
                  SECTION
                    8.09.

                	
                  Merger
                    or Consolidation of Trustee or Trust Administrator.

                
	
                  SECTION
                    8.10.

                	
                  Appointment
                    of Co-Trustee or Separate Trustee.

                
	
                  SECTION
                    8.11.

                	
                  Appointment
                    of Office or Agency; Appointment of Custodian.

                
	
                  SECTION
                    8.12.

                	
                  Representations
                    and Warranties.

                   

                
	
                  ARTICLE
                    IX

                  TERMINATION

                   

                
	
                  SECTION
                    9.01.

                	
                  Termination
                    Upon Repurchase or Liquidation of All Mortgage Loans.

                
	
                  SECTION
                    9.02.

                	
                  Additional
                    Termination Requirements.

                   

                
	
                  ARTICLE
                    X

                  REMIC
                    PROVISIONS

                   

                
	
                  SECTION
                    10.01.

                	
                  REMIC
                    Administration.

                
	
                  SECTION
                    10.02.

                	
                  Prohibited
                    Transactions and Activities.

                
	
                  SECTION
                    10.03.

                	
                  Servicer,
                    Master Servicer and Trustee Indemnification.

                   

                
	
                  ARTICLE
                    XI

                  MISCELLANEOUS
                    PROVISIONS

                   

                
	
                  SECTION
                    11.01.

                	
                  Amendment.

                
	
                  SECTION
                    11.02.

                	
                  Recordation
                    of Agreement; Counterparts.

                
	
                  SECTION
                    11.03.

                	
                  Limitation
                    on Rights of Certificateholders.

                
	
                  SECTION
                    11.04.

                	
                  Governing
                    Law.

                
	
                  SECTION
                    11.05.

                	
                  Notices.

                
	
                  SECTION
                    11.06.

                	
                  Severability
                    of Provisions.

                
	
                  SECTION
                    11.07.

                	
                  Notice
                    to Rating Agencies and the NIMS Insurer.

                
	
                  SECTION
                    11.08.

                	
                  Article
                    and Section References.

                
	
                  SECTION
                    11.09.

                	
                  Grant
                    of Security Interest.

                
	
                  SECTION
                    11.10.

                	
                  Third
                    Party Rights.

                
	
                  SECTION
                    11.11.

                	
                  Intention
                    of the Parties and
                    Interpretation.

                

        

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibits

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class A-1 Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class A-2 Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class A-3 Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class A-4 Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class M-1 Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Class M-2 Certificate

            
	
              Exhibit
                A-7

            	
              Form
                of Class M-3 Certificate

            
	
              Exhibit
                A-8

            	
              Form
                of Class M-4 Certificate

            
	
              Exhibit
                A-9

            	
              Form
                of Class M-5 Certificate

            
	
              Exhibit
                A-10

            	
              Form
                of Class M-6 Certificate

            
	
              Exhibit
                A-11

            	
              Form
                of Class M-7 Certificate

            
	
              Exhibit
                A-12

            	
              Form
                of Class M-8 Certificate

            
	
              Exhibit
                A-13

            	
              Form
                of Class M-9 Certificate

            
	
              Exhibit
                A-14

            	
              Form
                of Class M-10 Certificate

            
	
              Exhibit
                A-15

            	
              Form
                of Class M-11 Certificate

            
	
              Exhibit
                A-16

            	
              Form
                of Class CE Certificate

            
	
              Exhibit
                A-17

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-18

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                A-19

            	
              Form
                of Class R-X Certificate

            
	
              Exhibit
                B

            	
              [Reserved]

            
	
              Exhibit
                C-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                C-2

            	
              Form
                of Final Certification

            
	
              Exhibit
                C-3

            	
              Form
                of Receipt of Mortgage Notes

            
	
              Exhibit
                D

            	
              Forms
                of Assignment Agreements

            
	
              Exhibit
                E

            	
              Request
                for Release

            
	
              Exhibit
                F-1

            	
              Form
                of Transferor Representation Letter and Form of Transferee Representation
                Letter in Connection with Transfer of the Private Certificates Pursuant
                to
                Rule 144A Under the 1933 Act

            
	
              Exhibit
                F-2

            	
              Form
                of Transfer Affidavit and Agreement and Form of Transferor Affidavit
                in
                Connection with Transfer of Residual Certificates

            
	
              Exhibit
                G

            	
              Form
                of Certification with respect to ERISA and the Code

            
	
              Exhibit
                H

            	
              Form
                of Report Pursuant to Section 4.06

            
	
              Exhibit
                I

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                J-1

            	
              Form
                of Certification to Be Provided by the Master Servicer with Form
                10-K

            
	
              Exhibit
                J-2

            	
              Form
                of Certification to Be Provided by the Servicer to the Master
                Servicer

            
	
              Exhibit
                K

            	
              Form
                of Cap Contract

            
	
              Exhibit
                L

            	
              Annual
                Statement of Compliance pursuant to Section 3.20 

            
	
              Exhibit
                M

            	
              Form
                of Interest Rate Swap Agreement

            
	
              Exhibit
                N

            	
              Form
                of Swap Administration Agreement

            
	
              Exhibit
                O

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                P

            	
              Form
                10-D, Form 8-K and Form 10-K Reporting Responsibility

            
	
              Exhibit
                Q

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                R-1

            	
              Form
                of Delinquency Report

            
	
              Exhibit
                R-2

            	
              Form
                of Monthly Remittance Advice

            
	
              Exhibit
                R-3

            	
              Form
                of Realized Loss Report

            
	 	 
	 	 
	
              Schedule
                1

            	
              Mortgage
                Loan Schedule

            
	
              Schedule
                2

            	
              Prepayment
                Charge Schedule

            

    

    

    

    

    This
      Pooling and Servicing Agreement, is dated and effective as of August 1, 2006
      among MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC. as Depositor, HOMEQ
      SERVICING CORPORATION, as Servicer, WELLS FARGO BANK, N.A. as Master Servicer,
      Trust Administrator and Custodian and U.S. BANK NATIONAL ASSOCIATION as
      Trustee.

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates to be issued hereunder
      in
      multiple classes, which in the aggregate will evidence the entire beneficial
      ownership interest in each REMIC (as defined herein) created hereunder. The
      Trust Fund will consist of a segregated pool of assets comprised of the Mortgage
      Loans and certain other related assets subject to this Agreement.

     

    REMIC
      I

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets (other than
      the Net WAC Rate Carryover Reserve Account, the Swap Account, the Supplemental
      Interest Trust, the Interest Rate Swap Agreement, the Cap Account, the Cap
      Contract, any Originator Prepayment Charge Payment Amounts and any Servicer
      Prepayment Charge Payment Amounts) subject to this Agreement as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC I.” The Class R-I Interest will be the sole class of
“residual interests” in REMIC I for purposes of the REMIC Provisions (as defined
      herein). The following table irrevocably sets forth the designation, the REMIC
      I
      Remittance Rate, the initial Uncertificated Balance and, for purposes of
      satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC I Regular Interests (as defined herein).
      None of the REMIC I Regular Interests will be certificated. 

     

    
      	
               

              Designation

            	
              REMIC
                1

              Remittance
                Rate(2)

            	
              Initial

              Uncertificated
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              I

            	
              Variable

            	
              $           
                 107.38

            	
              September
                2036

            
	
              I-1-A

            	
              Variable

            	
              $ 
                 3,693,500.00

            	
              September
                2036

            
	
              I-1-B

            	
              Variable

            	
              $ 
                 3,693,500.00

            	
              September
                2036

            
	
              I-2-A

            	
              Variable

            	
              $ 
                 4,589,500.00

            	
              September
                2036

            
	
              I-2-B

            	
              Variable

            	
              $  
                4,589,500.00

            	
              September
                2036

            
	
              I-3-A

            	
              Variable

            	
              $ 
                 5,482,000.00

            	
              September
                2036

            
	
              I-3-B

            	
              Variable

            	
              $ 
                 5,482,000.00

            	
              September
                2036

            
	
              I-4-A

            	
              Variable

            	
              $ 
                 6,358,000.00

            	
              September
                2036

            
	
              I-4-B

            	
              Variable

            	
              $ 
                 6,358,000.00

            	
              September
                2036

            
	
              I-5-A

            	
              Variable

            	
              $ 
                 7,214,000.00

            	
              September
                2036

            
	
              I-5-B

            	
              Variable

            	
              $ 
                 7,214,000.00

            	
              September
                2036

            
	
              I-6-A

            	
              Variable

            	
              $ 
                 8,035,000.00

            	
              September
                2036

            
	
              I-6-B

            	
              Variable

            	
              $ 
                 8,035,000.00

            	
              September
                2036

            
	
              I-7-A

            	
              Variable

            	
              $ 
                 8,819,500.00

            	
              September
                2036

            
	
              I-7-B

            	
              Variable

            	
              $  
                8,819,500.00

            	
              September
                2036

            
	
              I-8-A

            	
              Variable

            	
              $ 
                 9,550,500.00

            	
              September
                2036

            
	
              I-8-B

            	
              Variable

            	
              $ 
                 9,550,500.00

            	
              September
                2036

            
	
              I-9-A

            	
              Variable

            	
              $
                10,221,500.00

            	
              September
                2036

            
	
              I-9-B

            	
              Variable

            	
              $
                10,221,500.00

            	
              September
                2036

            
	
              I-10-A

            	
              Variable

            	
              $ 
                 9,750,000.00

            	
              September
                2036

            
	
              I-10-B

            	
              Variable

            	
              $ 
                 9,750,000.00

            	
              September
                2036

            
	
              I-11-A

            	
              Variable

            	
              $ 
                 9,297,500.00

            	
              September
                2036

            
	
              I-11-B

            	
              Variable

            	
              $ 
                 9,297,500.00

            	
              September
                2036

            
	
              I-12-A

            	
              Variable

            	
              $ 
                 8,866,500.00

            	
              September
                2036

            
	
              I-12-B

            	
              Variable

            	
              $ 
                 8,866,500.00

            	
              September
                2036

            
	
              I-13-A

            	
              Variable

            	
              $ 
                 8,456,000.00

            	
              September
                2036

            
	
              I-13-B

            	
              Variable

            	
              $ 
                 8,456,000.00

            	
              September
                2036

            
	
              I-14-A

            	
              Variable

            	
              $ 
                 8,064,500.00

            	
              September
                2036

            
	
              I-14-B

            	
              Variable

            	
              $ 
                 8,064,500.00

            	
              September
                2036

            
	
              I-15-A

            	
              Variable

            	
              $ 
                 7,694,500.00

            	
              September
                2036

            
	
              I-15-B

            	
              Variable

            	
              $  
                7,694,500.00

            	
              September
                2036

            
	
              I-16-A

            	
              Variable

            	
              $ 
                 7,338,500.00

            	
              September
                2036

            
	
              I-16-B

            	
              Variable

            	
              $ 
                 7,338,500.00

            	
              September
                2036

            
	
              I-17-A

            	
              Variable

            	
              $ 
                 6,999,000.00

            	
              September
                2036

            
	
              I-17-B

            	
              Variable

            	
              $ 
                 6,999,000.00

            	
              September
                2036

            
	
              I-18-A

            	
              Variable

            	
              $ 
                 6,680,500.00

            	
              September
                2036

            
	
              I-18-B

            	
              Variable

            	
              $ 
                 6,680,500.00

            	
              September
                2036

            
	
              I-19-A

            	
              Variable

            	
              $  
                6,402,000.00

            	
              September
                2036

            
	
              I-19-B

            	
              Variable

            	
              $ 
                 6,402,000.00

            	
              September
                2036

            
	
              I-20-A

            	
              Variable

            	
              $
                12,029,500.00

            	
              September
                2036

            
	
              I-20-B

            	
              Variable

            	
              $
                12,029,500.00

            	
              September
                2036

            
	
              I-21-A

            	
              Variable

            	
              $
                10,811,500.00

            	
              September
                2036

            
	
              I-21-B

            	
              Variable

            	
              $
                10,811,500.00

            	
              September
                2036

            
	
              I-22-A

            	
              Variable

            	
              $ 
                 9,704,500.00

            	
              September
                2036

            
	
              I-22-B

            	
              Variable

            	
              $ 
                 9,704,500.00

            	
              September
                2036

            
	
              I-23-A

            	
              Variable

            	
              $ 
                 8,728,000.00

            	
              September
                2036

            
	
              I-23-B

            	
              Variable

            	
              $ 
                 8,728,000.00

            	
              September
                2036

            
	
              I-24-A

            	
              Variable

            	
              $ 
                 7,842,500.00

            	
              September
                2036

            
	
              I-24-B

            	
              Variable

            	
              $ 
                 7,842,500.00

            	
              September
                2036

            
	
              I-25-A

            	
              Variable

            	
              $ 
                 4,378,000.00

            	
              September
                2036

            
	
              I-25-B

            	
              Variable

            	
              $ 
                 4,378,000.00

            	
              September
                2036

            
	
              I-26-A

            	
              Variable

            	
              $ 
                 4,137,000.00

            	
              September
                2036

            
	
              I-26-B

            	
              Variable

            	
              $ 
                 4,137,000.00

            	
              September
                2036

            
	
              I-27-A

            	
              Variable

            	
              $  
                3,912,500.00

            	
              September
                2036

            
	
              I-27-B

            	
              Variable

            	
              $  
                3,912,500.00

            	
              September
                2036

            
	
              I-28-A

            	
              Variable

            	
              $ 
                 3,700,000.00

            	
              September
                2036

            
	
              I-28-B

            	
              Variable

            	
              $ 
                 3,700,000.00

            	
              September
                2036

            
	
              I-29-A

            	
              Variable

            	
              $  
                3,500,500.00

            	
              September
                2036

            
	
              I-29-B

            	
              Variable

            	
              $ 
                 3,500,500.00

            	
              September
                2036

            
	
              I-30-A

            	
              Variable

            	
              $  
                3,312,000.00

            	
              September
                2036

            
	
              I-30-B

            	
              Variable

            	
              $  
                3,312,000.00

            	
              September
                2036

            
	
              I-31-A

            	
              Variable

            	
              $  
                3,134,000.00

            	
              September
                2036

            
	
              I-31-B

            	
              Variable

            	
              $ 
                 3,134,000.00

            	
              September
                2036

            
	
              I-32-A

            	
              Variable

            	
              $ 
                 2,966,000.00

            	
              September
                2036

            
	
              I-32-B

            	
              Variable

            	
              $  
                2,966,000.00

            	
              September
                2036

            
	
              I-33-A

            	
              Variable

            	
              $ 
                 2,807,500.00

            	
              September
                2036

            
	
              I-33-B

            	
              Variable

            	
              $ 
                 2,807,500.00

            	
              September
                2036

            
	
              I-34-A

            	
              Variable

            	
              $ 
                 2,657,500.00

            	
              September
                2036

            
	
              I-34-B

            	
              Variable

            	
              $  
                2,657,500.00

            	
              September
                2036

            
	
              I-35-A

            	
              Variable

            	
              $ 
                 2,516,500.00

            	
              September
                2036

            
	
              I-35-B

            	
              Variable

            	
              $  
                2,516,500.00

            	
              September
                2036

            
	
              I-36-A

            	
              Variable

            	
              $  
                2,383,000.00

            	
              September
                2036

            
	
              I-36-B

            	
              Variable

            	
              $  
                2,383,000.00

            	
              September
                2036

            
	
              I-37-A

            	
              Variable

            	
              $  
                2,256,500.00

            	
              September
                2036

            
	
              I-37-B

            	
              Variable

            	
              $  
                2,256,500.00

            	
              September
                2036

            
	
              I-38-A

            	
              Variable

            	
              $  
                2,137,500.00

            	
              September
                2036

            
	
              I-38-B

            	
              Variable

            	
              $ 
                 2,137,500.00

            	
              September
                2036

            
	
              I-39-A

            	
              Variable

            	
              $ 
                 2,025,500.00

            	
              September
                2036

            
	
              I-39-B

            	
              Variable

            	
              $  
                2,025,500.00

            	
              September
                2036

            
	
              I-40-A

            	
              Variable

            	
              $ 
                 1,918,500.00

            	
              September
                2036

            
	
              I-40-B

            	
              Variable

            	
              $  
                1,918,500.00

            	
              September
                2036

            
	
              I-41-A

            	
              Variable

            	
              $  
                1,818,500.00

            	
              September
                2036

            
	
              I-41-B

            	
              Variable

            	
              $ 
                 1,818,500.00

            	
              September
                2036

            
	
              I-42-A

            	
              Variable

            	
              $  
                1,723,500.00

            	
              September
                2036

            
	
              I-42-B

            	
              Variable

            	
              $ 
                 1,723,500.00

            	
              September
                2036

            
	
              I-43-A

            	
              Variable

            	
              $ 
                 1,634,000.00

            	
              September
                2036

            
	
              I-43-B

            	
              Variable

            	
              $ 
                 1,634,000.00

            	
              September
                2036

            
	
              I-44-A

            	
              Variable

            	
              $ 
                 1,549,000.00

            	
              September
                2036

            
	
              I-44-B

            	
              Variable

            	
              $  
                1,549,000.00

            	
              September
                2036

            
	
              I-45-A

            	
              Variable

            	
              $  
                1,468,500.00

            	
              September
                2036

            
	
              I-45-B

            	
              Variable

            	
              $  
                1,468,500.00

            	
              September
                2036

            
	
              I-46-A

            	
              Variable

            	
              $  
                1,393,000.00

            	
              September
                2036

            
	
              I-46-B

            	
              Variable

            	
              $ 
                 1,393,000.00

            	
              September
                2036

            
	
              I-47-A

            	
              Variable

            	
              $ 
                 1,321,000.00

            	
              September
                2036

            
	
              I-47-B

            	
              Variable

            	
              $ 
                 1,321,000.00

            	
              September
                2036

            
	
              I-48-A

            	
              Variable

            	
              $ 
                 1,253,500.00

            	
              September
                2036

            
	
              I-48-B

            	
              Variable

            	
              $  
                1,253,500.00

            	
              September
                2036

            
	
              I-49-A

            	
              Variable

            	
              $  
                1,189,500.00

            	
              September
                2036

            
	
              I-49-B

            	
              Variable

            	
              $ 
                 1,189,500.00

            	
              September
                2036

            
	
              I-50-A

            	
              Variable

            	
              $  
                1,128,500.00

            	
              September
                2036

            
	
              I-50-B

            	
              Variable

            	
              $  
                1,128,500.00

            	
              September
                2036

            
	
              I-51-A

            	
              Variable

            	
              $  
                1,071,000.00

            	
              September
                2036

            
	
              I-51-B

            	
              Variable

            	
              $ 
                 1,071,000.00

            	
              September
                2036

            
	
              I-52-A

            	
              Variable

            	
              $ 
                 1,017,000.00

            	
              September
                2036

            
	
              I-52-B

            	
              Variable

            	
              $ 
                 1,017,000.00

            	
              September
                2036

            
	
              I-53-A

            	
              Variable

            	
              $  
                   965,500.00

            	
              September
                2036

            
	
              I-53-B

            	
              Variable

            	
              $     
                965,500.00

            	
              September
                2036

            
	
              I-54-A

            	
              Variable

            	
              $    
                 917,000.00

            	
              September
                2036

            
	
              I-54-B

            	
              Variable

            	
              $    
                 917,000.00

            	
              September
                2036

            
	
              I-55-A

            	
              Variable

            	
              $    
                 870,500.00

            	
              September
                2036

            
	
              I-55-B

            	
              Variable

            	
              $    
                 870,500.00

            	
              September
                2036

            
	
              I-56-A

            	
              Variable

            	
              $    
                 827,500.00

            	
              September
                2036

            
	
              I-56-B

            	
              Variable

            	
              $    
                 827,500.00

            	
              September
                2036

            
	
              I-57-A

            	
              Variable

            	
              $    
                 785,500.00

            	
              September
                2036

            
	
              I-57-B

            	
              Variable

            	
              $    
                 785,500.00

            	
              September
                2036

            
	
              I-58-A

            	
              Variable

            	
              $    
                 747,500.00

            	
              September
                2036

            
	
              I-58-B

            	
              Variable

            	
              $    
                 747,500.00

            	
              September
                2036

            
	
              I-59-A

            	
              Variable

            	
              $    
                 710,500.00

            	
              September
                2036

            
	
              I-59-B

            	
              Variable

            	
              $    
                 710,500.00

            	
              September
                2036

            
	
              I-60-A

            	
              Variable

            	
              $
                14,648,500.00

            	
              September
                2036

            
	
              I-60-B

            	
              Variable

            	
              $
                14,648,500.00

            	
              September
                2036

            
	
              P

            	
              Variable

            	
              $           
                 100.00

            	
              September
                2036

            

    

    ________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date immediately following the maturity date for the
                Mortgage
                Loan with the latest maturity date has been designated as the “latest
                possible maturity date” for each REMIC I Regular
                Interest.

            
	
              (2)

            	
              Calculated
                in accordance with the definition of “REMIC I Remittance Rate”
                herein.

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      II

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the REMIC I Regular Interests as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as “REMIC II.”
The Class R-II Interest will evidence the sole class of “residual interests” in
      REMIC II for purposes of the REMIC Provisions under federal income tax law.
      The
      following table irrevocably sets forth the designation, the REMIC II Remittance
      Rate, the initial Uncertificated Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each of the REMIC II Regular Interests (as defined herein). None of
      the REMIC II Regular Interests will be certificated. 

     

    
      	
              Designation

            	
              REMIC
                II

              Remittance
                Rate

            	
              Initial

              Uncertificated
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              II-LTAA

            	
              Variable(2)

            	
              $
                543,724,685.23

            	
              September
                2036

            
	
              II-LTA1

            	
              Variable(2)

            	
              $  
                 2,349,000.00

            	
              September
                2036

            
	
              II-LTA2

            	
              Variable(2)

            	
              $     
                 677,000.00

            	
              September
                2036

            
	
              II-LTA3

            	
              Variable(2)

            	
              $       927,500.00

            	
              September
                2036

            
	
              II-LTA4

            	
              Variable(2)

            	
              $     
                 512,810.00

            	
              September
                2036

            
	
              II-LTM1

            	
              Variable(2)

            	
              $     
                 194,190.00

            	
              September
                2036

            
	
              II-LTM2

            	
              Variable(2)

            	
              $     
                 177,500.00

            	
              September
                2036

            
	
              II-LTM3

            	
              Variable(2)

            	
              $     
                 102,680.00

            	
              September
                2036

            
	
              II-LTM4

            	
              Variable(2)

            	
              $       
                 88,770.00

            	
              September
                2036

            
	
              II-LTM5

            	
              Variable(2)

            	
              $       
                 88,770.00

            	
              September
                2036

            
	
              II-LTM6

            	
              Variable(2)

            	
              $       
                 83,220.00

            	
              September
                2036

            
	
              II-LTM7

            	
              Variable(2)

            	
              $        
                77,670.00

            	
              September
                2036

            
	
              II-LTM8

            	
              Variable(2)

            	
              $       
                 66,570.00

            	
              September
                2036

            
	
              II-LTM9

            	
              Variable(2)

            	
              $       
                 47,150.00

            	
              September
                2036

            
	
              II-LTM10

            	
              Variable(2)

            	
              $       
                 38,830.00

            	
              September
                2036

            
	
              II-LTM11

            	
              Variable(2)

            	
              $       
                 47,150.00

            	
              September
                2036

            
	
              II-LTZZ

            	
              Variable(2)

            	
              $  
                 5,617,612.15

            	
              September
                2036

            
	
              II-LTP

            	
              Variable(2)

            	
              $            
                 100.00

            	
              September
                2036

            
	
              II-LTIO

            	
              Variable(2)

            	
              N/A(3)

            	
              September
                2036

            

    

    ________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations,
                the
                Distribution Date immediately following the maturity date for the
                Mortgage
                Loan with the latest maturity date has been designated as the “latest
                possible maturity date” for each REMIC II Regular
                Interest.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “REMIC II Remittance Rate”
                herein.

            

    

    (3) REMIC
      II
      Regular Interest II-LTIO will not have an Uncertificated Balance, but will
      accrue interest on its Uncertificated Notional Amount.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      III

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of the REMIC II Regular Interests as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC III.”
The Class R-III Interest will evidence the sole class of “residual interests” in
      REMIC III for purposes of the REMIC Provisions under federal income tax law.
      The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the initial aggregate Certificate Principal Balance and, for purposes of
      satisfying Treasury regulation section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for the indicated Classes of Certificates.

     

    Each
      Certificate, other than the Class P Certificate, the Class CE Certificate and
      the Class R Certificates, represents ownership of a Regular Interest in REMIC
      III and also represents (i) the right to receive payments with respect to the
      Net WAC Rate Carryover Amount (as defined herein) and (ii) the obligation to
      pay
      Class IO Distribution Amounts (as defined herein). The entitlement to principal
      of the Regular Interest which corresponds to each Certificate shall be equal
      in
      amount and timing to the entitlement to principal of such
      Certificate. 

     

    
      	
              Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                A-1

            	
              Variable(2)

            	
              $
                234,900,000.00

            	
              September
                2036

            
	
              Class
                A-2

            	
              Variable(2)

            	
              $ 
                 67,700,000.00

            	
              September
                2036

            
	
              Class
                A-3

            	
              Variable(2)

            	
              $ 
                 92,750,000.00

            	
              September
                2036

            
	
              Class
                A-4

            	
              Variable(2)

            	
              $ 
                 51,281,000.00

            	
              September
                2036

            
	
              Class
                M-1

            	
              Variable(2)

            	
              $ 
                 19,419,000.00

            	
              September
                2036

            
	
              Class
                M-2

            	
              Variable(2)

            	
              $ 
                 17,750,000.00

            	
              September
                2036

            
	
              Class
                M-3

            	
              Variable(2)

            	
              $ 
                 10,268,000.00

            	
              September
                2036

            
	
              Class
                M-4

            	
              Variable(2)

            	
              $  
                 8,877,000.00

            	
              September
                2036

            
	
              Class
                M-5

            	
              Variable(2)

            	
              $  
                 8,877,000.00

            	
              September
                2036

            
	
              Class
                M-6

            	
              Variable(2)

            	
              $   
                8,322,000.00

            	
              September
                2036

            
	
              Class
                M-7

            	
              Variable(2)

            	
              $   
                7,767,000.00

            	
              September
                2036

            
	
              Class
                M-8

            	
              Variable(2)

            	
              $  
                 6,657,000.00

            	
              September
                2036

            
	
              Class
                M-9

            	
              Variable(2)

            	
              $  
                 4,715,000.00

            	
              September
                2036

            
	
              Class
                M-10

            	
              Variable(2)

            	
              $   
                3,883,000.00

            	
              September
                2036

            
	
              Class
                M-11

            	
              Variable(2)

            	
              $  
                 4,715,000.00

            	
              September
                2036

            
	
              Class
                CE Interest

            	
              Variable(3)

            	
              $  
                 6,940,107.38

            	
              September
                2036

            
	
              Class
                P Interest

            	
              N/A(4)

            	
              $            
                 100.00

            	
              September
                2036

            
	
              Class
                Swap-IO Interest

            	
              N/A(5)

            	
              N/A

            	
              September
                2036

            

    

    _______________

    (1)
         For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the
      Distribution Date immediately following the maturity date for the Mortgage
      Loan
      with the latest maturity date has been designated as the “latest possible
      maturity date” for each REMIC III Regular Interest.

    (2)
         Calculated
      in accordance with the definition of “Pass-Through Rate” herein.

    (3)
         The
      Class
      CE Interest will accrue interest at its variable Pass-Through Rate on the
      Notional Amount of the Class CE Interest outstanding from time to time, which
      shall equal the Uncertificated Balance of the REMIC II Regular Interests (other
      than REMIC II Regular Interest II-LTP). The Class CE Interest will not accrue
      interest on its Uncertificated Balance.

    (4)
         The
      Class
      P Interest will not accrue interest.

    (5)
         The
      Class
      Swap-IO Interest will not have a Pass-Through Rate or a Certificate Principal
      Balance, but will be entitled to 100% of the amounts distributed on REMIC II
      Regular Interest II-LTIO.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      IV

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class CE Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC IV.”
The Class R-IV Interest represents the sole class of “residual interests” in
      REMIC IV for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the Class designation, Pass-Through
      Rate
      and Original Class Certificate Principal Balance for the indicated Class of
      Certificates that represents a “regular interest” in REMIC IV created
      hereunder:

     

    
      	
              Class
                Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                CE Certificates

            	
              Variable(2)

            	
              $
                6,940,107.38

            	
              September
                2036

            

    

    _______________

    (1)  
       For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the
      Distribution Date immediately following the maturity date for the Mortgage
      Loans
      with the latest maturity date has been designated as the “latest possible
      maturity date” for the Class CE Certificates.

    (2)  
       The
      Class
      CE Certificates will receive 100% of amounts received in respect of the Class
      CE
      Interest.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      V

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class P Interest as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC V.”
The Class R-V Interest represents the sole class of “residual interests” in
      REMIC V for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the Class designation, Pass-Through
      Rate
      and Original Class Certificate Principal Balance for the indicated Class of
      Certificates that represents a “regular interest” in REMIC V created
      hereunder:

     

    
      	
              Class
                Designation

            	
              Pass-Through
                Rate

            	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                P Certificates

            	
              Variable(2)

            	
              $100.00

            	
              September
                2036

            

    

    _______________

    (1)  
       For
      purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the
      Distribution Date immediately following the maturity date for the Mortgage
      Loans
      with the latest maturity date has been designated as the “latest possible
      maturity date” for the Class P Certificates.

    (2)  
       The
      Class
      P Certificates will receive 100% of amounts received in respect of the Class
      P
      Interest.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      VI

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Class SWAP-IO Interest as a REMIC for federal income
      tax purposes, and such segregated pool of assets shall be designated as “REMIC
      VI.” The Class R-VI Interest represents the sole class of “residual interests”
in REMIC VI for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Pass-Through Rate, the initial
      aggregate Certificate Principal Balance and, for purposes of satisfying Treasury
      regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      the indicated REMIC VI Regular Interest SWAP-IO, which will be
      uncertificated. 

     

    
      	
              Designation

            	 	
              Pass-Through
                Rate

            	 	
              Initial
                Aggregate

              Certificate
                Principal Balance

            	 	
              Latest
                Possible

              Maturity
                Date(1)

            	 
	
              SWAP-IO

            	 	
              Variable(2)

            	 	
              N/A

            	 	
              September
                2036

            	 

    

    ________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date immediately following the maturity date for the
                Mortgage
                Loan with the latest maturity date has been designated as the “latest
                possible maturity date” for REMIC VI Regular Interest
                SWAP-IO.

            
	
              (2)

            	
              REMIC
                VI Regular Interest SWAP-IO shall receive 100% of amounts received
                in
                respect of the Class SWAP-IO
                Interest.

            

    

    

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Stated Principal Balance
      equal
      to $554,821,207.38.

     

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

     

     

    ARTICLE
      I 

     

    DEFINITIONS

     

    
      	SECTION
              1.01.  	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement, including, without limitation, in the Preliminary
      Statement hereto, the following words and phrases, unless the context otherwise
      requires, shall have the meanings specified in this Article. Unless otherwise
      specified, all calculations described herein shall be made on the basis of
      a
      360-day year consisting of twelve 30-day months.

     

    “10-K
      Filing Deadline”: The meaning set forth in Section 4.06(a)(iv).

     

    “Accepted
      Master Servicing Practices”: With respect to any Mortgage Loan, as applicable,
      either (x) those customary mortgage loan master servicing practices of prudent
      mortgage servicing institutions that master service mortgage loans of the same
      type and quality as such Mortgage Loan in the jurisdiction where the related
      Mortgaged Property is located, to the extent applicable to the Master Servicer
      (except in its capacity as successor to the Servicer), or (y) as provided in
      Section 3A.01 hereof, but in no event below the standard set forth in
      clause (x).

     

    “Accrual
      Period”: With respect to the Class A Certificates and the Mezzanine Certificates
      and each Distribution Date, the period commencing on the preceding Distribution
      Date (or in the case of the first such Accrual Period, commencing on the Closing
      Date) and ending on the day preceding the current Distribution Date. With
      respect to the Class CE Certificates and the REMIC Regular Interests and each
      Distribution Date, the calendar month prior to the month of such Distribution
      Date.

     

    “Additional
      Disclosure”: The meaning set forth in Section 4.06(a)(v).

     

    “Additional
      Form 10-D Disclosure”: The meaning set forth in Section 4.06(a)(i).

     

    “Additional
      Form 10-K Disclosure”: The meaning set forth in Section
      4.06(a)(iv).

     

    “Adjustable-Rate
      Mortgage Loan”: Each of the Mortgage Loans identified on the Mortgage Loan
      Schedule as having a Mortgage Rate that is subject to adjustment.

     

    “Adjusted
      Net Maximum Mortgage Rate”: With respect to any Mortgage Loan (or the related
      REO Property), as of any date of determination, a per annum rate of interest
      equal to the applicable Maximum Mortgage Rate for such Mortgage Loan (or the
      Mortgage Rate in the case of any Fixed-Rate Mortgage Loan) as of the first
      day
      of the month preceding the month in which the related Distribution Date occurs
      minus
      the
      sum of (i) the Master Servicer Fee Rate, (ii) the Servicing Fee Rate and (iii)
      the Credit Risk Manager Fee Rate. 

     

    “Adjusted
      Net Mortgage Rate”: With respect to any Mortgage Loan (or the related REO
      Property), as of any date of determination, a per annum rate of interest equal
      to the applicable Mortgage Rate for such Mortgage Loan as of the first day
      of
      the month preceding the month in which the related Distribution Date occurs
      minus
      the
      sum of (i) the Master Servicer Fee Rate, (ii) the Servicing Fee Rate and (iii)
      the Credit Risk Manager Fee Rate. 

     

    “Adjustment
      Date”: With respect to each Adjustable-Rate Mortgage Loan, the first day of the
      month in which the Mortgage Rate of such Mortgage Loan changes pursuant to
      the
      related Mortgage Note. The first Adjustment Date following the Cut-off Date
      as
      to each Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    “Advance”:
      With respect to any Distribution Date, as to any Mortgage Loan or REO Property,
      any advance made by the Servicer in respect of Monthly Payments due during
      the
      related Due Period pursuant to Section 4.03 or by the Master Servicer (in its
      capacity as successor Servicer) or any other successor Servicer pursuant to
      Section 4.03.

     

    “Advance
      Facility”: As defined in Section 3.26 hereof.

     

    “Advancing
      Person”: As defined in Section 3.26 hereof.

     

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

     

    “Aggregate
      Loss Severity Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate amount of
      Realized Losses incurred on any Mortgage Loans from the Cut-off Date to the
      last
      day of the preceding calendar month and the denominator of which is the
      aggregate Stated Principal Balance of such Mortgage Loans immediately prior
      to
      the liquidation of such Mortgage Loans.

     

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

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Mezzanine Certificates, (i) the sum of (a) any Realized Losses allocated to
      such
      Class of Certificates on such Distribution Date and (b) the amount of any
      Allocated Realized Loss Amount for such Class of Certificates remaining
      undistributed from the previous Distribution Date reduced by (ii) the amount
      of
      any Subsequent Recoveries added to the Certificate Principal Balance of such
      Class of Certificates.

     

    “Assessment
      of Compliance”: As defined in Section 3.21.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form (excepting therefrom, if applicable, the mortgage recordation
      information which has not been required pursuant to Section 2.01 hereof or
      returned by the applicable recorder’s office), 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”: Each Assignment and Recognition Agreement, dated August 30, 2006,
      among the Depositor, the Seller and the related Originator, forms of which
      are
      attached hereto as Exhibit D, pursuant to which the Seller assigns its rights
      under the related Originator Master Agreement to the Depositor.

     

    “Attestation
      Report”: As defined in Section 3.21.

     

    “Available
      Funds”: With respect to any Distribution Date, an amount equal to the excess of
      (i) the sum of (a) the aggregate of the related Monthly Payments received on
      the
      Mortgage Loans by the Servicer on or prior to the related Determination Date,
      (b) Net Liquidation Proceeds, Insurance Proceeds, Principal Prepayments,
      Subsequent Recoveries, proceeds from repurchases of and substitutions for such
      Mortgage Loans and other unscheduled recoveries of principal and interest in
      respect of the Mortgage Loans received by the Servicer during the related
      Prepayment Period, (c) the aggregate of any amounts received by the Servicer
      in
      respect of a related REO Property and withdrawn from any REO Account and
      remitted to the Master Servicer for such Distribution Date, (d) the aggregate
      of
      any amounts on deposit in the Distribution Account representing Compensating
      Interest paid by the Servicer or the Master Servicer in respect of related
      Prepayment Interest Shortfalls for such Distribution Date, (e) the aggregate
      of
      any Advances made by the Servicer for such Distribution Date in respect of
      the
      Mortgage Loans and (f) the aggregate of any related Advances made by the Master
      Servicer (or other successor Servicer) in respect of the Mortgage Loans for
      such
      Distribution Date pursuant to Section 4.03 over (ii) the sum of (a) amounts
      reimbursable or payable to the Servicer pursuant to Section 3.11(a) or to the
      Master Servicer pursuant to Section 3A.21, (b) Extraordinary Trust Fund
      Expenses reimbursable to the Trustee, the Servicer, the Master Servicer or
      the
      Trust Administrator pursuant to Section 3A.12, (c) amounts in respect of
      the items set forth in clauses (i)(a) through (i)(f) above deposited in the
      Collection Account or the Distribution Account, as the case may be, in error,
      (d) the amount of any Prepayment Charges collected by the Servicer in connection
      with the full or partial prepayment of any of the Mortgage Loans, any Originator
      Prepayment Charge Payment Amount and any Servicer Prepayment Charge Payment
      Amount, (e) any indemnification and reimbursement amounts owed to the Trust
      Administrator, the Trustee or the Custodian payable from the Distribution
      Account pursuant to Section 8.05, (f) the Credit Risk Manager Fee, (g)
      without duplication, any amounts in respect of the items set forth in clauses
      (i)(a) and (i)(b) permitted hereunder to be retained by the Master Servicer
      or
      to be withdrawn by the Master Servicer from the Distribution Account pursuant
      to
      Section 3A.12, (h) Servicing Fees retained by the Servicer pursuant to
      Section 3.11 and (i) any Net Swap Payment or Swap Termination Payment owed
      to
      the Swap Provider (other than any Swap Termination Payment owed to the Swap
      Provider resulting from a Swap Provider Trigger Event). Notwithstanding any
      of
      the foregoing, with respect to any items that are part of the Available Funds
      as
      defined above and that are required to be remitted by the Servicer to the Master
      Servicer, the Available Funds shall not be deemed to include any portion of
      such
      items that are not actually remitted by the Servicer to the Master Servicer.
      

     

    “Back-Up
      Certification”: The meaning set forth in Section 4.06(a)(iv).

     

    “Balloon
      Mortgage Loan”: A Mortgage Loan that provides for the payment of the unamortized
      principal balance of such Mortgage Loan in a single payment at the maturity
      of
      such Mortgage Loan that is substantially greater than the preceding monthly
      payment.

     

    “Balloon
      Payment”: A payment of the unamortized principal balance of a Mortgage Loan in a
      single payment at the maturity of such Mortgage Loan that is substantially
      greater than the preceding Monthly Payment.

     

    “Bankruptcy
      Code”: The Bankruptcy Reform Act of 1978 (Title 11 of the United States Code),
      as amended.

     

    “Basic
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (i) the Principal Remittance Amount for such Distribution Date over
      (ii) the Overcollateralization Release Amount, if any, for such Distribution
      Date.

     

    “Book-Entry
      Certificate”: The Class A Certificates and the Mezzanine Certificates for so
      long as the Certificates of such Class shall be registered in the name of the
      Depository or its nominee.

     

    “Book-Entry
      Custodian”: The custodian appointed pursuant to Section 5.01.

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking or
      savings and loan institutions in the State of New Jersey, the State of
      California, the State of New York, or in the cities in which the Corporate
      Trust
      Office of the Trustee or the Corporate Trust Office of the Trust Administrator
      are located, are authorized or obligated by law or executive order to be
      closed.

     

    “Cap
      Account”: The account or accounts created and maintained pursuant to Section
      4.10. The Cap Account must be an Eligible Account.

     

    “Cap
      Contract”: The cap contract between the Trust Administrator on behalf of the
      Trust and the counterparty thereunder relating to the Class A Certificates
      and
      the Mezzanine Certificates.

     

    “Certification
      Parties”: The meaning set forth in Section 4.06(a)(iv).

     

    “Certificate”:
      Any one of the Mortgage Pass-Through Certificates, Series 2006-HE3, Class A-1,
      Class A-2, Class A-3, Class A-4, Class M-1, Class M-2, Class M-3, Class M-4,
      Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10, Class M-11,
      Class CE, Class P, Class R or Class R-X, issued under this
      Agreement.

     

    “Certificate
      Factor”: With respect to any Class of Regular Certificates as of any
      Distribution Date, a fraction, expressed as a decimal carried to at least six
      places, the numerator of which is the aggregate Certificate Principal Balance
      (or the Notional Amount, in the case of the Class CE Certificates) of such
      Class
      of Certificates on such Distribution Date (after giving effect to any
      distributions of principal and allocations of Realized Losses in reduction
      of
      the Certificate Principal Balance (or the Notional Amount, in the case of the
      Class CE Certificates) of such Class of Certificates to be made on such
      Distribution Date), and the denominator of which is the initial aggregate
      Certificate Principal Balance (or the Notional Amount, in the case of the Class
      CE Certificates) of such Class of Certificates as of the Closing
      Date.

     

    “Certificate
      Margin”: With respect to each Class A Certificate and Mezzanine Certificate and,
      for purposes of the Marker Rate, the specified REMIC II Regular Interest, as
      follows:

     

    
      	
              Class

            	
              REMIC
                II Regular Interest

            	
              Certificate
                Margin

            
	
              (1)
                (%)

            	
              (2)
                (%)

            
	
              A-1

            	
              II-LTA1

            	
              0.040%

            	
              0.080%

            
	
              A-2

            	
              II-LTA2

            	
              0.100%

            	
              0.200%

            
	
              A-3

            	
              II-LTA3

            	
              0.150%

            	
              0.300%

            
	
              A-4

            	
              II-LTA4

            	
              0.240%

            	
              0.480%

            
	
              M-1

            	
              II-LTM1

            	
              0.250%

            	
              0.375%

            
	
              M-2

            	
              II-LTM2

            	
              0.300%

            	
              0.450%

            
	
              M-3

            	
              II-LTM3

            	
              0.330%

            	
              0.495%

            
	
              M-4

            	
              II-LTM4

            	
              0.370%

            	
              0.555%

            
	
              M-5

            	
              II-LTM5

            	
              0.390%

            	
              0.585%

            
	
              M-6

            	
              II-LTM6

            	
              0.450%

            	
              0.675%

            
	
              M-7

            	
              II-LTM7

            	
              0.850%

            	
              1.275%

            
	
              M-8

            	
              II-LTM8

            	
              1.050%

            	
              1.575%

            
	
              M-9

            	
              II-LTM9

            	
              1.900%

            	
              2.850%

            
	
              M-10

            	
              II-LTM10

            	
              2.500%

            	
              3.750%

            
	
              M-11

            	
              II-LTM11

            	
              2.500%

            	
              3.750%

            

    

    __________

    
      	
              (1)

            	
              For
                the Interest Accrual Period for each Distribution Date on or prior
                to the
                Optional Termination Date.

            
	
              (2)

            	
              For
                the Interest Accrual Period for each Distribution Date after the
                Optional
                Termination Date.

            

    

    

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that a Disqualified Organization or a Non-United
      States Person shall not be a Holder of a Residual Certificate for any purposes
      hereof and, solely for the purposes of giving any consent pursuant to this
      Agreement, any Certificate registered in the name of the Depositor, the Servicer
      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 11.01. The Trust Administrator, the Trustee and the NIMS
      Insurer may conclusively rely upon a certificate of the Depositor, the Servicer
      or the Master Servicer in determining whether a Certificate is held by an
      Affiliate thereof. All references herein to “Holders” or “Certificateholders”
shall reflect the rights of Certificate Owners as they may indirectly exercise
      such rights through the Depository and participating members thereof, except
      as
      otherwise specified herein; provided, however, that the Trust Administrator,
      the
      Trustee and the NIMS Insurer shall be required to recognize as a “Holder” or
“Certificateholder” only the Person in whose name a Certificate is registered in
      the Certificate Register.

     

    “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 the Depository
      or on the books of a Depository Participant or on the books of an indirect
      participating brokerage firm for which a Depository Participant acts as
      agent.

     

    “Certificate
      Principal Balance”: With respect to each Class A Certificate, Mezzanine
      Certificate or Class P Certificate as of any date of determination, the
      Certificate Principal Balance of such Certificate on the Distribution Date
      immediately prior to such date of determination plus any Subsequent Recoveries
      added to the Certificate Principal Balance of such Certificate pursuant to
      Section 4.01, minus all distributions allocable to principal made thereon
      and Realized Losses allocated thereto on such immediately prior Distribution
      Date (or, in the case of any date of determination up to and including the
      first
      Distribution Date, the initial Certificate Principal Balance of such
      Certificate, as stated on the face thereof). With respect to each Class CE
      Certificate as of any date of determination, an amount equal to the Percentage
      Interest evidenced by such Certificate times the excess, if any, of (A) the
      then
      aggregate Uncertificated Balance of the REMIC II Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A Certificates, the
      Mezzanine Certificates and the Class P Certificates then
      outstanding.

     

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

     

    “Certifying
      Person”: The meaning set forth in Section 4.06(a)(iv).

     

    “Class”:
      Collectively, all of the Certificates bearing the same class
      designation.

     

    “Class
      A
      Certificates”: Any of the Class A-1 Certificates, Class A-2 Certificates, Class
      A-3 Certificates or Class A-4 Certificates. 

     

    “Class
      A-1 Certificate”: Any one of the Class A-1 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-1 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      A-2 Certificate”: Any one of the Class A-2 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-2 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      A-3 Certificate”: Any one of the Class A-3 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-3 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      A-4 Certificate”: Any one of the Class A-4 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-4 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      CE
      Certificate”: Any one of the Class CE Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-16 and evidencing (i) a Regular Interest in REMIC IV, (ii) the
      obligation to pay Net WAC Rate Carryover Amounts and Swap Termination Payments
      and (iii) the right to receive the Class IO Distribution Amount.

     

    “Class
      CE
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class CE Certificates, evidencing a Regular
      Interest in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      IO
      Distribution Amount”: As defined in Section 4.08 hereof. For purposes of
      clarity, the Class IO Distribution Amount for any Distribution Date shall equal
      the amount payable to the Trust Administrator on such Distribution Date in
      excess of the amount payable on the Class SWAP-IO Interest on such Distribution
      Date, all as further provided in Section 4.08 hereof.

     

    “Class
      M-1 Certificate”: Any one of the Class M-1 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-5 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-2 Certificate”: Any one of the Class M-2 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-6 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-3 Certificate”: Any one of the Class M-3 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-7 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-4 Certificate”: Any one of the Class M-4 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-8 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-4 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date) and (iii) the Certificate
      Principal Balance of the Class M-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 81.30% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the excess of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) over $2,774,106.04.

     

    “Class
      M-5 Certificate”: Any one of the Class M-5 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-9 and evidencing (i) a Regular Interest in REMIC III, (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-5 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (iv) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 84.50% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the excess of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) over
      $$2,774,106.04.

     

    “Class
      M-6 Certificate”: Any one of the Class M-6 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-10 and evidencing (i) a Regular Interest in REMIC III,
      (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-6 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date) and (v) the Certificate Principal
      Balance of the Class M-6 Certificates immediately prior to such Distribution
      Date over (y) the lesser of (A) the product of (i) 87.50% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess of the aggregate Stated Principal Balance of the Mortgage Loans
      as of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) over $$2,774,106.04.

     

    “Class
      M-7 Certificate”: Any one of the Class M-7 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-11 and evidencing (i) a Regular Interest in REMIC III,
      (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-7 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-7 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 90.30% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the excess of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) over
      $$2,774,106.04.

     

    “Class
      M-8 Certificate”: Any one of the Class M-8 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-12 and evidencing (i) a Regular Interest in REMIC III,
      (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-8 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date) and (vii) the Certificate
      Principal Balance of the Class M-8 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 92.70% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the excess of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) over $$2,774,106.04.

     

    “Class
      M-9 Certificate”: Any one of the Class M-9 Certificates executed, authenticated
      and delivered by the Trust Administrator, substantially in the form annexed
      hereto as Exhibit A-13 and evidencing (i) a Regular Interest in REMIC III,
      (ii)
      the right to receive the Net WAC Rate Carryover Amount and (iii) the obligation
      to pay the Class IO Distribution Amount.

     

    “Class
      M-9 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date) and (viii) the Certificate Principal Balance of the Class M-9 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 94.40% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) and (B) the excess of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) over
      $$2,774,106.04.

     

    “Class
      M-10 Certificate”: Any one of the Class M-10 Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-14 and evidencing (i) a Regular Interest in
      REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
      (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-10 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date) and (ix) the Certificate
      Principal Balance of the Class M-10 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 95.80% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the excess of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) over $$2,774,106.04.

     

    “Class
      M-11 Certificate”: Any one of the Class M-11 Certificates executed,
      authenticated and delivered by the Trust Administrator, substantially in the
      form annexed hereto as Exhibit A-15 and evidencing (i) a Regular Interest in
      REMIC III, (ii) the right to receive the Net WAC Rate Carryover Amount and
      (iii)
      the obligation to pay the Class IO Distribution Amount.

     

    “Class
      M-11 Principal Distribution Amount”: With respect to any Distribution Date, the
      excess of (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the distribution of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the aggregate
      Certificate Principal Balance of the Sequential Class M Certificates (after
      taking into account the distribution of the Sequential Class M Principal
      Distribution Amount on such Distribution Date), (iii) the Certificate Principal
      Balance of the Class M-4 Certificates (after taking into account the
      distribution of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (iv) the Certificate Principal Balance of the Class M-5 Certificates
      (after taking into account the distribution of the Class M-5 Principal
      Distribution Amount on such Distribution Date), (v) the Certificate Principal
      Balance of the Class M-6 Certificates (after taking into account the
      distribution of the Class M-6 Principal Distribution Amount on such Distribution
      Date), (vi) the Certificate Principal Balance of the Class M-7 Certificates
      (after taking into account the distribution of the Class M-7 Principal
      Distribution Amount on such Distribution Date), (vii) the Certificate Principal
      Balance of the Class M-8 Certificates (after taking into account the
      distribution of the Class M-8 Principal Distribution Amount on such Distribution
      Date), (viii) the Certificate Principal Balance of the Class M-9 Certificates
      (after taking into account the distribution of the Class M-9 Principal
      Distribution Amount on such Distribution Date), (ix) the Certificate Principal
      Balance of the Class M-10 Certificates (after taking into account the
      distribution of the Class M-10 Principal Distribution Amount on such
      Distribution Date) and (x) the Certificate Principal Balance of the Class M-11
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 97.50% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period) and (B) the excess of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) over $$2,774,106.04.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-17 and evidencing a Regular Interest in REMIC V for purposes of
      the
      REMIC Provisions. 

     

    “Class
      P
      Interest”: An uncertificated interest in the Trust Fund held by the Trustee on
      behalf of the Holders of the Class P Certificates, evidencing a Regular Interest
      in REMIC III for purposes of the REMIC Provisions.

     

    “Class
      R
      Certificate”: Any one of the Class R Certificates executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-18 and evidencing the ownership of the Class R-I Interest, the
      Class R-II Interest and the Class R-III Interest.

     

    “Class
      R-X Certificate”: The Class R-X Certificate executed, authenticated and
      delivered by the Trust Administrator, substantially in the form annexed hereto
      as Exhibit A-19 and evidencing the ownership of the Class R-IV Interest, the
      Class R-V Interest and the Class R-VI Interest.

     

    “Class
      R-I Interest”: The uncertificated Residual Interest in REMIC I.

     

    “Class
      R-II Interest”: The uncertificated Residual Interest in REMIC II.

     

    “Class
      R-III Interest”: The uncertificated Residual Interest in REMIC III.

     

    “Class
      R-IV Interest”: The uncertificated Residual Interest in REMIC IV.

     

    “Class
      R-V Interest”: The uncertificated Residual Interest in REMIC V.

     

    “Class
      R-VI Interest”: The uncertificated Residual Interest in REMIC VI.

     

    “Class
      SWAP-IO Interest”: An uncertificated interest in the Trust Fund evidencing a
      Regular Interest in REMIC III.

     

    “Closing
      Date”: August 30, 2006. 

     

    “Code”:
      The Internal Revenue Code of 1986, as amended.

     

    “Collection
      Account”: The account or accounts created and maintained, or caused to be
      created and maintained, by the Servicer pursuant to Section 3.10(a), which
      shall
      be entitled “HomEq Servicing Corporation, as Servicer for U.S. Bank National
      Association, as Trustee, in trust for the registered holders of MASTR Asset
      Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates.” The
      Collection Account must be an Eligible Account

     

    “Commission”:
      The U.S. Securities and Exchange Commission.

     

    “Compensating
      Interest”: With respect to the Servicer and any Principal Prepayment, the amount
      in respect of Prepayment Interest Shortfalls required to be paid by the Servicer
      pursuant to Section 3.24 from its own funds without right of reimbursement
      and
      with respect to the Master Servicer, the amount in respect of Prepayment
      Interest Shortfalls required to be paid by the Master Servicer pursuant to
      Section 3A.10 from its own funds without right of reimbursement except as
      provided in Section 3A.10, in each case, up to the aggregate compensation
      payable to the Servicer or the Master Servicer, as applicable, for the related
      collection period under this Agreement.

     

    “Compensating
      Interest Payment”: As defined in Section 3.24.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee or the Trust
      Administrator, as the case may be, at which at any particular time its corporate
      trust business in connection with this Agreement shall be administered, which
      office at the date of the execution of this instrument is located at (i) with
      respect to the Trustee, U.S. Bank National Association, 60 Livingston Avenue,
      EP-MN-WS3D,
      St.
      Paul, Minnesota 55107, Attention: Structured Finance/MASTR 2006-HE3, or at
      such
      other address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Servicer, the Master Servicer, the
      Originators, and the Trust Administrator, or (ii) with respect to the Trust
      Administrator, (A) for Certificate transfer and surrender purposes, Wells Fargo
      Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
      Attention: Corporate Trust Services—MASTR 2006-HE3 and (B) for all other
      purposes, Wells Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland
      21045, Attention: Corporate Trust Services—MASTR 2006-HE3, or in each case at
      such other address as the Trust Administrator may designate from time to time
      by
      notice to the Certificateholders, the Depositor, the Servicer, the Master
      Servicer, the Originators and the Trustee.

     

    “Corresponding
      Certificate”: With respect to each REMIC II Regular Interest set forth below,
      the corresponding Regular Certificate set forth in the table below:

     

    
      	
              REMIC
                II Regular Interest

            	
              Regular
                Certificate

            
	
              II-LTA1

            	
              Class
                A-1

            
	
              II-LTA2

            	
              Class
                A-2

            
	
              II-LTA3

            	
              Class
                A-3

            
	
              II-LTA4

            	
              Class
                A-4

            
	
              II-LTM1

            	
              Class
                M-1

            
	
              II-LTM2

            	
              Class
                M-2

            
	
              II-LTM3

            	
              Class
                M-3

            
	
              II-LTM4

            	
              Class
                M-4

            
	
              II-LTM5

            	
              Class
                M-5

            
	
              II-LTM6

            	
              Class
                M-6

            
	
              II-LTM7

            	
              Class
                M-7

            
	
              II-LTM8

            	
              Class
                M-8

            
	
              II-LTM9

            	
              Class
                M-9

            
	
              II-LTM10

            	
              Class
                M-10

            
	
              II-LTM11

            	
              Class
                M-11

            
	
              II-LTP

            	
              Class
                P

            

    

    

    “Credit
      Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is the aggregate Certificate Principal
      Balance of the Mezzanine Certificates and the Class CE Certificates, and the
      denominator of which is the aggregate Stated Principal Balance of the Mortgage
      Loans, calculated prior to taking into account distributions of principal on
      the
      Mortgage Loans and distribution of the Principal Distribution Amount to the
      Certificates then entitled to distributions of principal on such Distribution
      Date. 

     

    “Credit
      Risk Management Agreement”: The respective agreements between the Credit Risk
      Manager and the Servicer and/or Master Servicer regarding the loss mitigation
      and advisory services to be provided by the Credit Risk Manager.

     

    “Credit
      Risk Manager”: Clayton Fixed Income Services Inc., a Colorado corporation,
      formerly known as The Murrayhill Company, and its successors and assigns.

     

    “Credit
      Risk Manager Fee”: The amount payable to the Credit Risk Manager on each
      Distribution Date as compensation for all services rendered by it in the
      exercise and performance of any of the powers and duties of the Credit Risk
      Manager under the respective Credit Risk Management Agreement and any other
      agreement pursuant to which the Credit Risk Manager is to perform any duties
      with respect to the related Mortgage Loans, which amount shall equal one twelfth
      of the product of (i) the Credit Risk Manager Fee Rate (without regard to the
      words “per annum”) and (ii) the aggregate Stated Principal Balance of the
      related Mortgage Loans and any related REO Properties as of the first day of
      the
      related Due Period.

     

    “Credit
      Risk Manager Fee Rate”: 0.0125% per annum.

     

    “Cumulative
      Loss Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the aggregate amount of
      Realized Losses incurred from the Cut-off Date to the last day of the preceding
      calendar month and the denominator of which is the sum of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date.

     

    “Custodian”:
      The
      entity acting as custodian of the Mortgage Files on behalf of and for the
      benefit of the Trustee, which as of the Closing Date shall be Wells
      Fargo Bank, N.A. 

     

    “Cut-off
      Date”: With respect to each Original Mortgage Loan, August 1, 2006. With respect
      to all Qualified Substitute Mortgage Loans, their respective dates of
      substitution. References herein to the “Cut-off Date,” when used with respect to
      more than one Mortgage Loan, shall be to the respective Cut-off Dates for such
      Mortgage Loans.

     

    “Cut-off
      Date Principal Balance”: With respect to any Mortgage Loan, the unpaid Stated
      Principal Balance thereof as of the Cut-off Date of such Mortgage Loan (or
      as of
      the applicable date of substitution with respect to a Qualified Substitute
      Mortgage Loan), after giving effect to scheduled payments due on or before
      the
      Cut-off Date, whether or not received.

     

    “DBRS”:
      Dominion Bond Rating Service, or its successor in interest.

     

    “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
      resulting from a Deficient Valuation.

     

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

     

    “Definitive
      Certificates”: As defined in Section 5.01(b).

     

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

     

    “Delinquency
      Percentage”: The percentage equivalent of a fraction, the numerator of which is
      the aggregate Principal Balance of all Mortgage Loans (not including Liquidated
      Mortgage Loans as of the end of the Prepayment Period) that, as of the last
      day
      of the previous calendar month, are 60 or more days Delinquent, are in
      foreclosure, have been converted to REO Properties or are in
      bankruptcy,
      taking
      into account any prepayments received through the end of the related Prepayment
      Period, and
      the
      denominator of which is the aggregate Principal Balance of the Mortgage Loans
      as
      of the close
      of
      business on the last day of such month, taking into account any prepayments
      received through the end of the related Prepayment Period.

     

    “Delinquent”:
      A Mortgage Loan is Delinquent if any Monthly Payment due on a Due Date is not
      made by the close of business on the next scheduled Due Date for such Mortgage
      Loan (as determined and reported based on the “OTS” methodology for determining
      delinquencies on mortgage loans similar to the Mortgage Loans and not including
      any Liquidated Mortgage Loans).

     

    “Depositor”:
      Mortgage Asset Securitization Transactions, Inc., a Delaware corporation, or
      its
      successor in interest.

     

    “Depository”:
      The Depository Trust Company, or any successor Depository hereafter named.
      The
      nominee of the initial Depository, for purposes of registering those
      Certificates that are to be Book-Entry Certificates, is Cede & Co. The
      Depository shall at all times be a “clearing corporation” as defined in Section
      8-102(3) of the Uniform Commercial Code of the State of New York and a “clearing
      agency” registered pursuant to the provisions of Section 17A of the Securities
      Exchange Act of 1934, as amended. 

     

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

     

    “Determination
      Date”: With respect to any Distribution Date, the 15th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      15th
      day is
      not a Business Day, the Business Day immediately preceding such 15th
      day.

     

    “Directly
      Operate”: With respect to any REO Property, the furnishing or rendering of
      services to the tenants thereof, the management or operation of such REO
      Property, the holding of such REO Property primarily for sale to customers,
      the
      performance of any construction work thereon or any use of such REO Property
      in
      a trade or business conducted by REMIC I other than through an Independent
      Contractor; provided, however, that the Trustee (or the Servicer or the Master
      Servicer on behalf of the Trustee) shall not be considered to Directly Operate
      an REO Property solely because the Trustee (or the Servicer or the Master
      Servicer on behalf of the Trustee) establishes rental terms, chooses tenants,
      enters into or renews leases, deals with taxes and insurance, or makes decisions
      as to repairs or capital expenditures with respect to such REO
      Property.

     

    “Discount
      Factor”: With
      respect to each Distribution Date, the product of each Projected Zero Factor
      for
      each preceding Distribution Date, including such Distribution Date, with the
      Projected Zero Factor for the Significance Percentage Calculation Date equal
      to
      1.

     

    “Disqualified
      Organization”: Any of the following: (i) the United States, any State or
      political subdivision thereof, any possession of the United States, or any
      agency or instrumentality of any of the foregoing (other than an instrumentality
      which is a corporation if all of its activities are subject to tax and, except
      for Freddie Mac, a majority of its board of directors is not selected by such
      governmental unit), (ii) any foreign government, any international organization,
      or any agency or instrumentality of any of the foregoing, (iii) any organization
      (other than certain farmers’ cooperatives described in Section 521 of the
      Code) which is exempt from the tax imposed by Chapter 1 of the Code (including
      the tax imposed by Section 511 of the Code on unrelated business taxable
      income), (iv) rural electric and telephone cooperatives described in
      Section 1381(a)(2)(C) of the Code, (v) an “electing large partnership” and
      (vi) any other Person so designated by the Trustee or the Trust Administrator
      based upon an Opinion of Counsel that the holding of an Ownership Interest
      in a
      Residual Certificate by such Person may cause any Trust REMIC or any Person
      having an Ownership Interest in any Class of Certificates (other than such
      Person) to incur a liability for any federal tax imposed under the Code that
      would not otherwise be imposed but for the Transfer of an Ownership Interest
      in
      a Residual Certificate to such Person. The terms “United States,” “State” and
“international organization” shall have the meanings set forth in
      Section 7701 of the Code or successor provisions.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trust
      Administrator pursuant to Section 3A.11 which shall be entitled “Wells
      Fargo Bank, N.A. as Trust Administrator, in trust for the registered holders
      of
      MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through
      Certificates, Series 2006-HE3—Distribution Account.” The Distribution Account
      must be an Eligible Account.

     

    “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 in September 2006.

     

    “Due
      Date”: With respect to each Distribution Date, the first day of the calendar
      month in which such Distribution Date occurs, which is generally the day of
      the
      month on which the Monthly Payment is due on a Mortgage Loan, exclusive of
      any
      days of grace.

     

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

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated P-1 by Moody’s or
      A-1+ by S&P (or comparable ratings if Moody’s and S&P are not the Rating
      Agencies) at the time any amounts are held on deposit therein, (ii) with respect
      to any escrow account, an account or accounts the deposits in which are fully
      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 delivered to the NIMS Insurer, the Trust
      Administrator, the Trustee and to each Rating Agency, the Certificateholders
      will have a claim with respect to the funds in such account or a perfected
      first
      priority security interest against such collateral (which shall be limited
      to
      Permitted Investments) securing such funds that is superior to claims of any
      other depositors or creditors of the depository institution with which such
      account is maintained, (iii) a trust account or accounts maintained with the
      trust department of a federal or state chartered depository institution,
      national banking association or trust company acting in its fiduciary capacity
      or (iv) an account otherwise acceptable to the NIMS Insurer and to each Rating
      Agency without reduction or withdrawal of their then current ratings of the
      Certificates as evidenced by a letter from each Rating Agency to the Trust
      Administrator, the Trustee and the NIMS Insurer. Eligible Accounts may bear
      interest.

     

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

     

    “Estate
      in Real Property”: A fee simple estate in a parcel of land.

     

    “Excess
      Overcollateralized Amount”: With respect to the Class A Certificates and the
      Mezzanine Certificates and any Distribution Date, the excess, if any, of (i)
      the
      Overcollateralized Amount for such Distribution Date, assuming that 100% of
      the
      Principal Remittance Amount is applied as a principal distribution on such
      Distribution Date over (ii) the Overcollateralization Target Amount for such
      Distribution Date.

     

    “Exchange
      Act”: The Securities Exchange Act of 1934, as amended, and the rules and
      regulations thereunder.

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date, the
      lesser of (x) the sum of (i) Monthly Interest Distributable Amount payable
      on
      the Class CE Certificates on such Distribution Date as reduced by Realized
      Losses allocated thereto with respect to such Distribution Date pursuant to
      Section 4.04 and (ii) any amounts received under the Interest Rate Swap
      Agreement or the Cap Contract for this purpose and (y) the Overcollateralization
      Deficiency Amount for such Distribution Date.

     

    “Extraordinary
      Trust Fund Expense”: Any amounts reimbursable to the Master Servicer pursuant to
      Section 3A.03 or Section 6.03, to the Trustee pursuant to Section 3.06
      or Section 7.02, to the Servicer, the Trustee or the Trust Administrator, or
      any
      director, officer, employee or agent of the Trustee or the Trust Administrator
      from the Trust Fund pursuant to Section 6.03, Section 8.05 or
      Section 10.01(c) and any amounts payable from the Distribution Account in
      respect of taxes pursuant to Section 10.01(g)(iii).

     

    “Fannie
      Mae”: Fannie Mae, formerly known as the Federal National Mortgage Association,
      or any successor thereto.

     

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

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased or repurchased
      by
      an Originator, the Seller, the Depositor, the Servicer or the NIMS Insurer
      pursuant to or as contemplated by Section 2.03, Section 3.16(c) or Section
      9.01), a determination made by the Servicer that all Insurance Proceeds,
      Liquidation Proceeds and other payments or recoveries which the Servicer, in
      its
      reasonable good faith judgment, expects to be finally recoverable in respect
      thereof have been so recovered. The Servicer shall maintain records, prepared
      by
      a Servicing Officer, of each Final Recovery Determination made thereby.

     

    “Fixed-Rate
      Mortgage Loans”: Each of the Mortgage Loans identified in the Mortgage Loan
      Schedule whose Mortgage Rates remain fixed for the life of the Mortgage Loan.
      

     

    “Fixed
      Swap Payment”: With respect to any Distribution Date, a fixed amount equal to
      the related amount set forth in the Interest Rate Swap Agreement.

     

    “Floating
      Swap Payment”: With respect to any Distribution Date, a floating amount equal to
      the product of (i) one-month LIBOR (as determined pursuant to the Interest
      Rate
      Swap Agreement for such Distribution Date), (ii) the related Base Calculation
      Amount (as defined in the Interest Rate Swap Agreement), (iii) 250 and (iv)
      a
      fraction, the numerator of which is the actual number of days elapsed from
      and
      including the previous Distribution Date to but excluding the current
      Distribution Date (or, for the first Distribution Date, the actual number of
      days elapsed from the Closing Date to but excluding the first Distribution
      Date), and the denominator of which is 360.

     

    “Form
      8-K
      Disclosure Information”: The meaning set forth in Section
      4.06(a)(iii).

     

    “Formula
      Rate”: For any Distribution Date and the Class A Certificates and the Mezzanine
      Certificates, the lesser of (i) One-Month LIBOR plus the related Certificate
      Margin and (ii) the Maximum Cap Rate.

     

    “Freddie
      Mac”: Freddie Mac, formerly known as the Federal Home Loan Mortgage Corporation,
      or any successor thereto.

     

    “Gross
      Margin”: With respect to each Adjustable-Rate Mortgage Loan, the fixed
      percentage set forth in the related Mortgage Note that is added to the Index
      on
      each Adjustment Date in accordance with the terms of the related Mortgage Note
      used to determine the Mortgage Rate for such Adjustable-Rate Mortgage
      Loan.

     

    “Highest
      Priority”: As of any date of determination, the Class of Mezzanine Certificates
      then outstanding with a Certificate Principal Balance greater than zero, with
      the highest priority for payments pursuant to Section 4.01, in the
      following order: Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class
      M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11
      Certificates.

     

    “Indenture”:
      An indenture relating to the issuance of notes secured by the Class CE
      Certificates, the Class P Certificates, the Class R Certificates and/or the
      Class R-X Certificates (or any portion thereof) which may or may not be
      guaranteed by the NIMS Insurer.

     

    “Independent”:
      When
      used
      with respect to any accountants, a Person who is “independent” within the
      meaning of Rule 2-01(B) of the Securities and Exchange Commission’s Regulation
      S-X. Independent means, when used with respect to any other Person, a Person
      who
      (A) is in fact independent of another specified Person and any affiliate of
      such
      other Person, (B) does not have any material direct or indirect financial
      interest in such other Person or any affiliate of such other Person, (C) is
      not
      connected with such other Person or any affiliate of such other Person as an
      officer, employee, promoter, underwriter, trustee, partner, director or Person
      performing similar functions and (D) is not a member of the immediate family
      of
      a Person defined in clause (B) or (C) above.

     

    “Independent
      Contractor”: Either (i) any Person (other than the Servicer or the Master
      Servicer) that would be an “independent contractor” with respect to REMIC I
      within the meaning of Section 856(d)(3) of the Code if REMIC I were a real
      estate investment trust (except that the ownership tests set forth in that
      section shall be considered to be met by any Person that owns, directly or
      indirectly, 35% or more of any Class of Certificates), so long as REMIC I does
      not receive or derive any income from such Person and provided that the
      relationship between such Person and REMIC I is at arm’s length, all within the
      meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii) any other
      Person (including the Servicer and the Master Servicer) if the Trust
      Administrator has received an Opinion of Counsel for the benefit of the Trustee
      and the Trust Administrator to the effect that the taking of any action in
      respect of any REO Property by such Person, subject to any conditions therein
      specified, that is otherwise herein contemplated to be taken by an Independent
      Contractor will not cause such REO Property to cease to qualify as “foreclosure
      property” within the meaning of Section 860G(a)(8) of the Code (determined
      without regard to the exception applicable for purposes of Section 860D(a)
      of the Code), or cause any income realized in respect of such REO Property
      to
      fail to qualify as Rents from Real Property.

     

    “Index”:
      With respect to each Adjustable Rate Mortgage Loan and with respect to each
      related Adjustment Date, the index specified in the related Mortgage
      Note.

     

    “Insurance
      Proceeds”: Proceeds of any title policy, hazard policy or other insurance
      policy, covering a Mortgage Loan to the extent such proceeds are not to be
      applied to the restoration of the related Mortgaged Property or released to
      the
      Mortgagor in accordance with the procedures that the Servicer would follow
      in
      servicing mortgage loans held for its own account, subject to the terms and
      conditions of the related Mortgage Note and Mortgage.

     

    “Interest
      Determination Date”: With respect to the Class A Certificates, the Mezzanine
      Certificates, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest
      II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4,
      REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC
      II
      Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular
      Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest
      II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9,
      REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTM11 and
      any Accrual Period therefor, the second London Business Day preceding the
      commencement of such Accrual Period.

     

    “Interest
      Rate Swap Agreement”: The 1992 ISDA Master Agreement (Multicurrency-Cross
      Border) dated as of August 30, 2006 (together with the confirmation, the credit
      support annex and the schedule thereto, the Master Agreement) between the Swap
      Provider and the Trust Administrator (in its capacity as Supplemental Interest
      Trust Trustee) and a confirmation of the same date, which supplements and forms
      part of the Master Agreement.

     

    “Interest
      Remittance Amount”: With respect to any Distribution Date, that portion of the
      Available Funds for such Distribution Date attributable to interest received
      or
      advanced with respect to the Mortgage Loans.

     

    “Late
      Collections”: With respect to any Mortgage Loan and any Due Period, all amounts
      received by the Servicer subsequent to the Determination Date immediately
      following such Due Period, whether as late payments of Monthly Payments or
      as
      Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
      payments or collections of principal and/or interest due (without regard to
      any
      acceleration of payments under the related Mortgage and Mortgage Note) but
      delinquent for such Due Period and not previously recovered.

     

    “Liquidated
      Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
      which the Servicer has determined, in its reasonable judgment, as of the end
      of
      the related Prepayment Period, that all Liquidation Proceeds which it expects
      to
      recover with respect to the liquidation of the Mortgage Loan or disposition
      of
      the related REO Property have been recovered.

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan; or (iii) such Mortgage Loan is removed from REMIC I by
      reason of its being purchased, repurchased or replaced pursuant to or as
      contemplated by Section 2.03, Section 3.16(c) or Section 9.01. With respect
      to
      any REO Property, either of the following events: (i) a Final Recovery
      Determination is made as to such REO Property; or (ii) such REO Property is
      removed from REMIC I by reason of its being purchased pursuant to Section 9.01.
      

     

    “Liquidation
      Proceeds”: The amount (other than amounts received in respect of the rental of
      any REO Property prior to REO Disposition) received by the Servicer in
      connection with (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation, (ii) the liquidation
      of
      a defaulted Mortgage Loan through a trustee’s sale, foreclosure sale or
      otherwise, or (iii) the purchase, repurchase or substitution of a Mortgage
      Loan
      or an REO Property pursuant to or as contemplated by Section 2.03, Section
      3.16(c) or Section 9.01.

     

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

     

    “London
      Business Day”: Any day on which banks in the City of London and New York are
      open and conducting transactions in United States dollars.

     

    “Loss
      Severity Percentage”: With respect to any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the amount of Realized
      Losses incurred on a Mortgage Loan and the denominator of which is the principal
      balance of such Mortgage Loan immediately prior to the liquidation of such
      Mortgage Loan.

     

    “Marker
      Rate”: With respect to the Class CE Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the REMIC II
      Remittance Rate for each of REMIC II Regular Interests II-LTA1, II-LTA2,
II-LTA3,
      II-LTA4, II-LTM1, II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7, II-LTM8,
      II-LTM9, II-LTM10, II-LTM11 and II-LTZZ, with the rate on each such REMIC II
      Regular Interest (other than REMIC II Regular Interest II-LTZZ) subject to
      a cap
      equal to the lesser of (a) One-Month LIBOR plus the related Certificate Margin
      and (b) the Net WAC Rate for the purpose of this calculation and with the rate
      on REMIC II Regular Interest II-LTZZ subject to a cap of zero for the purpose
      of
      this calculation; provided, however, that solely for this purpose, calculations
      of the REMIC II Remittance Rate and the related caps with respect to such REMIC
      II Regular Interests (other than REMIC II Regular Interest II-LTZZ) shall be
      multiplied by a fraction, the numerator of which is the actual number of days
      elapsed in the related Accrual Period and the denominator of which is
      30.

     

    “Master
      Servicer”: As of the Closing Date, Wells Fargo Bank, N.A. and thereafter, its
      respective successors in interest who meet the qualifications of the Master
      Servicer under this Agreement or any successor appointed hereunder. The Master
      Servicer and the Trust Administrator shall at all times be the same
      Person.

     

    “Master
      Servicer Event of Default”: One or more of the events described in
      Section 7.01(b).

     

    “Master
      Servicing Compensation”: The meaning specified in
      Section 3A.09.

     

    “Master
      Servicer Fee”: With respect to each Mortgage Loan, the amount of the annual fee
      paid to the Master Servicer, which shall, for a period of one full month, be
      equal to one-twelfth of the product of (a) the Master Servicer Fee Rate (without
      regard to the words “per annum”) and (b) the Stated Principal Balance of such
      Mortgage Loan as of the first day of the related Due Period. Such fee shall
      be
      payable monthly, computed on the basis of the same principal amount and period
      respecting which any related interest payment on a Mortgage Loan is received.
      The obligation for payment of the Master Servicer Fee is limited to, and the
      Master Servicer Fee is payable solely from, the interest portion (including
      recoveries with respect to interest from Liquidation Proceeds) of such Monthly
      Payment collected by the Servicer.

     

    “Master
      Servicer Fee Rate”: With respect to each Mortgage Loan, the rate of 0.0025% per
      annum.

     

    “Master
      Servicing Transfer Costs”: Shall mean all reasonable out-of-pocket costs and
      expenses incurred by the Trustee in connection with the transfer of master
      servicing from a predecessor master servicer, including, without limitation,
      any
      reasonable costs or expenses associated with the complete transfer of all
      servicing data and master servicing data and the completion, correction or
      manipulation of such servicing data as may be required by the Trustee to correct
      any errors or insufficiencies in the servicing data or otherwise to enable
      the
      Trustee to master service the Mortgage Loans properly and
      effectively.

     

    “Maximum
      Cap Rate”: For any Distribution Date with respect to the Class A Certificates
      and the Mezzanine Certificates, a per annum rate equal to the sum of (i) the
      product of (x) the weighted average of the Adjusted Net Maximum Mortgage Rates
      of the Mortgage Loans, weighted based on their outstanding Stated Principal
      Balances (adjusted to account for principal prepayments distributed on the
      prior
      Distribution Date) as of the first day of the calendar month preceding the
      month
      in which the Distribution Date occurs and (y) a fraction, the numerator of
      which
      is 30 and the denominator of which is the actual number of days elapsed in
      the
      related Accrual Period and (ii) an amount, expressed as a percentage, equal
      to a
      fraction, the numerator of which is equal to the Net Swap Payment made by the
      Swap Provider and the denominator of which is equal to the aggregate Stated
      Principal Balance of the Mortgage Loans, multiplied by 12 minus (a) an amount,
      expressed as a percentage, equal to the product of (i) the Net Swap Payment,
      if
      any, paid by the Trust for such Distribution Date divided by the aggregate
      Stated Principal Balance of the Mortgage Loans and (ii) 12 and (b) an amount,
      expressed as a percentage, equal to the product of (i) a Swap Termination
      Payment, if any, due from the Trust (other than any Swap Termination Payment
      resulting from a Swap Provider Trigger Event) for such Distribution Date,
      divided by the aggregate Stated Principal Balance of the Mortgage Loans and
      (ii)
      12.

     

    “Maximum
      II-LTZZ Uncertificated Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (i) accrued interest at the REMIC II Remittance
      Rate applicable to REMIC II Regular Interest II-LTZZ for such Distribution
      Date
      on a balance equal to the Uncertificated Balance of REMIC II Regular Interest
      II-LTZZ minus the REMIC II Overcollateralization Amount, in each case for such
      Distribution Date, over (ii) Uncertificated Interest on REMIC II Regular
      Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest
      II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1,
      REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC
      II
      Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular
      Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest
      II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10,
      REMIC II Regular Interest II-LTM11 for such Distribution Date, with the rate
      on
      each such REMIC II Regular Interest subject to a cap equal to the lesser of
      (a) One-Month LIBOR plus the related Certificate Margin and (b) the Net WAC
      Rate; provided, however, each cap shall be multiplied by a fraction, the
      numerator of which is the actual number of days elapsed in the related Accrual
      Period and the denominator of which is 30.

     

    “Maximum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the maximum Mortgage Rate
      thereunder.

     

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

     

    “MERS®
      System”: The system of recording transfers of Mortgages electronically
      maintained by MERS.

     

    “Mezzanine
      Certificate”: Any Class M-1 Certificate, Class M-2 Certificate, Class M-3
      Certificate, Class M-4 Certificate, Class M-5 Certificate, Class M-6
      Certificate, Class M-7 Certificate, Class M-8 Certificate, Class M-9
      Certificate, Class M-10 Certificate or Class M-11 Certificate. 

     

    “MIN”:
      The Mortgage Identification Number for Mortgage Loans registered with MERS
      on
      the MERS® System.

     

    “Minimum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the minimum Mortgage Rate
      thereunder.

     

    “MOM
      Loan”: With respect to any Mortgage Loan, MERS acting as the mortgagee of such
      Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and
      its successors and assigns, at the origination thereof.

     

    “Monthly
      Interest Distributable Amount”: With respect to the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates and any Distribution Date,
      the amount of interest accrued during the related Accrual Period at the related
      Pass-Through Rate on the Certificate Principal Balance (or Notional Amount
      in
      the case of the Class CE Certificates) of such Class immediately prior to such
      Distribution Date, reduced (to not less than zero) by any Prepayment Interest
      Shortfalls (to the extent not covered by payments made by the Servicer or the
      Master Servicer) and Relief Act Interest Shortfalls (allocated to each such
      Certificate based on its respective entitlements to interest irrespective of
      any
      Prepayment Interest Shortfalls and Relief Act Interest Shortfalls for such
      Distribution Date).

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal and interest on such Mortgage Loan which is payable by the related
      Mortgagor from time to time under the related Mortgage Note, determined: (a)
      after giving effect to (i) any Deficient Valuation and/or Debt Service Reduction
      with respect to such Mortgage Loan and (ii) any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the Servicer
      pursuant to Section 3.07 and (c) on the assumption that all other amounts,
      if
      any, due under such Mortgage Loan are paid when due.

     

    “Monthly
      Statement”: The statement prepared by the Trust Administrator pursuant to
      Section 4.02.

     

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

     

    “Mortgage”:
      The mortgage, deed of trust or other instrument creating a first or second
      lien
      on, or first or second priority security interest in, a Mortgaged Property
      securing a Mortgage Note.

     

    “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. 

     

    “Mortgage
      Loan”: Any Adjustable-Rate Mortgage Loan or Fixed-Rate Mortgage Loan transferred
      and assigned to the Trustee and delivered to the Trustee pursuant to Section
      2.01 or Section 2.03(b) of this Agreement as held from time to time as a part
      of
      the Trust, the Mortgage Loans so held being identified in the Mortgage Loan
      Schedule. 

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in REMIC I
      on such date, attached hereto as Schedule 1. The Mortgage Loan Schedule shall
      set forth the following information with respect to each Mortgage
      Loan:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  [reserved];

     

    (iii)  the
      state
      and zip code of the Mortgaged Property;

     

    (iv)  a
      code
      indicating whether the Mortgaged Property was represented by the borrower,
      at
      the time of origination, as being owner-occupied;

     

    (v)  the
      type
      of Residential Dwelling constituting the Mortgaged Property;

     

    (vi)  the
      original months to maturity;

     

    (vii)  the
      stated remaining months to maturity from the Cut-off Date based on the original
      amortization schedule;

     

    (viii)  the
      Loan-to-Value Ratio at origination;

     

    (ix)  the
      Mortgage Rate in effect immediately following the Cut-off Date;

     

    (x)  the
      date
      on which the first Monthly Payment was due on the Mortgage Loan;

     

    (xi)  the
      stated maturity date;

     

    (xii)  the
      amount of the Monthly Payment at origination;

     

    (xiii)  the
      amount of the Monthly Payment due on the first Due Date after the Cut-off
      Date;

     

    (xiv)  the
      last
      Due Date on which a Monthly Payment was actually applied to the unpaid Stated
      Principal Balance;

     

    (xv)  the
      original principal amount of the Mortgage Loan;

     

    (xvi)  the
      Stated Principal Balance of the Mortgage Loan as of the close of business on
      the
      Cut-off Date;

     

    (xvii)  a
      code
      indicating the purpose of the Mortgage Loan (i.e.,
      purchase financing, rate/term refinancing, cash-out refinancing);

     

    (xviii)  the
      Mortgage Rate at origination;

     

    (xix)  a
      code
      indicating the documentation program (i.e.,
      full
      documentation, limited documentation, stated income documentation);

     

    (xx)  the
      risk
      grade assigned by the related Originator;

     

    (xxi)  the
      Value
      of the Mortgaged Property;

     

    (xxii)  the
      sale
      price of the Mortgaged Property, if applicable;

     

    (xxiii)  the
      actual unpaid principal balance of the Mortgage Loan as of the Cut-off
      Date;

     

    (xxiv)  the
      type
      and term of the related Prepayment Charge;

     

    (xxv)  the
      rounding code;

     

    (xxvi)  the
      program code;

     

    (xxvii)  a
      code
      indicating the lien priority for Mortgage Loans;

     

    (xxviii)  
      with
      respect to each Adjustable Rate Mortgage Loan, the Minimum Mortgage Rate, the
      Maximum Mortgage Rate, the Gross Margin, the next Adjustment Date and the
      Periodic Rate Cap;

     

    (xxix)  the
      credit score (“FICO”) of such Mortgage Loan; and

     

    (xxx)  the
      total
      amount of points and fees charged such Mortgage Loan.

     

    The
      Mortgage Loan Schedule shall set forth the following information with respect
      to
      the Mortgage Loans in the aggregate as of the Cut-off Date: (1) the number
      of
      Mortgage Loans (separately identifying the number of Fixed-Rate Mortgage Loans
      and the number of Adjustable-Rate Mortgage Loans); (2) the current Stated
      Principal Balance of the Mortgage Loans; (3) the weighted average Mortgage
      Rate
      of the Mortgage Loans and (4) the weighted average maturity of the Mortgage
      Loans. The Mortgage Loan Schedule shall be amended from time to time by the
      Depositor in accordance with the provisions of this Agreement. With respect
      to
      any Qualified Substitute Mortgage Loan, the Cut-off Date shall refer to the
      related Cut-off Date for such Mortgage Loan, determined in accordance with
      the
      definition of Cut-off Date herein.

     

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

     

    “Mortgage
      Pool”: The pool of Mortgage Loans, identified on the Mortgage Loan Schedule and
      existing from time to time thereafter, and any REO Properties acquired in
      respect thereof.

     

    “Mortgage
      Rate”: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note, which rate with respect to the
      Adjustable-Rate Mortgage Loans, (A) as of any date of determination until the
      first Adjustment Date following the Cut-off Date shall be the rate set forth
      in
      the Mortgage Loan Schedule as the Mortgage Rate in effect immediately following
      the Cut-off Date and (B) as of any date of determination thereafter shall be
      the
      rate as adjusted on the most recent Adjustment Date equal to the sum, rounded
      to
      the nearest or next highest 0.125% as provided in the Mortgage Note, of the
      Index, as most recently available as of a date prior to the Adjustment Date
      as
      set forth in the related Mortgage Note, plus the related Gross Margin; provided
      that the Mortgage Rate on such Adjustable-Rate Mortgage Loan on any Adjustment
      Date shall never be more than the lesser of (i) the sum of the Mortgage Rate
      in
      effect immediately prior to the Adjustment Date plus the related Periodic Rate
      Cap, if any, and (ii) the related Maximum Mortgage Rate, and shall never be
      less
      than the greater of (i) the Mortgage Rate in effect immediately prior to the
      Adjustment Date less the Periodic Rate Cap, if any, and (ii) the related Minimum
      Mortgage Rate. With respect to each Mortgage Loan that becomes an REO Property,
      as of any date of determination, the annual rate determined in accordance with
      the immediately preceding sentence as of the date such Mortgage Loan became
      an
      REO Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of an Estate in Real Property improved by a Residential
      Dwelling.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
      disposition of the related Mortgaged Property (including REO Property) the
      related Liquidation Proceeds and Insurance Proceeds net of Advances, Servicing
      Advances, Servicing Fees and any other accrued and unpaid servicing fees
      received and retained in connection with the liquidation of such Mortgage Loan
      or related Mortgaged Property and any amounts due on such Mortgage Loans on
      or
      prior to the Cut-off Date. 

     

    “Net
      Monthly Excess Cashflow”: With respect to each Distribution Date, the sum of (a)
      any Overcollateralization Release Amount for such Distribution Date and (b)
      the
      excess of (x) Available Funds for such Distribution Date over (y) the sum for
      such Distribution Date of (A) the Monthly Interest Distributable Amounts for
      the
      Class A Certificates and the Mezzanine Certificates, (B) the Unpaid Interest
      Shortfall Amounts for the Class A Certificates and (C) the Principal Remittance
      Amount.

     

    “Net
      Mortgage Rate”: With respect to any Mortgage Loan (or the related REO Property)
      as of any date of determination, a per annum rate of interest equal to the
      then
      applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee Rate
      and
      the Master Servicer Fee Rate.

     

    “Net
      Swap
      Payment”: In the case of payments made by the Trust, the excess, if any, of (x)
      the Fixed Swap Payment over (y) the Floating Swap Payment and in the case of
      payments made by the Swap Provider, the excess, if any, of (x) the Floating
      Swap
      Payment over (y) the Fixed Swap Payment. In each case, the Net Swap Payment
      shall not be less than zero.

     

    “Net
      WAC
      Rate”: For any Distribution Date with respect to the Class A Certificates and
      the Mezzanine Certificates, a per annum rate equal to the product of (a)(i)
      the
      weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans
      (adjusted to account for principal prepayments distributed on the prior
      Distribution Date), weighted based on their outstanding Stated Principal
      Balances as of the first day of the calendar month preceding the month in which
      the Distribution Date occurs minus
      (ii) an amount, expressed as a percentage, equal to the product of (x) each
      Net
      Swap Payment, if any, paid by the Trust for such Distribution Date divided
      by
      the aggregate Stated Principal Balance of the Mortgage Loans (adjusted to
      account for principal prepayments distributed on the prior Distribution Date)
      as
      of the first day of the calendar month preceding the month in which the
      Distribution Date occurs and (y) 12 and (iii) an amount, expressed as a
      percentage, equal to the product of (x) a Swap Termination Payment, if any,
      due
      from the Trust (other than any Swap Termination Payment resulting from a Swap
      Provider Trigger Event) for such Distribution Date divided by the aggregate
      Stated Principal Balance of the Mortgage Loans (adjusted to account for
      principal prepayments distributed on the prior Distribution Date) as of the
      first day of the calendar month preceding the month in which the Distribution
      Date occurs and (y) 12
      and (b)
      a fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days elapsed in the related Accrual Period. For federal income
      tax purposes, for any Distribution Date with respect to the REMIC III Regular
      Interests the ownership of which is represented by the Regular Certificates
      (other than the Class CE Certificates or Class P Certificates), the equivalent
      of the foregoing shall be expressed as the product of (a) weighted average
      of
      the REMIC II Remittance Rate on the REMIC II Regular Interests (other than
      REMIC
      II Regular Interest II-LTIO), weighted on the basis of the Uncertificated
      Balance of each such REMIC II Regular Interest and (b) a fraction, the numerator
      of which is 30 and the denominator of which is the actual number of days elapsed
      in the related Accrual Period.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to the Class A Certificates and the
      Mezzanine Certificates and any Distribution Date, the sum of (A) the positive
      excess of (i) the amount of interest accrued on such Class of Certificates
      on
      such Distribution Date calculated at the related Formula Rate, over (ii) the
      amount of interest accrued on such Class of Certificates at the Net WAC Rate
      for
      such Distribution Date and (B) the Net WAC Rate Carryover Amount for the
      previous Distribution Date not previously paid, together with interest thereon
      at a rate equal to the Formula Rate for such Class of Certificates for such
      Distribution Date and for such Accrual Period. 

     

    “Net
      WAC
      Rate Carryover Reserve Account”: The account established and maintained pursuant
      to Section 4.07.

     

    “New
      Lease”: Any lease of REO Property entered into on behalf of REMIC I, including
      any lease renewed or extended on behalf of REMIC I, if REMIC I has the right
      to
      renegotiate the terms of such lease.

     

    “NIMS
      Insurer”: Any insurer that is guaranteeing certain payments under notes secured
      by collateral which includes all or a portion of the Class CE Certificates,
      the
      Class P Certificates, the Class R Certificates and/or the Class R-X
      Certificates.

     

    “Nonrecoverable
      Advance”: Any Advance previously made or proposed to be made in respect of a
      Mortgage Loan or REO Property that, in the good faith business judgment of
      the
      Servicer or the Master Servicer, as applicable, will not or, in the case of
      a
      proposed Advance, would not be ultimately recoverable from related Late
      Collections, Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan
      or
      REO Property as provided herein.

     

    “Nonrecoverable
      Servicing Advance”: Any Servicing Advance previously made or proposed to be made
      in respect of a Mortgage Loan or REO Property that, in the good faith business
      judgment of the Servicer, will not or, in the case of a proposed Servicing
      Advance, would not be ultimately recoverable from related Late Collections,
      Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property
      as provided herein.

     

    “Non-United
      States Person”: Any Person other than a United States Person.

     

    “Notional
      Amount”: With respect to the Class CE Interest and any Distribution Date, the
      aggregate Uncertificated Balance of the REMIC II Regular Interests (other than
      REMIC II Regular Interest II-LTP) for such Distribution Date.

     

    “Officer’s
      Certificate”: A certificate signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President or a vice president (however denominated),
      and by the Treasurer, the Secretary, or one of the assistant treasurers or
      assistant secretaries of the Servicer, the Master Servicer, an Originator,
      the
      Seller or the Depositor, as applicable.

     

    “One-Month
      LIBOR”: With respect to the Class A Certificates, the Mezzanine Certificates,
      REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2,
REMIC
      II
      Regular Interest II-LTA3,
      REMIC
      II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
      Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
      II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
      II
      Regular Interest II-LTM6,
      REMIC
      II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular
      Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular
      Interest II-LTM11 and any Accrual Period therefor, the rate determined by the
      Trust Administrator on the related Interest Determination Date on the basis
      of
      the offered rate for one-month U.S. dollar deposits, as such rate appears on
      Telerate Page 3750 as of 11:00 a.m. (London time) on such Interest Determination
      Date; provided that if such rate does not appear on Telerate Page 3750, the
      rate
      for such date will be determined on the basis of the offered rates of the
      Reference Banks for one-month U.S. dollar deposits, as of 11:00 a.m. (London
      time) on such Interest Determination Date. In such event, the Trust
      Administrator will request the principal London office of each of the Reference
      Banks to provide a quotation of its rate. If on such Interest Determination
      Date, two or more Reference Banks provide such offered quotations, One-Month
      LIBOR for the related Accrual Period shall be the arithmetic mean of such
      offered quotations (rounded upwards if necessary to the nearest whole multiple
      of 1/16%). If on such Interest Determination Date, fewer than two Reference
      Banks provide such offered quotations, One-Month LIBOR for the related Accrual
      Period shall be the higher of (i) One-Month LIBOR as determined on the previous
      Interest Determination Date and (ii) the Reserve Interest Rate. Notwithstanding
      the foregoing, if, under the priorities described above, One-Month LIBOR for
      an
      Interest Determination Date would be based on One-Month LIBOR for the previous
      Interest Determination Date for the third consecutive Interest Determination
      Date, the Trust Administrator shall select, after consultation with the NIMS
      Insurer, an alternative comparable index (over which the Trust Administrator
      has
      no control), used for determining one-month Eurodollar lending rates that is
      calculated and published (or otherwise made available) by an independent
      party.

     

    “One-Year
      LIBOR” means the average of interbank offered rates for one-year U.S. dollar
      deposits in the London market based on quotations of major banks, and most
      recently available as of a day specified in the related mortgage note as
      published by the Western Edition of The
      Wall Street Journal.

     

    “Opinion
      of Counsel”: A written opinion of counsel, who may, without limitation, be
      salaried counsel for the Depositor, the Seller, the Servicer or the Master
      Servicer, acceptable to the Trustee, if such opinion is delivered to the
      Trustee, or acceptable to the Trust Administrator, if such opinion is delivered
      to the Trust Administrator, except that any opinion of counsel relating to
      (a)
      the qualification of any Trust REMIC as a REMIC or (b) compliance with the
      REMIC
      Provisions must be an opinion of Independent counsel.

     

    “Original
      Mortgage Loan”: Any of the Mortgage Loans included in REMIC I as of the Closing
      Date.

     

    “Originator”:
      Meritage Mortgage Corporation, WMC Mortgage Corp., First Street Financial,
      Inc.
      and EquiFirst Corporation.

     

    “Originator
      Master Agreements”: With respect to (i) Meritage Mortgage Corporation; the
      Master Seller’s Purchase, Warranties and Interim Servicing Agreement, dated as
      of May 1, 2006, between the Seller and Meritage Mortgage Corporation, as
      amended; (ii) WMC Mortgage Corp.; the Amended and Restated Master Seller’s
      Purchase and Warranties Agreement, dated as of December 1, 2005, between the
      Seller and WMC Mortgage Corp., as amended; (iii) First Street Financial, Inc.,
      the Master Seller’s Purchase, Warranties and Interim Servicing Agreement, dated
      as of August 1, 2004, between the Seller and First Street Financial, Inc.,
      as
      amended; and (iv) EquiFirst Corporation, the Master Seller’s Purchase,
      Warranties and Interim Servicing Agreement, dated as of May 1, 2006, between
      the
      Seller and EquiFirst Corporation, as amended.

     

    “Originator
      Prepayment Charge Payment Amount”: The amounts payable by the Originator in
      respect of any waived Prepayment Charges pursuant to Section 3.01.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the amount, if any,
      by which the Overcollateralization Target Amount exceeds the Overcollateralized
      Amount on such Distribution Date (after giving effect to distributions in
      respect of the Principal Remittance Amount on such Distribution Date).

     

    “Overcollateralization
      Release Amount”: With respect to any Distribution Date, the lesser of (x) the
      Principal Remittance Amount for such Distribution Date and (y) the Excess
      Overcollateralized Amount. 

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date, (i) 1.25%
      of the
      Cut-off Date Principal Balance of the Mortgage Loans, (ii) on or after the
      Stepdown Date provided that a Trigger Event is not in effect, the greater of
      (x)
      2.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (y) an amount equal to approximately 0.50% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date, or (iii) on
      or
      after the Stepdown Date if a Trigger Event is in effect, the
      Overcollateralization Target Amount for the immediately preceding Distribution
      Date. On and after any Distribution Date following the reduction of the
      aggregate Certificate Principal Balance of the Class A Certificates and the
      Mezzanine Certificates to zero, the Overcollateralization Target Amount shall
      be
      zero.

     

    “Overcollateralized
      Amount”: For any Distribution Date, the amount equal to (i) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) as
      of
      the related Determination Date minus (ii) the aggregate Certificate Principal
      Balance of the Class A Certificates, the Mezzanine Certificates and the Class
      P
      Certificates as of such Distribution Date after giving effect to distributions
      to be made on such Distribution Date.

     

    “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 Class A Certificates and the Mezzanine Certificates
      and any Distribution Date, a rate per annum equal to the lesser of (i) the
      related Formula Rate for such Distribution Date and (ii) the Net WAC Rate for
      such Distribution Date. 

     

    With
      respect to the Class CE Interest and any Distribution Date, a rate per annum
      equal to the percentage equivalent of a fraction, the numerator of which is
      (x)
      the sum of (i) 100% of the interest on REMIC II Regular Interest II-LTP and
      (ii)
      interest on the Uncertificated Balance of each REMIC II Regular Interest listed
      in clause (y) at a rate equal to the related REMIC II Remittance Rate minus
      the
      Marker Rate and the denominator of which is (y) the aggregate Uncertificated
      Balance of REMIC II Regular Interests II-LTAA, II-LTA1, II-LTA2, II-LTA3,
      II-LTA4, II-LTM1,
      II-LTM2, II-LTM3, II-LTM4, II-LTM5, II-LTM6, II-LTM7, II-LTM8, II-LTM9,
      II-LTM10, II-LTM11 and II-LTZZ.

     

    With
      respect to the Class CE Certificates, 100% of the interest distributable to
      the
      Class CE Interest, expressed as a per annum rate.

     

    With
      respect to the Class SWAP-IO Interest, the Class SWAP-IO Interest shall not
      have
      a Pass-Through Rate, but interest for such Regular Interest and each
      Distribution Date shall be an amount equal to 100% of the amounts distributable
      to REMIC II Regular Interest II-LTIO for such Distribution Date.

     

    “Percentage
      Interest”: With respect to any Class of Certificates (other than the Residual
      Certificates), the undivided percentage ownership in such Class evidenced by
      such Certificate, expressed as a percentage, the numerator of which is the
      initial Certificate Principal Balance or Notional Amount represented by such
      Certificate and the denominator of which is the aggregate initial Certificate
      Principal Balance or Notional Amount of all of the Certificates of such Class.
      The Class A Certificates and the Mezzanine Certificates are issuable only in
      minimum Percentage Interests corresponding to minimum initial Certificate
      Principal Balances of $25,000 and integral multiples of $1.00 in excess thereof.
      The Class P Certificates are issuable only in Percentage Interests corresponding
      to initial Certificate Principal Balances of $20 and integral multiples thereof.
      The Class CE Certificates are issuable only in minimum Percentage Interests
      corresponding to minimum initial Certificate Principal Balances of $10,000
      and
      integral multiples of $1.00 in excess thereof; provided, however, that a single
      Certificate of each such Class of Certificates may be issued having a Percentage
      Interest corresponding to the remainder of the aggregate initial Certificate
      Principal Balance or Notional Amount of such Class or to an otherwise authorized
      denomination for such Class plus such remainder. With respect to any Residual
      Certificate, the undivided percentage ownership in such Class evidenced by
      such
      Certificate, as set forth on the face of such Certificate. The Residual
      Certificates are issuable in Percentage Interests of 20% and multiples
      thereof.

     

    “Periodic
      Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
      Date therefor, the fixed percentage set forth in the related Mortgage Note,
      which is the maximum amount by which the Mortgage Rate for such Mortgage Loan
      may increase or decrease (without regard to the Maximum Mortgage Rate or the
      Minimum Mortgage Rate) on such Adjustment Date (other than the first Adjustment
      Date) from the Mortgage Rate in effect immediately prior to such Adjustment
      Date.

     

    “Permitted
      Investments”: Any one or more of the following obligations or securities
      acquired at a purchase price of not greater than par, regardless of whether
      issued or managed by the Depositor, the Servicer, the Master Servicer, the
      NIMS
      Insurer, the Trustee, the Trust Administrator or any of their respective
      Affiliates or for which an Affiliate of the NIMS Insurer, the Trustee or the
      Trust Administrator serves as an advisor:

     

    (xxxi)  direct
      obligations of, or obligations fully guaranteed as to timely payment of
      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;

     

    (xxxii)  (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or its agent acting in their respective commercial
      capacities) incorporated under the laws of the United States of America or
      any
      state thereof and subject to supervision and examination by federal and/or
      state
      authorities, so long as, at the time of such investment or contractual
      commitment providing for such investment, such depository institution or trust
      company (or, if the only Rating Agency is S&P, in the case of the principal
      depository institution in a depository institution holding company, debt
      obligations of the depository institution holding company) or its ultimate
      parent has a short-term uninsured debt rating in the highest available rating
      category of Moody’s and S&P and provided that each such investment has an
      original maturity of no more than 365 days; and provided further that, if the
      only Rating Agency is S&P and if the depository or trust company is a
      principal subsidiary of a bank holding company and the debt obligations of
      such
      subsidiary are not separately rated, the applicable rating shall be that of
      the
      bank holding company; and, provided further that, if the original maturity
      of
      such short-term obligations of a domestic branch of a foreign depository
      institution or trust company shall exceed 30 days, the short-term rating of
      such
      institution shall be A-1+ in the case of S&P if S&P is the Rating
      Agency; and (B) any other demand or time deposit or deposit which is fully
      insured by the FDIC;

     

    (xxxiii)  repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated “A-1+” or higher by S&P and “A2”
or higher by Moody’s, provided, however, that collateral transferred pursuant to
      such repurchase obligation must be of the type described in clause (i) above
      and
      must (A) be valued daily at current market prices plus accrued interest, (B)
      pursuant to such valuation, be equal, at all times, to 105% of the cash
      transferred by the Trustee in exchange for such collateral and (C) be delivered
      to the Trustee or, if the Trustee is supplying the collateral, an agent for
      the
      Trustee, in such a manner as to accomplish perfection of a security interest
      in
      the collateral by possession of certificated securities;

     

    (xxxiv)  securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America or any State thereof
      and that are rated by a Rating Agency in its highest long-term unsecured rating
      category at the time of such investment or contractual commitment providing
      for
      such investment;

     

    (xxxv)  commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by a Rating
      Agency in its highest short-term unsecured debt rating available at the time
      of
      such investment;

     

    (xxxvi)  units
      of
      money market funds, including those managed or advised by the Trust
      Administrator or its Affiliates, that have been rated “AAA” by S&P and “Aaa”
by Moody’s; and

     

    (xxxvii)  if
      previously confirmed in writing to the Trustee and the Trust Administrator
      and
      consented to by the NIMS Insurer, any other demand, money market or time
      deposit, or any other obligation, security or investment, as may be acceptable
      to the Rating Agencies in writing as a permitted investment of funds backing
      securities having ratings equivalent to its highest initial rating of the Class
      A Certificates;

     

    provided,
      that no instrument described hereunder shall evidence either the right to
      receive (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from obligations
      underlying such instrument and the interest and principal payments with respect
      to such instrument provide a yield to maturity at par greater than 120% of
      the
      yield to maturity at par of the underlying obligations.

     

    “Permitted
      Transferee”: Any Transferee of a Residual Certificate other than a Disqualified
      Organization or Non-United States Person.

     

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

     

    “Plan”:
      Any employee benefit plan or certain other retirement plans and arrangements,
      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 are subject
      to
      ERISA or Section 4975 of the Code.

     

    “Prepayment
      Assumption”: As defined in the Prospectus Supplement.

     

    “Prepayment
      Charge”: With respect to any Mortgage and Prepayment Period, any prepayment
      premium, fee, penalty or charge payable by a Mortgagor in connection with any
      full or partial Principal Prepayment on a Mortgage Loan pursuant to the terms
      of
      the related Mortgage Note and any Originator Prepayment Charge Payment Amount
      (other than any Servicer Prepayment Charge Payment Amount).

     

    “Prepayment
      Charge Schedule”: As of any date, the list of Prepayment Charges on the Mortgage
      Loans provided by the Depositor included in REMIC I on such date, attached
      hereto as Schedule 2 (including the Prepayment Charge Summary attached thereto).
      The Prepayment Charge Schedule shall set forth the following information with
      respect to each related Mortgage Loan:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  a
      code
      indicating the type of Prepayment Charge;

     

    (iii)  the
      state
      of origination of the related Mortgage Loan;

     

    (iv)  the
      date
      on which the first monthly payment was due on the related Mortgage
      Loan;

     

    (v)  the
      term
      of the related Mortgage Loan; and

     

    (vi)  the
      Stated Principal Balance of the related Mortgage Loan as of the Cut-off
      Date.

     

    The
      Prepayment Charge Schedule shall be amended from time to time by the Depositor
      in accordance with the provisions of this Agreement and a copy of such amended
      Prepayment Charge Schedule shall be furnished by the Depositor to the NIMS
      Insurer and the Servicer.

     

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period commencing on the first day of the calendar month
      in
      which the Distribution Date occurs and ending on the last day of the related
      Prepayment Period, an amount equal to interest (to the extent received) at
      the
      applicable Net Mortgage Rate on the amount of such Principal Prepayment for
      the
      number of days commencing on the first day of the calendar month in which such
      Distribution Date occurs and ending on the date on which such prepayment is
      so
      applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a voluntary Principal Prepayment in full during
      the
      portion of the related Prepayment Period commencing on the first day of the
      related Prepayment Period and ending on the last day of the calendar month
      preceding the month in which such Distribution Date occurs, an amount equal
      to
      interest on the Mortgage Loan at the applicable Net Mortgage Rate on the amount
      of such Principal Prepayment for the number of days commencing on the date
      such
      Principal Prepayment was applied and ending on the last day of the calendar
      month preceding the month in which such Distribution Date occurs.

     

    “Prepayment
      Period”: With respect to any Distribution Date and any Principal Prepayment in
      full, the period commencing on the 16th day of the calendar month preceding
      the
      calendar month in which such Distribution Date occurs (or, in the case of the
      first Distribution Date, commencing on August 1, 2006) and ending on the 15th
      day of the calendar month in which such Distribution Date occurs. With respect
      to any Distribution Date and any Principal Prepayment in part, the calendar
      month preceding the month in which the Distribution Date occurs.

     

    “Present
      Value Maximum Probable Exposure”: With
      respect to each Distribution
      Date, the sum of each Present Value Probable Cash Flow from, and including,
      such
      Distribution Date to, and including, the Termination Date in such derivative
      confirmation.

     

    “Present
      Value Probable Cash Flow”: With
      respect to each Distribution
      Date, the product of (i) the Probable Cash Flow and (ii) the Discount Factor
      applicable for such Distribution Date.

     

    “Principal
      Balance”: As to any Mortgage Loan other than a Liquidated Mortgage Loan, and any
      day, the related Cut-off Date Principal Balance, minus all collections credited
      against the Cut-off Date Principal Balance of any such Mortgage Loan. For
      purposes of this definition, a Liquidated Mortgage Loan shall be deemed to
      have
      a Principal Balance equal to the Principal Balance of the related Mortgage
      Loan
      as of the final recovery of related Liquidation Proceeds and a Principal Balance
      of zero thereafter. As to any REO Property and any day, the Principal Balance
      of
      the related Mortgage Loan immediately prior to such Mortgage Loan becoming
      REO
      Property minus any REO Principal Amortization received with respect thereto
      on
      or prior to such day.

     

    “Principal
      Distribution Amount”: For any Distribution Date will be the sum of (i) the
      principal portion of all scheduled monthly payments on the Mortgage Loans due
      during the related Due Period, whether or not received on or prior to the
      related Determination Date; (ii) the principal portion of all proceeds received
      in respect of the repurchase of a Mortgage Loan (or, in the case of a
      substitution, certain amounts representing a principal adjustment) during the
      related Prepayment Period; (iii) the principal portion of all related Net
      Liquidation Proceeds, Insurance Proceeds, Subsequent Recoveries and all full
      and
      partial principal prepayments, received during the related Prepayment Period,
      to
      the extent applied as recoveries of principal on the Mortgage Loans and (iv)
      any
      Extra Principal Distribution Amount for such Distribution Date minus (v) any
      Overcollateralization Release Amount for such Distribution Date. In no event
      will the Principal Distribution Amount with respect to any Distribution Date
      be
      (x) less than zero or (y) greater than the then outstanding aggregate
      Certificate Principal Balance of the Class A and Mezzanine Certificates.

     

    “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 the full amount of scheduled
      interest due on any Due Date in any month or months subsequent to the month
      of
      prepayment. 

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of the
      amounts set forth in clauses (i) through (iii) of the definition of Principal
      Distribution Amount.

     

    “Probable
      Cash Flow”: With
      respect to each Distribution
      Date, the product of (i) the Notional Balance in such derivative confirmation
      for such Distribution Date, divided by 12, and (ii) the excess, if any, of
      (a)
      the Projected Forward Rate over (b) the cap rate, as defined in the derivative
      confirmation attached hereto as Exhibit K or the fixed rate, as defined in
      the
      derivative confirmation attached hereto as Exhibit M, as applicable. The
      Probable Cash Flow for each Distribution Date that precedes the Significance
      Percentage Calculation Date shall equal zero.

     

    “Projected
      Forward Rate”: With
      respect to each Distribution
      Date,
      the
      product of (i) One Month LIBOR (expressed as a percentage) for the related
      Accrual Period made available at Bloomberg Financial Markets, L.P. ("Bloomberg")
      by typing in the following keystrokes: FWCV <go>US<go>3<go>
and inputting “1” as Forwards and Intervals, and (ii) the sum of 1 and the
      product of (a) a percentage volatility level, linearly interpolated based on
      "Mid USD Cap" volatility levels as obtained from Bloomberg within 15 calendar
      days of such Distribution
      Date
      by
      typing the keystrokes: TTCF <go>, 1 <go>, whose maturity date
      corresponds to the Termination Date in such derivative confirmation, (b) a
      factor of 1.3, and (c) the square root of the number of days from the
      Significance Percentage Calculation Date to the first day of the Accrual Period
      for each related Distribution Date divided by 360. 

     

    “Projected
      Zero Factor”: With
      respect to each Distribution
      Date, a fraction, the numerator of which is 1 and the denominator of which
      is
      the sum of (i) 1 and (ii) the Projected Forward Rate divided by 12.

     

    “Prospectus
      Supplement”: That certain Prospectus Supplement dated August 4, 2006 relating to
      the public offering of the Class A Certificates and the Mezzanine
      Certificates.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, Section 3.16(c) or
      Section 9.01, and as confirmed by an
      Officer’s Certificate from the Servicer to
      the
      Trustee an amount equal to the sum of (i) 100% of the Stated Principal Balance
      thereof as of the date of purchase (or such other price as provided in
      Section 9.01), (ii) in the case of (x) a Mortgage Loan, accrued interest on
      such Stated Principal Balance at the applicable Net Mortgage Rate in effect
      from
      time to time from the Due Date as to which interest was last covered by a
      payment by the Mortgagor or an Advance, which payment or Advance had as of
      the
      date of purchase been distributed pursuant to Section 4.01, through the end
      of the calendar month in which the purchase is to be effected and (y) an REO
      Property, the sum of (1) accrued interest on such Stated Principal Balance
      at
      the applicable Net Mortgage Rate in effect from time to time from the Due Date
      as to which interest was last covered by a payment by the Mortgagor or an
      Advance by the Servicer through the end of the calendar month immediately
      preceding the calendar month in which such REO Property was acquired, plus
      (2)
      REO Imputed Interest for such REO Property for each calendar month commencing
      with the calendar month in which such REO Property was acquired and ending
      with
      the calendar month in which such purchase is to be effected, net of the total
      of
      all net rental income, Insurance Proceeds, Liquidation Proceeds and Advances
      that as of the date of purchase had been distributed as or to cover REO Imputed
      Interest pursuant to Section 4.01, (iii) any unreimbursed Advances and
      Servicing Advances (including Nonrecoverable Advances and Nonrecoverable
      Servicing Advances) and any unpaid Servicing Fees and Master Servicer Fee
      allocable to such Mortgage Loan or REO Property, (iv) any amounts previously
      withdrawn from the Collection Account pursuant to Section 3.11(a)(ix) and
      Section 3.16(b) or the Distribution Account in respect of such Mortgage Loan
      or
      REO Property, and (v) in the case of a Mortgage Loan required to be purchased
      pursuant to Section 2.03, expenses reasonably incurred or to be incurred by
      the Servicer, the Master Servicer, the NIMS Insurer, the Trust Administrator
      or
      the Trustee in respect of the breach or defect giving rise to the purchase
      obligation including any costs and damages incurred by the Trust in connection
      with any violation with respect to such loan of any predatory or abusive lending
      law. With respect to each Originator and any Mortgage Loan or REO Property
      to be
      purchased pursuant to or as contemplated by Section 2.03 or 10.01, an
      amount equal to the amount set forth pursuant to the terms of the related
      Originator Master Agreement.

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan by the Seller or the Originator, as applicable, pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding Stated Principal Balance, after application of all scheduled
      payments of principal and interest due during or prior to the month of
      substitution, not in excess of, and not more than 5% less than, the Stated
      Principal Balance of the Deleted Mortgage Loan as of the Due Date in the
      calendar month during which the substitution occurs, (ii) have a Mortgage Rate
      not less than (and not more than one percentage point in excess of) the Mortgage
      Rate of the Deleted Mortgage Loan, (iii) with respect to any Adjustable-Rate
      Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage
      Rate of the Deleted Mortgage Loan, (iv) with respect to any Adjustable-Rate
      Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage
      Rate of the Deleted Mortgage Loan, (v) with respect to any Adjustable-Rate
      Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin
      of
      the Deleted Mortgage Loan, (vi) with respect to any Adjustable-Rate Mortgage
      Loan, have a next Adjustment Date not more than two months later than the next
      Adjustment Date on the Deleted Mortgage Loan, (vii) have a remaining term to
      maturity not greater than (and not more than one year less than) that of the
      Deleted Mortgage Loan, (viii) have the same Due Date as the Due Date on the
      Deleted Mortgage Loan, (ix) 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, (x) have a risk grading determined by the
      Originator at least equal to the risk grading assigned on the Deleted Mortgage
      Loan, (xi) have a Prepayment Charge provision at least equal to the Prepayment
      Charge provision in the Deleted Mortgage Loan, (xii) [reserved] and (xiii)
      conform to each representation and warranty set forth in the related Originator
      Master Agreement and related Assignment Agreement applicable to the Deleted
      Mortgage Loan. 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 terms described in clause (vii) hereof
      shall be determined on the basis of weighted average remaining term to maturity,
      the Loan-to-Value Ratios described in clause (ix) hereof shall be satisfied
      as
      to each such mortgage loan, the risk gradings described in clause (x) hereof
      shall be satisfied as to each such mortgage loan and, except to the extent
      otherwise provided in this sentence, the representations and warranties
      described in clause (xiii) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be. 

     

    “Rating
      Agency” or “Rating Agencies”: Moody’s, DBRS and S&P or their successors. If
      such agencies or their successors are no longer in existence, “Rating Agencies”
shall be such nationally recognized statistical rating agencies, or other
      comparable Persons, designated by the Depositor, notice of which designation
      shall be given to the Trustee and the Master Servicer.

     

    “Realized
      Loss”: With respect to any Liquidated Mortgage Loan or any Mortgage Loan charged
      off by the Servicer pursuant to this Agreement, the amount of loss realized
      equal to the portion of the Stated Principal Balance remaining unpaid after
      application of all Net Liquidation Proceeds in respect of such Mortgage Loan.
      If
      the Servicer receives Subsequent Recoveries with respect to any Mortgage Loan,
      the amount of the Realized Loss with respect to that Mortgage Loan will be
      reduced to the extent such recoveries are applied to principal distributions
      on
      any Distribution Date.

     

    “Record
      Date”: With respect to each Distribution Date and any Book-Entry Certificate,
      the Business Day immediately preceding such Distribution Date. With respect
      to
      each Distribution Date and any other Certificates, including any Definitive
      Certificates, the last Business Day of the month immediately preceding the
      month
      in which such Distribution Date occurs.

     

    “Reference
      Banks”: Deutsche Bank AG, Barclay’s Bank PLC, The Tokyo Mitsubishi Bank and
      National Westminster Bank PLC and their successors in interest; provided,
      however, that if any of the foregoing banks are not suitable to serve as a
      Reference Bank, then any leading banks selected by the Trust Administrator
      (after consultation with the NIMS Insurer) which are engaged in transactions
      in
      Eurodollar deposits in the international Eurocurrency market (i) with an
      established place of business in London, (ii) not controlling, under the control
      of or under common control with the Depositor or any Affiliate thereof and
      (iii)
      which have been designated as such by the Trust Administrator.

     

    “Refinanced
      Mortgage Loan”: A Mortgage Loan the proceeds of which were not used to purchase
      the related Mortgaged Property.

     

    “Regular
      Certificate”: Any Class A Certificate, Mezzanine Certificate, Class CE
      Certificate or Class P Certificate.

     

    “Regular
      Interest”: A “regular interest” in a REMIC within the meaning of
      Section 860G(a)(1) of the Code.

     

    “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.

     

    “Relevant
      Servicing Criteria”: The Servicing Criteria applicable to the various parties,
      as set forth on Exhibit O attached hereto. For clarification purposes, multiple
      parties can have responsibility for the same Relevant Servicing
      Criteria.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act and any similar state
      laws.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date and any Mortgage
      Loan, any reduction in the amount of interest collectible on such Mortgage
      Loan
      for the most recently ended calendar month as a result of the application of
      the
      Relief Act or any similar state or local law.

     

    “REMIC”:
      A “real estate mortgage investment conduit” within the meaning of
      Section 860D of the Code.

     

    “REMIC
      I”: The segregated pool of assets subject hereto, constituting the primary trust
      created hereby and to be administered hereunder, with respect to which a REMIC
      election is to be made, consisting of: (i) such Mortgage Loans and Prepayment
      Charges as from time to time are subject to this Agreement, together with the
      Mortgage Files relating thereto, and together with all collections thereon
      and
      proceeds thereof; (ii) any REO Property, together with all collections thereon
      and proceeds thereof; (iii) the Trustee’s rights with respect to the Mortgage
      Loans under all insurance policies, required to be maintained pursuant to this
      Agreement and any proceeds thereof; (iv) the Depositor’s rights under the
      Originator Master Agreements (including any security interest created thereby);
      and (v) the Collection Account, the Distribution Account (other than any amounts
      representing any Servicer Prepayment Charge Payment Amount or
      any
      Originator Prepayment Charge Payment Amount)
      and any
      REO Account, and such assets that are deposited therein from time to time and
      any investments thereof, together with any and all income, proceeds and payments
      with respect thereto. Notwithstanding the foregoing, however, REMIC I
      specifically excludes the Net WAC Rate Carryover Reserve Account, the Interest
      Rate Swap Agreement, the Swap Account, the Cap Account, the Cap Contract, the
      Supplemental Interest Trust, any Servicer Prepayment Charge Payment Amounts
      or
      any Originator Prepayment Charge Payment Amounts, all payments and other
      collections of principal and interest due on the Mortgage Loans on or before
      the
      Cut-off Date and all Prepayment Charges payable in connection with Principal
      Prepayments made before the Cut-off Date. 

     

    “REMIC
      I
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC I issued hereunder and designated as a “regular interest” in
      REMIC I. Each REMIC I Regular Interest shall accrue interest at the related
      REMIC I Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto. The designations for the respective
      REMIC I Regular Interests are set forth in the Preliminary Statement hereto.
      

     

    “REMIC
      I
      Remittance Rate”: With respect to REMIC I Regular Interest I and REMIC I Regular
      Interest I-LTP, a per annum rate equal to the weighted average Adjusted Net
      Mortgage Rate of the Mortgage Loans. For the first Distribution Date through
      the
      24th
      Distribution Date, with respect to each REMIC I Regular Interest ending with
      the
      designation “A”, a per annum rate equal to the weighted average Adjusted Net
      Mortgage Rate of the Mortgage Loans multiplied by 2, subject to a maximum rate
      of 11.200%. For the first Distribution Date through the 24th
      Distribution Date, with respect to each REMIC I Regular Interest ending with
      the
      designation “B”, the greater of (x) a per annum rate equal to the excess, if
      any, of (i) 2 multiplied by the weighted average Net Mortgage Rate of the
      Mortgage Loans over (ii) 11.200% and (y) 0.00%. After the 24th
      Distribution Date, with respect to each REMIC I Regular Interest ending with
      the
      designation “A”, a per annum rate equal to the weighted average Adjusted Net
      Mortgage Rate of the Mortgage Loans multiplied by 2, subject to a maximum rate
      of 11.400%. After the 24th
      Distribution Date, with respect to each REMIC I Regular Interest ending with
      the
      designation “B”, the greater of (x) a per annum rate equal to the excess, if
      any, of (i) 2 multiplied by the weighted average Net Mortgage Rate of the
      Mortgage Loans over (ii) 11.400% and (y) 0.00%. 

     

    “REMIC
      II”: The segregated pool of assets consisting of all of the REMIC I Regular
      Interests conveyed in trust to the Trustee, for the benefit of the REMIC II
      Certificateholders pursuant to Section 2.07, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      II
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount (subject to adjustment based on the actual number of days elapsed in
      the
      respective Accrual Periods for the indicated Regular Interests for such
      Distribution Date) equal to (a) the product of the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties then outstanding and (ii)
      the
      REMIC II Remittance Rate for REMIC II Regular Interest II-LTAA minus the Marker
      Rate, divided by (b) 12.

     

    “REMIC
      II
      Overcollateralized Amount”: With respect to any date of determination, (i) 1% of
      the aggregate Uncertificated Balance of the REMIC II Regular Interests (other
      than REMIC II Regular Interest II-LTP and REMIC II Regular Interest II-LTIO)
      minus (ii) the aggregate Uncertificated Balance of REMIC II Regular Interest
      II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3,
      REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC
      II
      Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular
      Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest
      II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8,
      REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC
      II Regular Interest II-LTM11, in each case as of such date of
      determination.

     

    “REMIC
      II
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to the product of (i) the aggregate Stated Principal Balance of
      the
      Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction,
      the numerator of which is two times the aggregate Uncertificated Balance of
      REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC
      II
      Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular
      Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest
      II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5,
      REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC
      II
      Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular
      Interest II-LTM10, REMIC II Regular Interest II-LTM11 and the denominator of
      which is the aggregate Uncertificated Balance of REMIC II Regular Interest
      II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3,
      REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC
      II
      Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular
      Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest
      II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8,
      REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC
      II
      Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ.

     

    “REMIC
      II
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC II issued hereunder and designated as a “regular interest” in
      REMIC II. Each REMIC II Regular Interest shall accrue interest at the related
      REMIC II Remittance Rate in effect from time to time, and shall be entitled
      to
      distributions of principal (other than REMIC II Regular Interest II-LTIO),
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Balance as set forth in the Preliminary Statement hereto.
      The REMIC II Regular Interests are as follows: REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2,
      REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC
      II
      Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular
      Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest
      II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7,
      REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC
      II
      Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular
      Interest II-LTP and REMIC II Regular Interest I-TLZZ and REMIC II Regular
      Interest II-LTIO. REMIC II Regular Interest II-LTP shall also be entitled to
      any
      Prepayment Charges received by the Trust Fund.

     

    “REMIC
      II
      Remittance Rate”: With respect to REMIC II Regular Interest II-LTAA, REMIC II
      Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular
      Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest
      II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
      REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
      II
      Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
      Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
      II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest II-LTZZ
      and REMIC II Regular Interest II-LTP, a per annum rate (but not less than zero)
      equal to the weighted average of (v) with respect to REMIC I Regular Interest
      I,
      and REMIC I Regular Interest I-LTP, the REMIC I Remittance Rate for such REMIC
      I
      Regular Interest for each such Distribution Date, (w) with respect to REMIC
      I
      Regular Interests ending with the designation “B”, the weighted average of the
      REMIC I Remittance Rates for such REMIC I Regular Interests, weighted on the
      basis of the Uncertificated Principal Balance of such REMIC I Regular Interests
      for each such Distribution Date and (x) with respect to REMIC I Regular
      Interests ending with the designation “A”, for each Distribution Date listed
      below, the weighted average of the rates listed below for each such REMIC I
      Regular Interest listed below, weighted on the basis of the Uncertificated
      Principal Balance of each such REMIC I Regular Interest for each such
      Distribution Date:

     

    
      	
              Distribution
                Date

            	
              REMIC
                1 Regular Interest

            	
              Rate

            
	
              1
                

            	
              I-1-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	
              2

            	
              I-2-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              3

            	
              I-3-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              4

            	
              I-4-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              5

            	
              I-5-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              6

            	
              I-6-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              7

            	
              I-7-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              8

            	
              I-8-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              9

            	
              I-9-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              10

            	
              I-10-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              11

            	
              I-11-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              12

            	
              I-12-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              13

            	
              I-13-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              14

            	
              I-14-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              15

            	
              I-15-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              16

            	
              I-16-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              17

            	
              I-17-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              18

            	
              I-18-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              19

            	
              I-19-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              20

            	
              I-20-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              21

            	
              I-21-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              22

            	
              I-22-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              23

            	
              I-23-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              24

            	
              I-24-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              25

            	
              I-25-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              26

            	
              I-26-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              27

            	
              I-27-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              28

            	
              I-28-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              29

            	
              I-29-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              30

            	
              I-30-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              31

            	
              I-31-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              32

            	
              I-32-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              33

            	
              I-33-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              34

            	
              I-34-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              35

            	
              I-35-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              36

            	
              I-36-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              37

            	
              I-37-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              38

            	
              I-38-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              39

            	
              I-39-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              40

            	
              I-40-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              41

            	
              I-41-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              42

            	
              I-42-A
                and I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              43

            	
              I-43-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              44

            	
              I-44-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              45

            	
              I-45-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              46

            	
              I-46-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-45-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              47

            	
              I-47-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-46-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              48

            	
              I-48-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-47-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              49

            	
              I-49-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-48-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              50

            	
              I-50-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-49-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              51

            	
              I-51-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-50-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              52

            	
              I-52-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-51-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              53

            	
              I-53-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              54

            	
              I-54-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-53-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              55

            	
              I-55-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-54-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              56

            	
              I-56-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-55-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              57

            	
              I-57-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-56-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              58

            	
              I-58-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-57-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              59

            	
              I-59-A
                through I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-58-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              60

            	
              I-60-A

            	
              2
                multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                REMIC 1 Remittance Rate

            
	 	
              I-1-A
                through I-59-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            
	
              thereafter

            	
              I-1-A
                through I-60-A

            	
              Uncertificated
                REMIC 1 Remittance Rate

            

    

    

     

    With
      respect to REMIC II Regular Interest II-LTIO, and (a) the first 60 Distribution
      Dates, the excess of (i) the weighted average of the REMIC I Remittance Rates
      for REMIC I Regular Interests ending with the designation “A”, over (ii) 2
      multiplied by Swap LIBOR, and (b) thereafter, 0.00%.

     

    “REMIC
      II
      Required Overcollateralized Amount”: 1.00% of the Overcollateralization Target
      Amount.

     

    “REMIC
      III”: The segregated pool of assets consisting of all of the REMIC II Regular
      Interests conveyed in trust to the Trustee, for the benefit of the REMIC III
      Certificateholders pursuant to Section 2.07, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      III Certificate”: Any Regular Certificate (other than a Class CE Certificate or
      Class P Certificate) or Class R Certificate.

     

    “REMIC
      III Certificateholder”: The Holder of any REMIC III Certificate.

     

    “REMIC
      III Regular Interest”: Any Class A Certificate, Mezzanine Certificate, the Class
      CE Interest, the Class P Interest or the Class Swap-IO Interest. 

     

    “REMIC
      IV”: The segregated pool of assets consisting of all of the Class CE Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of the Class
      CE
      Certificates and the Class R-X Certificate (in respect of the Class R-IV
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      V”: The segregated pool of assets consisting of all of the Class P Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of the Class
      P
      Certificates and the Class R-X Certificate (in respect of the Class R-V
      Interest), pursuant to Article II hereunder, and all amounts deposited therein,
      with respect to which a separate REMIC election is to be made.

     

    “REMIC
      VI”: The segregated pool of assets consisting of all of the Class Swap-IO
      Interest conveyed in trust to the Trustee, for the benefit of the Holders of
      the
      REMIC VI Regular Interest SWAP-IO and the Class R-X Certificate (in respect
      of
      the Class R-VI Interest), pursuant to Article II hereunder, and all amounts
      deposited therein, with respect to which a separate REMIC election is to be
      made.

     

    “REMIC
      Provisions”: Provisions of the federal income tax law relating to REMICs, which
      appear at Section 860A through 860G of the Code, and related provisions, and
      proposed, temporary and final regulations and published rulings, notices and
      announcements promulgated thereunder, as the foregoing may be in effect from
      time to time. 

     

    “REMIC
      Regular Interest”: Any REMIC I Regular Interest, REMIC II Regular Interest,
      REMIC III Regular Interest or REMIC VI Regular Interest SWAP-IO.

     

    “REMIC
      Remittance Rate”: The REMIC I Remittance Rate or the REMIC II Remittance
      Rate.

     

    “Remittance
      Report”: A report prepared by the Servicer and delivered to the Trust
      Administrator and the NIMS Insurer pursuant to Section 4.03.

     

    “Rents
      from Real Property”: With respect to any REO Property, gross income of the
      character described in Section 856(d) of the Code as being included in the
      term “rents from real property.”

     

    “REO
      Account”: The account or accounts maintained, or caused to be maintained, by the
      Servicer in respect of an REO Property pursuant to Section 3.23.

     

    “REO
      Disposition”: The sale or other disposition of an REO Property on behalf of
      REMIC I.

     

    “REO
      Imputed Interest”: As to any REO Property, for any calendar month during which
      such REO Property was at any time part of REMIC I, one month’s interest at the
      applicable Net Mortgage Rate on the Stated Principal Balance of such REO
      Property (or, in the case of the first such calendar month, of the related
      Mortgage Loan, if appropriate) as of the close of business on the Distribution
      Date in such calendar month.

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 9.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.23(c) in respect of the proper operation, management and
      maintenance of such REO Property or (ii) payable or reimbursable to the Servicer
      pursuant to Section 3.23(d) for unpaid Servicing Fees or Master Servicer Fees
      in
      respect of the related Mortgage Loan and unreimbursed Advances and Servicing
      Advances in respect of such REO Property or the related Mortgage Loan, over
      (b)
      the REO Imputed Interest in respect of such REO Property for such calendar
      month.

     

    “REO
      Property”: A Mortgaged Property acquired by the Servicer on behalf of REMIC I
      through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.23.

     

    “Reportable
      Event”: The meaning set forth in Section 4.06(a)(iii).

     

    “Request
      for Release”: A request for release in such electronic or other format as shall
      be mutually agreed to by the Custodian and the Servicer, in substantially the
      form of Exhibit E attached hereto.

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Trust Administrator determines to be either (i) the arithmetic
      mean (rounded upwards if necessary to the nearest whole multiple of 1/16%)
      of
      the one-month U.S. dollar lending rates which New York City banks selected
      by
      the Trust Administrator are quoting on the relevant Interest Determination
      Date
      to the principal London offices of leading banks in the London interbank market
      or (ii) in the event that the Trust Administrator can determine no such
      arithmetic mean, the lowest one-month U.S. dollar lending rate which New York
      City banks selected by the Trust Administrator are quoting on such Interest
      Determination Date to leading European banks.

     

    “Residential
      Dwelling”: Any one of the following: (i) a detached one-family dwelling, (ii) a
      detached two- to four-family dwelling, (iii) a one-family dwelling unit in
      a
      Fannie Mae eligible condominium project, (iv) a manufactured home, or (v) a
      detached one-family dwelling in a planned unit development, none of which is
      a
      co-operative or mobile home.

     

    “Residual
      Certificate”: Any one of the Class R Certificates and the Class R-X
      Certificates.

     

    “Residual
      Interest”: The sole class of “residual interests” in a REMIC within the meaning
      of Section 860G(a)(2) of the Code.

     

    “Responsible
      Officer”: When used with respect to the Trustee or the Trust Administrator, 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 or the Trust
      Administrator, as applicable, customarily performing functions similar to those
      performed by any of the above designated officers, in each case, having direct
      responsibility for the administration of this Agreement, and, with respect
      to a
      particular matter relating to this Agreement, to whom such matter is referred
      because of such officer’s knowledge of and familiarity with the particular
      subject.

     

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

     

    “Sarbanes-Oxley
      Act”: The Sarbanes-Oxley Act of 2002 and the rules and regulations of the
      Commission promulgated thereunder (including any interpretations thereof by
      the
      Commission’s staff).

     

    “Sarbanes-Oxley
      Certification”: The meaning set forth in Section 4.06(a)(iv).

     

    “Securities
      Act”: The Securities Act of 1933, as amended, and the rules and regulations
      thereunder.

     

    “Seller”:
      UBS Real Estate Securities Inc. or its successor in interest, in its capacity
      as
      Seller under the Assignment Agreements.

     

    “Senior
      Principal Distribution Amount”: The excess of (x) the aggregate Certificate
      Principal Balance of the Class A Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) 61.00% and
      (ii)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and (B) the excess of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) over $2,774,106.04.

     

    “Sequential
      Class M Certificates”: the Class M-1 Certificates, the Class M-2 Certificates
      and the Class M-3 Certificates.

     

    “Sequential
      Class M Principal Distribution Amount”: With respect to any Distribution Date,
      the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
      of
      the Class A Certificates (after taking into account the distribution of the
      Senior Principal Distribution Amount on such Distribution Date), (ii) the
      aggregate Certificate Principal Balance of the Sequential Class M Certificates
      over (y) the lesser of (A) the product of (i) 78.10% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      the excess of the aggregate Stated Principal Balance of the Mortgage Loans
      as of
      the last day of the related Due Period (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) over $2,774,106.04.

     

    “Servicer”:
      HomEq Servicing Corporation or any successor Servicer appointed as herein
      provided, each in its capacity as a Servicer hereunder.

     

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

     

    “Servicer
      Prepayment Charge Payment Amount”: The amounts payable by the Servicer in
      respect of any waived Prepayment Charges pursuant to Section 3.01.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, the 18th
      day of
      the calendar month in which such Distribution Date occurs or, if such
      18th
      day is
      not a Business Day, the Business Day immediately following.

     

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

     

    “Servicing
      Advances”: The reasonable “out-of-pocket” costs and expenses incurred by the
      Servicer in connection with a default, delinquency or other unanticipated event
      by the Servicer in the performance of its servicing obligations, including,
      but
      not limited to, the cost of (i) the preservation, restoration, inspection and
      protection of a Mortgaged Property, (ii) any enforcement, administration or
      judicial proceedings, including foreclosures, in respect of a particular
      Mortgage Loan, including any expenses incurred in relation to any such
      proceedings that result from the Mortgage Loan being registered on the MERS
      System, (iii) the management (including reasonable fees in connection therewith)
      and liquidation of any REO Property, (iv) taxes, assessments, water rates,
      sewer
      rents and other charges which are or may become a lien upon the Mortgage
      Property and (v) the performance of its obligations under Section 3.01, Section
      3.09, Section 3.13, Section 3.14, Section 3.16 and Section 3.23. Servicing
      Advances shall also include any reasonable “out-of-pocket” costs and expenses
      (including legal fees) incurred by the Servicer in connection with executing
      and
      recording instruments of satisfaction, deeds of reconveyance or Assignments
      of
      Mortgage in connection with any foreclosure in respect of any Mortgage Loan
      to
      the extent not recovered from the related Mortgagor or otherwise payable under
      this Agreement. The Servicer shall not be required to make any Servicing Advance
      in respect of a Mortgage Loan or REO Property that, in the good faith business
      judgment of the Servicer would not be ultimately recoverable from related
      Insurance Proceeds or Liquidation Proceeds on such Mortgage Loan or REO Property
      as provided herein. The Servicer shall not be required to make any Servicing
      Advance that would be a Nonrecoverable Advance.

     

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

     

    “Servicing
      Fee”: With respect to each Mortgage Loan, the amount of the annual fee paid to
      the Servicer, which shall, for a period of one full month, be equal to
      one-twelfth of the product of (a) the Servicing Fee Rate (without regard to
      the
      words “per annum”) and (b) the Stated Principal Balance of such Mortgage Loan as
      of the first day of the related Due Period. Such fee shall be payable monthly,
      computed on the basis of the same principal amount and period respecting which
      any related interest payment on a Mortgage Loan is received. The obligation
      for
      payment of the Servicing Fee is limited to, and the Servicing Fee is payable
      solely from, the interest portion (including recoveries with respect to interest
      from Liquidation Proceeds) of such Monthly Payment collected by the Servicer,
      or
      as otherwise provided under Section 3.11.

     

    “Servicing
      Fee Rate”: With respect to each Mortgage Loan, the rate of 0.5000% per
      annum.

     

    “Servicing
      Function Participant” means any Sub-Servicer or Subcontractor of a Servicer, the
      Master Servicer, the Custodian or the Trust Administrator, respectively. For
      the
      avoidance of doubt, the Custodian shall be considered a Servicing Function
      Participant without regard to the threshold percentage set forth in instruction
      2 of Item 1122 of Regulation AB.

     

    “Servicing
      Officer”: Any employee of the Servicer involved in, or responsible for, the
      administration and servicing of the Mortgage Loans, whose name appear on a
      list
      of Servicing Officers furnished by the Servicer to the Master Servicer, the
      Trust Administrator, the Trustee and the Depositor, upon request, as such list
      may from time to time be amended. With respect to the Master Servicer, any
      officer of the Master Servicer involved in or responsible for, the
      administration and master servicing of the Mortgage Loans whose name appears
      on
      a list of master Servicing Officers furnished by the Master Servicer to the
      Trustee, the Trust Administrator and the Depositor upon request, as such list
      may from time to time be amended.

     

    “Servicing
      Transfer Costs”: Shall mean all reasonable out-of-pocket costs and expenses
      incurred by the Trustee or the Master Servicer in connection with the transfer
      of servicing from a predecessor servicer, including, without limitation, any
      reasonable costs or expenses associated with the complete transfer of all
      servicing data and the completion, correction or manipulation of such servicing
      data as may be required by the Trustee, the Master Servicer to correct any
      errors or insufficiencies in the servicing data or otherwise to enable the
      Trustee or the Master Servicer to service the Mortgage Loans properly and
      effectively.

     

    “Significance
      Percentage”: The percentage equivalent of a fraction, the numerator of which is
      the highest of each Present Value Maximum Probable Exposure and the denominator
      of which is the aggregate Certificate Principal Balance of the Class A and
      Mezzanine Certificates that are supported by the derivatives (after giving
      effect to all distributions on such Distribution
      Date
      in such
      derivative confirmation).

     

    “Significance
      Percentage Calculation Date”: Shall mean no later than the respective
      Distribution Date.

     

    “Single
      Certificate”: With respect to any Class of Certificates (other than the Class P
      Certificates and the Residual Certificates), a hypothetical Certificate of
      such
      Class evidencing a Percentage Interest for such Class corresponding to an
      initial Certificate Principal Balance of $1,000. With respect to the Class
      P
      Certificates and the Residual Certificates, a hypothetical Certificate of such
      Class evidencing a 100% Percentage Interest in such Class.

     

    “Startup
      Day”: With respect to each Trust REMIC, the day designated as such pursuant to
      Section 10.01(b) hereof.

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the Cut-off Date Principal Balance of such Mortgage Loan,
      as shown in the Mortgage Loan Schedule, minus the sum of (i) the principal
      portion of each Monthly Payment due on a Due Date subsequent to the Cut-off
      Date, to the extent received from the Mortgagor or advanced by the Servicer
      and
      distributed pursuant to Section 4.01 on or before such date of
      determination, (ii) all Principal Prepayments received after the Cut-off Date,
      to the extent distributed pursuant to Section 4.01 on or before such date
      of determination, (iii) all Liquidation Proceeds and Insurance Proceeds applied
      by the Servicer as recoveries of principal in accordance with the provisions
      of
      Section 3.16, to the extent distributed pursuant to Section 4.01 on or
      before such date of determination, and (iv) any Realized Loss incurred with
      respect thereto as a result of a Deficient Valuation made during or prior to
      the
      Prepayment Period for the most recent Distribution Date coinciding with or
      preceding such date of determination; and (b) as of any date of determination
      coinciding with or subsequent to the Distribution Date on which the proceeds,
      if
      any, of a Liquidation Event with respect to such Mortgage Loan would be
      distributed, zero. With respect to any REO Property: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such REO Property
      would
      be distributed, an amount (not less than zero) equal to the Stated Principal
      Balance of the related Mortgage Loan as of the date on which such REO Property
      was acquired on behalf of REMIC I, minus the sum of (i) if such REO Property
      was
      acquired before the Distribution Date in any calendar month, the principal
      portion of the Monthly Payment due on the Due Date in the calendar month of
      acquisition, to the extent advanced by the Servicer and distributed pursuant
      to
      Section 4.01 on or before such date of determination, and (ii) the
      aggregate amount of REO Principal Amortization in respect of such REO Property
      for all previously ended calendar months, to the extent distributed pursuant
      to
      Section 4.01 on or before such date of determination; and (b) as of any
      date of determination coinciding with or subsequent to the Distribution Date
      on
      which the proceeds, if any, of a Liquidation Event with respect to such REO
      Property would be distributed, zero.

     

    “Stepdown
      Date”: The earlier to occur of (i) the first Distribution Date immediately
      succeeding the Distribution Date on which the aggregate Certificate Principal
      Balance of the Class A Certificates has been reduced to zero and (ii) the later
      to occur of (x) the Distribution Date occurring in September 2009 and (y) the
      first Distribution Date on which the Credit Enhancement Percentage (calculated
      for this purpose only after taking into account payments of principal on the
      Mortgage Loans) for the Class A Certificates is equal to or greater than
      39.00%.

     

    “Subcontractor”
      means any vendor, subcontractor or other Person that is not responsible for
      the
      overall servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
      under
      the direction or authority of any Servicer (or a Sub-Servicer of any Servicer),
      the Master Servicer, the Custodian or the Trust Administrator.

     

    “Subordinate
      Certificates”: The Mezzanine Certificates and the Class CE Certificates.

     

    “Sub-Servicer”
      means any Person that services Mortgage Loans on behalf of a Servicer, and
      is
      responsible for the performance (whether directly or through sub-servicers
      or
      Subcontractors) of servicing functions required to be performed under this
      Agreement, any related Servicing Agreement or any sub-servicing agreement that
      are identified in Item 1122(d) of Regulation AB.

     

    “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
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Servicer and a Sub-Servicer,
      relating to servicing and administration of certain Mortgage Loans, which meets
      the requirements set forth in Section 3.02. 

     

    “Subsequent
      Recoveries”: As of any Distribution Date, unexpected amounts received by the
      Servicer (net of any related expenses permitted to be reimbursed to the Servicer
      or the Master Servicer) specifically related to a Mortgage Loan that was the
      subject of a liquidation or an REO Disposition prior to the related Prepayment
      Period that resulted in a Realized Loss.

     

    “Substitution
      Adjustment Amount”: As defined in Section 2.03(b).

     

    “Supplemental
      Interest Trust”: As defined in Section 4.08(a).

     

    “Supplemental
      Interest Trust Trustee”: Wells Fargo Bank, N. A., a national banking
      association, not in its individual capacity but solely in its capacity as
      supplemental interest trust trustee, and any successor thereto.

     

    “Swap
      Account”: The account or accounts created and maintained pursuant to Section
      4.08. The Swap Account must be an Eligible Account.

     

    “Swap
      Administration Agreement”: As defined in Section 4.08(b). 

     

    “Swap
      Administrator”: Wells
      Fargo Bank, N.A.,
      a
      national banking association, or any successor in interest not in its individual
      capacity but solely as swap administrator under the Swap Administration
      Agreement, or any successor swap administrator appointed pursuant to the Swap
      Administration Agreement. 

     

    “Swap
      Interest Shortfall Amount”: Any shortfall of interest with respect to any Class
      of Certificates resulting from the application of the Net WAC Rate due to a
      discrepancy between the Uncertificated Notional Amounts of the Class SWAP-IO
      Interest and the scheduled notional amount pursuant to the Swap Administration
      Agreement. 

     

    “Swap
      LIBOR”:
      A per annum rate equal to the floating rate payable by either Swap Provider
      under the Interest Rate Swap Agreement. 

     

    “Swap
      Provider”: Bear Stearns Financial Products Inc.

     

    “Swap
      Provider Trigger Event”: A Swap Termination Payment that is triggered upon: (i)
      an Event of Default under the Interest Rate Swap Agreement with respect to
      which
      the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap
      Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement
      with
      respect to which the Swap Provider is the sole Affected Party (as defined in
      the
      Interest Rate Swap Agreement) or (iii) an Additional Termination Event under
      the
      Interest Rate Swap Agreement with respect to which the Swap Provider is the
      sole
      Affected Party (as defined in the Interest Rate Swap Agreement).

     

    “Swap
      Termination Payment”: The payment due under the Interest Rate Swap Agreement
      upon the early termination of the Interest Rate Swap Agreement.

     

    “Tax
      Returns”: The federal income tax return on Internal Revenue Service Form 1066,
      U.S. Real Estate Mortgage Investment Conduit Income Tax Return, including
      Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC
      Taxable Income or Net Loss Allocation, or any successor forms, to be filed
      on
      behalf of the Trust Fund due to the classification of portions thereof as REMICs
      under the REMIC Provisions, together with any and all other information reports
      or returns that may be required to be furnished to the Certificateholders or
      filed with the Internal Revenue Service or any other governmental taxing
      authority under any applicable provisions of federal, state or local tax
      laws.

     

    “Telerate
      Page 3750”: The display designated as page “3750” on the Dow Jones Telerate
      Capital Markets Report (or such other page as may replace page 3750 on that
      report for the purpose of displaying London interbank offered rates of major
      banks).

     

    “Termination
      Price”: As defined in Section 9.01.

     

    “Terminator”:
      As defined in Section 9.01.

     

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

     

    “Transferee”:
      Any Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

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

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date on or
      after the Stepdown Date if:

     

    (b)  the
      Delinquency Percentage exceeds 38.40% of the Credit Enhancement Percentage;
      or

     

    (c)  the
      aggregate amount of Realized Losses incurred since the Cut-off Date through
      the
      last day of the related Due Period (reduced by the aggregate amount of
      Subsequent Recoveries received since the Cut-off Date through the last day
      of
      the related Due Period) divided by the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the Cut-off Date exceeds the applicable percentages set
      forth below with respect to such Distribution Date:

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              September
                2008 through August 2009 

            	
              1.35%
                for the first month, plus an additional 1/12th of 1.65% for each
                month
                thereafter 

            
	
              September
                2009 through August 2010 

            	
              3.00%
                for the first month, plus an additional 1/12th of 1.65% for each
                month
                thereafter 

            
	
              September
                2010 through August 2011 

            	
              4.70%
                for the first month, plus an additional 1/12th of 1.35% for each
                month
                thereafter 

            
	
              September
                2011 through August 2012 

            	
              6.05%
                for the first month, plus an additional 1/12th of 0.75% for each
                month
                thereafter 

            
	
              September
                2012 and thereafter

            	
              6.80%

            

    

    

    “Trust
      Administrator”: Wells Fargo Bank, N.A., or any successor in interest, or any
      successor trust administrator appointed as herein provided.

     

    “Trust
      Fund”: Collectively, all of the assets of REMIC I, REMIC II, REMIC III, REMIC
      IV, REMIC V and REMIC VI, the Net WAC Rate Carryover Reserve Account,
      distributions made to the Trust Administrator by the Swap Administrator under
      the Swap Administration Agreement to the Swap Account and the other assets
      conveyed by the Depositor to the Trustee pursuant to Section 2.01. 

     

    “Trust
      REMIC”: Any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC
      VI.

     

    “Trustee”:
      U.S. Bank National Association, a national banking association, or its successor
      in interest, or any successor trustee appointed as herein provided.

     

    “Uncertificated
      Balance”: The amount of any REMIC Regular Interest (other than REMIC II Regular
      Interest II-LTIO) outstanding as of any date of determination. As of the Closing
      Date, the Uncertificated Balance of each REMIC Regular Interest (other than
      REMIC II Regular Interest II-LTIO) shall equal the amount set forth in the
      Preliminary Statement hereto as its initial uncertificated balance. On each
      Distribution Date, the Uncertificated Balance of each REMIC Regular Interest
      (other than REMIC II Regular Interest II-LTIO) shall be reduced by all
      distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.01 and, if and to the extent
      necessary and appropriate, shall be further reduced on such Distribution Date
      by
      Realized Losses as provided in Section 4.04. The Uncertificated Balance of
      REMIC II Regular Interest II-LTZZ shall be increased by interest deferrals
      as
      provided in Section 4.01(a)(1). The Uncertificated Balance of each REMIC
      Regular Interest (other than REMIC II Regular Interest II-LTIO) shall never
      be
      less than zero. With respect to the Class CE Interest as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balance of the REMIC II Regular Interests over (B)
      the
      then aggregate Certificate Principal Balances of the Class A Certificates,
      Mezzanine Certificates and the Class P Interest then outstanding.

     

    “Uncertificated
      Interest”: With respect to any REMIC Regular Interest for any Distribution Date,
      one month’s interest at the REMIC Remittance Rate applicable to such REMIC
      Regular Interest for such Distribution Date, accrued on the Uncertificated
      Balance or Uncertificated Notional Amount thereof immediately prior to such
      Distribution Date. Uncertificated Interest in respect of any REMIC I Regular
      Interest shall accrue on the basis of a 360-day year consisting of twelve 30-day
      months. Uncertificated Interest with respect to each Distribution Date, as
      to
      any REMIC Regular Interest, shall be reduced by an amount equal to the sum
      of
      (a) the aggregate Prepayment Interest Shortfall, if any, for such Distribution
      Date to the extent not covered by Compensating Interest and (b) the aggregate
      amount of any Relief Act Interest Shortfall, if any allocated, in each case,
      to
      such REMIC Regular Interest pursuant to Section 1.02. In addition,
      Uncertificated Interest with respect to each Distribution Date, as to any REMIC
      Regular Interest shall be reduced by Realized Losses, if any, allocated to
      such
      REMIC Regular Interest pursuant to Section 1.02 and
      Section 4.04.

     

    “Uncertificated
      Notional Amount”: With respect to REMIC II Regular Interest II-LTIO and each
      Distribution Date listed below, the aggregate Uncertificated Principal Balance
      of the REMIC I Regular Interests ending with the designation “A” listed below:

    

      
        	
                Distribution
                  Date

              	
                REMIC
                  I Regular Interests

              
	
                1
                  

              	
                I-1-A
                  through I-60-A 

              
	
                2

              	
                I-2-A
                  through I-60-A 

              
	
                3

              	
                I-3-A
                  through I-60-A 

              
	
                4

              	
                I-4-A
                  through I-60-A 

              
	
                5

              	
                I-5-A
                  through I-60-A 

              
	
                6

              	
                I-6-A
                  through I-60-A 

              
	
                7

              	
                I-7-A
                  through I-60-A 

              
	
                8

              	
                I-8-A
                  through I-60-A

              
	
                9

              	
                I-9-A
                  through I-60-A 

              
	
                10

              	
                I-10-A
                  through I-60-A 

              
	
                11

              	
                I-11-A
                  through I-60-A 

              
	
                12

              	
                I-12-A
                  through I-60-A 

              
	
                13

              	
                I-13-A
                  through I-60-A 

              
	
                14

              	
                I-14-A
                  through I-60-A 

              
	
                15

              	
                I-15-A
                  through I-60-A 

              
	
                16

              	
                I-16-A
                  through I-60-A 

              
	
                17

              	
                I-17-A
                  through I-60-A 

              
	
                18

              	
                I-18-A
                  through I-60-A 

              
	
                19

              	
                I-19-A
                  through I-60-A 

              
	
                20

              	
                I-20-A
                  through I-60-A 

              
	
                21

              	
                I-21-A
                  through I-60-A 

              
	
                22

              	
                I-22-A
                  through I-60-A 

              
	
                23

              	
                I-23-A
                  through I-60-A 

              
	
                24

              	
                I-24-A
                  through I-60-A 

              
	
                25

              	
                I-25-A
                  through I-60-A 

              
	
                26

              	
                I-26-A
                  through I-60-A 

              
	
                27

              	
                I-27-A
                  through I-60-A 

              
	
                28

              	
                I-28-A
                  through I-60-A 

              
	
                29

              	
                I-29-A
                  through I-60-A

              
	
                30

              	
                I-30-A
                  through I-60-A 

              
	
                31

              	
                I-31-A
                  through I-60-A 

              
	
                32

              	
                I-32-A
                  through I-60-A 

              
	
                33

              	
                I-33-A
                  through I-60-A 

              
	
                34

              	
                I-34-A
                  through I-60-A 

              
	
                35

              	
                I-35-A
                  through I-60-A 

              
	
                36

              	
                I-36-A
                  through I-60-A 

              
	
                37

              	
                I-37-A
                  through I-60-A 

              
	
                38

              	
                I-38-A
                  through I-60-A 

              
	
                39

              	
                I-39-A
                  through I-60-A 

              
	
                40

              	
                I-40-A
                  through I-60-A 

              
	
                41

              	
                I-41-A
                  through I-60-A 

              
	
                42

              	
                I-42-A
                  through I-60-A

              
	
                43

              	
                I-43-A
                  through I-60-A

              
	
                44

              	
                I-44-A
                  through I-60-A

              
	
                45

              	
                I-45-A
                  through I-60-A

              
	
                46

              	
                I-46-A
                  through I-60-A

              
	
                47

              	
                I-47-A
                  through I-60-A

              
	
                48

              	
                I-48-A
                  through I-60-A

              
	
                49

              	
                I-49-A
                  through I-60-A

              
	
                50

              	
                I-50-A
                  through I-60-A

              
	
                51

              	
                I-51-A
                  through I-60-A

              
	
                52

              	
                I-52-A
                  through I-60-A

              
	
                53

              	
                I-53-A
                  through I-60-A

              
	
                54

              	
                I-54-A
                  through I-60-A

              
	
                55

              	
                I-55-A
                  through I-60-A

              
	
                56

              	
                I-56-A
                  through I-60-A

              
	
                57

              	
                I-57-A
                  through I-60-A

              
	
                58

              	
                I-58-A
                  through I-60-A

              
	
                59

              	
                I-59-A
                  and I-60-A

              
	
                60

              	
                I-60-A

              
	
                thereafter

              	
                $0.00

              

      

    

     

    With
      respect to the Class Swap-IO Interest and any Distribution Date, an amount
      equal
      to the Uncertificated Notional Amount of the REMIC II Regular Interest II-LTIO.
      

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the hazard insurance
      policies required to be maintained pursuant to Section 3.14.

     

    “United
      States Person”: 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, any state thereof or, the District of Columbia (except, in the
      case of a partnership, to the extent provided in regulations) provided that,
      for
      purposes solely of the restrictions on the transfer of Class R Certificates
      and
      Class R-X Certificates, no partnership or other entity treated as a partnership
      for United States federal income tax purposes shall be treated as a United
      States Person unless 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 whose income is subject to United
      States federal income tax regardless of its source, or a trust if a court within
      the United States is able to exercise primary supervision over the
      administration of the trust and one or more United States persons have the
      authority to control all substantial decisions of the trust. To the extent
      prescribed in regulations by the Secretary of the Treasury, a trust which was
      in
      existence on August 20, 1996 (other than a trust treated as owned by the grantor
      under subpart E of part I of subchapter J of chapter 1 of the Code), and which
      was treated as a United States person on August 20, 1996 may elect to continue
      to be treated as a United States person notwithstanding the previous sentence.
      The term “United States” shall have the meaning set forth in Section 7701
      of the Code.

     

    “Unpaid
      Interest Shortfall Amount”: With respect to the Class A Certificates and the
      Mezzanine Certificates and (i) the first Distribution Date, zero, and (ii)
      any
      Distribution Date after the first Distribution Date, the amount, if any, by
      which (a) the sum of (1) the Monthly Interest Distributable Amount for such
      Class for the immediately preceding Distribution Date and (2) the outstanding
      Unpaid Interest Shortfall Amount, if any, for such Class for such preceding
      Distribution Date exceeds (b) the aggregate amount distributed on such Class
      in
      respect of interest pursuant to clause (a) of this definition on such preceding
      Distribution Date, plus interest on the amount of interest due but not paid
      on
      the Certificates of such Class on such preceding Distribution Date, to the
      extent permitted by law, at the Pass-Through Rate for such Class for the related
      Accrual Period.

     

    “Value”:
      With respect to any Mortgage Loan, and the related Mortgaged Property, the
      lesser of:

     

    (i)
      the
      lesser of (a) the value thereof as determined by an appraisal made for the
      Originator at the time of origination of the Mortgage Loan by an appraiser
      who
      met the minimum requirements of Fannie Mae and Freddie Mac, and (b) the value
      thereof as determined by a review appraisal conducted by the Originator in
      the
      event any such review appraisal determines an appraised value more than 10%
      lower than the value thereof, in the case of a Mortgage Loan with a
      Loan-to-Value Ratio less than or equal to 80%, or more than 5% lower than the
      value thereof, in the case of a Mortgage Loan with a Loan-to-Value Ratio greater
      than 80%, as determined by the appraisal referred to in clause (i)(a) above;
      and

     

    (ii)
      the
      purchase price paid for the related Mortgaged Property by the Mortgagor with
      the
      proceeds of the Mortgage Loan; provided, however, that in the case of a
      Refinanced Mortgage Loan or a Mortgage Loan originated in connection with a
      “lease option purchase” if the “lease option purchase price” was set 12 months
      or more prior to origination, such value of the Mortgaged Property is based
      solely upon clause (i) above.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. With respect to any date of determination, 98%
      of
      all Voting Rights will be allocated among the holders of the Class A
      Certificates, the Mezzanine Certificates and the Class CE Certificates in
      proportion to the then outstanding Certificate Principal Balances of their
      respective Certificates, 1% of all Voting Rights will be allocated to the
      holders of the Class P Certificates and 1% of all Voting Rights will be
      allocated among the holders of the Residual Certificates. The Voting Rights
      allocated to each Class of Certificate shall be allocated among Holders of
      each
      such Class in accordance with their respective Percentage Interests as of the
      most recent Record Date.

     

    “Wells
      Fargo”: Wells Fargo Bank, N.A.

     

    
      	SECTION
              1.02.  	
              Allocation
                of Certain Interest Shortfalls.

            

    

     

    For
      purposes of calculating the amount of the Monthly Interest Distributable Amount
      for the Class A Certificates, the Mezzanine Certificates and the Class CE
      Certificates for any Distribution Date, (1) the aggregate amount of any
      Prepayment Interest Shortfalls (to the extent not covered by Compensating
      Interest Payments by the Servicer or the Master Servicer) and any Relief Act
      Interest Shortfall incurred in respect of the Mortgage Loans for any
      Distribution Date shall be allocated first, to the Class CE Certificates based
      on, and to the extent of, one month’s interest at the then applicable respective
      Pass-Through Rate on the respective Notional Amount of each such Certificate
      and, thereafter, among the Class A Certificates and the Mezzanine Certificates
      on a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate and (2) the aggregate amount of any Realized Losses and
      Net WAC Rate Carryover Amounts incurred for any Distribution Date shall be
      allocated to the Class CE Certificates based on, and to the extent of, one
      month’s interest at the then applicable respective Pass-Through Rate on the
      respective Notional Amount of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      I
      Regular Interests for any Distribution Date, the aggregate amount of any
      Prepayment Interest Shortfalls (to the extent not covered by payments by the
      Servicer pursuant to Section 3.24) and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans shall be allocated first, to REMIC
      I
      Regular Interest I and to the REMIC I Regular Interests ending with the
      designation “B”, pro
      rata
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC I Remittance Rates on the respective Uncertificated Balances of each
      such
      REMIC I Regular Interest, and then, to REMIC I Regular Interests ending with
      the
      designation “A”, pro rata based on, and to the extent of, one month’s interest
      at the then applicable respective REMIC I Remittance Rates on the respective
      Uncertificated Balances of each such REMIC I Regular Interest. 

     

    For
      purposes of calculating the amount of Uncertificated Interest for the REMIC
      II
      Regular Interests for any Distribution Date, the aggregate amount of any
      Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
      in respect of the Mortgage Loans for any Distribution Date shall be allocated
      among REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1,
      REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
      II
      Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
      Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
      II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
      REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
      II
      Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
      Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, pro
      rata,
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      REMIC II Remittance Rates on the respective Uncertificated Balances of each
      such
      REMIC II Regular Interest. 

     

    
      	SECTION
              1.03.  	
              Rights
                of the NIMS Insurer.

            

    

     

    Each
      of
      the rights of the NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of notes
      issued pursuant to the Indenture and (ii) the notes issued pursuant to the
      Indenture remain outstanding or the NIMS Insurer is owed amounts in respect
      of
      its guarantee of payment on such notes; provided, however, the NIMS Insurer
      shall not have any rights hereunder (except pursuant to Section 11.01 and
      any rights to indemnification hereunder in the case of clause (ii) below) so
      long as (i) the NIMS Insurer has not undertaken to guarantee certain payments
      of
      notes issued pursuant to the Indenture or (ii) any default has occurred and
      is
      continuing under the insurance policy issued by the NIMS Insurer with respect
      to
      such notes.

     

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	SECTION
              2.01.  	
              Conveyance
                of the Mortgage Loans.

            

    

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse,
      for the benefit of the Certificateholders, all the right, title and interest
      of
      the Depositor, including any security interest therein for the benefit of the
      Depositor, in and to the Mortgage Loans identified on the Mortgage Loan
      Schedule, the rights of the Depositor under the Assignment Agreements, payments
      made to the Trust Administrator by the Swap Administrator under the Swap
      Administration Agreement and the Swap Account and all other assets included
      or
      to be included in REMIC I. Such assignment includes all interest and principal
      received by the Depositor or the Servicer on or with respect to the Mortgage
      Loans (other than payments of principal and interest due on such Mortgage Loans
      on or before the Cut-off Date). Any payments received on the Mortgage Loans
      after the Cut-off Date, whether in the form of Monthly Payments, Liquidation
      Proceeds, Insurance Proceeds, Principal Prepayments, Subsequent Recoveries
      or
      any other amounts collected on such Mortgage Loan, shall be used first to
      satisfy any amounts due on such Mortgage Loan on or prior to the Cut-off Date,
      to the Person and in the amount certified by the Servicer to the Depositor
      on
      the Closing Date. The Depositor herewith delivers to the Trustee executed
      originals of each Assignment Agreement.

     

    In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, to the Custodian (on behalf of the Trustee), with respect
      the Mortgage Loans, the following documents or instruments with respect to
      each
      Mortgage Loan so transferred and assigned (a “Mortgage File”):

     

    (i)  the
      original Mortgage Note, endorsed in blank or in the following form: “Pay to the
      order of U.S. Bank National Association, as Trustee under the applicable
      agreement, without recourse,” with all prior and intervening endorsements
      showing a complete chain of endorsement from the related Originator to the
      Person so endorsing to the Trustee;

     

    (ii)  the
      original Mortgage, noting the presence of the MIN of the Mortgage Loan and
      language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
      is
      a MOM Loan, with evidence of recording thereon, and the original recorded power
      of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with
      evidence of recording thereon;

     

    (iii)  unless
      the Mortgage Loan is registered on the MERS® System, an original Assignment in
      blank;

     

    (iv)  the
      original recorded Assignment or Assignments showing a complete chain of
      assignment from the related Originator to the Person assigning the Mortgage
      to
      the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System
      and noting the presence of the MIN) as contemplated by the immediately preceding
      clause (iii);

     

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

     

    (vi)  the
      original lender’s title insurance policy, together with all endorsements or
      riders that were issued with or subsequent to the issuance of such policy,
      insuring the priority of the Mortgage as a first or second lien on the Mortgaged
      Property represented therein as a fee interest vested in the Mortgagor, or
      in
      the event such original title policy is unavailable, a written commitment or
      uniform binder or preliminary report of title issued by the title insurance
      or
      escrow company.

     

    With
      respect to a maximum of 1.0% of the Mortgage Loans, by outstanding Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date, if any original
      Mortgage Note referred to in Section 2.01(i) above cannot be located, the
      obligations of the Depositor to deliver such documents shall be deemed to be
      satisfied upon delivery to the Trustee (or the Custodian on behalf of the
      Trustee) of a photocopy of such Mortgage Note, if available, with a lost note
      affidavit substantially in the form of Exhibit I attached hereto. If any of
      the
      original Mortgage Notes for which a lost note affidavit was delivered to the
      Trustee (or the Custodian on behalf of the Trustee) with respect to the related
      Mortgage Files, is subsequently located, such original Mortgage Note shall
      be
      delivered to the Trustee (or the Custodian on behalf of the Trustee) within
      three Business Days.

     

    Except
      with respect to any Mortgage Loan for which MERS is identified on the Mortgage
      or on a properly recorded assignment of the Mortgage as the mortgagee of record,
      the Trustee (upon receipt of notice from the Custodian) shall promptly (within
      sixty Business Days following the later of the Closing Date and the date of
      receipt by the Trustee or the Custodian on behalf of the Trustee of the
      recording information for a Mortgage, but in no event later than ninety days
      following the Closing Date) enforce the obligations of the related Originator
      pursuant to the terms of the related Originator Master Agreement to submit
      or
      cause to be submitted for recording, at no expense to the Trust Fund, the
      Trustee, the Trust Administrator, the Custodian, the Servicer, the Master
      Servicer or the Depositor, in the appropriate public office for real property
      records, each Assignment referred to in Sections 2.01(iii) and (iv) above and
      in
      connection therewith, the Trustee (upon receipt of notice from the Custodian)
      shall enforce the obligation of each Originator pursuant to the terms of the
      related Originator Master Agreement to execute each original Assignment in
      the
      following form: “U.S. Bank National Association, as Trustee under the applicable
      agreement.” In the event that any such Assignment is lost or returned unrecorded
      because of a defect therein, the Trustee (upon receipt of notice from the
      Custodian) shall enforce the obligation of each Originator pursuant to the
      related Originator Master Agreement to promptly prepare or cause to be prepared
      a substitute Assignment or cure or cause to be cured such defect, as the case
      may be, and thereafter cause each such Assignment to be duly
      recorded.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Depositor further agrees that it will cause, within 30 Business
      Days
      after the Closing Date, the MERS® System to indicate that such Mortgage Loans
      have been assigned by the Depositor to the Trustee in accordance with this
      Agreement for the benefit of the Certificateholders by including (or deleting,
      in the case of Mortgage Loans which are repurchased in accordance with this
      Agreement) in such computer files (a) the code in the field which identifies
      the
      specific Trustee and (b) the code in the field “Pool Field” which identifies the
      series of the Certificates issued in connection with such Mortgage Loans. The
      Depositor further agrees that it will not, and will not permit the Servicer
      to,
      and the Servicer agrees that it will not, alter the codes referenced in this
      paragraph with respect to any Mortgage Loan during the term of this Agreement
      unless and until such Mortgage Loan is repurchased in accordance with the terms
      of this Agreement.

     

    If
      any of
      the documents referred to in Sections 2.01(ii), (iii) or (iv) has, as of the
      Closing Date, been submitted for recording but either (x) has not been returned
      from the applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Depositor to deliver such documents shall be deemed to be satisfied upon
      (1)
      delivery to the Trustee (or the Custodian on behalf of the Trustee) of a copy
      of
      each such document certified by the related Originator in the case of (x) above
      or the applicable public recording office in the case of (y) above to be a
      true
      and complete copy of the original that was submitted for recording and (2)
      if
      such copy is certified by the related Originator, delivery to the Trustee (or
      the Custodian on behalf of the Trustee) promptly upon receipt thereof of either
      the original or a copy of such document certified by the applicable public
      recording office to be a true and complete copy of the original.

     

    If
      the
      original lender’s title insurance policy was not delivered pursuant to Section
      2.01(vi) above, the Depositor shall deliver or cause to be delivered to the
      Trustee (or the Custodian on behalf of the Trustee), promptly after receipt
      thereof, the original lender’s title insurance policy with a copy thereof to the
      Servicer. The Depositor shall deliver or cause to be delivered to the Trustee
      (or the Custodian on behalf of the Trustee) promptly upon receipt thereof any
      other original documents constituting a part of a Mortgage File received with
      respect to any Mortgage Loan, including, but not limited to, any original
      documents evidencing an assumption or modification of any Mortgage Loan with
      a
      copy thereof to the Servicer.

     

    The
      Depositor shall deliver or cause each Originator, the Trustee or the Custodian
      on behalf of the Trustee to deliver to the Servicer copies of all trailing
      documents required to be included in the servicing file at the same time the
      originals or certified copies thereof are delivered to the Trustee or the
      Custodian, such documents including but not limited to the mortgagee policy
      of
      title insurance and any mortgage loan documents upon return from the recording
      office. The Servicer shall not be responsible for any custodian fees or other
      costs incurring in obtaining such documents and the Depositor shall cause the
      Servicer to be reimbursed for any such costs it may incur in connection with
      performing its obligations under this Agreement. Subject to Section 6.03(a),
      the
      Servicer shall have no liability as a result of an inability to service any
      Mortgage Loan due to its failure to receive any documents missing from the
      Mortgage File or servicing file.

     

    All
      original documents relating to the Mortgage Loans that are not delivered to
      the
      Trustee (or the Custodian on behalf of the Trustee) are and shall be held by
      or
      on behalf of the related Originator, the Seller, the Depositor or the Servicer,
      as the case may be, in trust for the benefit of the Trustee on behalf of the
      Certificateholders. In the event that any such original document is required
      pursuant to the terms of this Section 2.01 to be a part of a Mortgage File,
      such
      document shall be delivered promptly to the Trustee (or the Custodian on behalf
      of the Trustee). Any such original document delivered to or held by the
      Depositor that is not required pursuant to the terms of this Section to be
      a
      part of a Mortgage File, shall be delivered promptly to the
      Servicer.

     

    The
      Depositor and the Trustee hereto understand and agree that it is not intended
      that any Mortgage Loan be included in the Trust that is a “High-Cost Home Loan”
as defined by the Homeownership and Equity Protection Act of 1994 or any other
      applicable predatory or abusive lending laws.

     

    The
      Depositor hereby directs the Trust Administrator to execute, deliver and perform
      its obligations under the Cap Contract, the Interest Rate Swap Agreement (in
      its
      capacity as Supplemental Interest Trust Trustee) and to assign any rights to
      receive payments from the Swap Provider to the Swap Administrator pursuant
      to
      the Swap Administration Agreement and the Depositor further directs the Trust
      Administrator to execute, deliver and perform its obligations under the Swap
      Administration Agreement. The Seller, the Depositor, the Servicer and the
      Holders of the Class A Certificates and the Mezzanine Certificates by their
      acceptance of such Certificates acknowledge and agree that the Trust
      Administrator shall execute, deliver and perform its obligations under the
      Cap
      Contract, the Interest Rate Swap Agreement and the Swap Administration Agreement
      and shall do so solely in its capacity as Trust Administrator or as Swap
      Administrator, as the case may be, and not in its individual capacity. Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trust Administrator shall apply to the Trust
      Administrator’s execution of the execution of the Cap Contract, the Interest
      Rate Swap Agreement and the Swap Administration Agreement, and the performance
      of its duties and satisfaction of its obligations thereunder.

     

    
      	SECTION
              2.02.  	
              Acceptance
                of REMIC I by Trustee.

            

    

     

    The
      Trustee acknowledges receipt (or receipt by the Custodian on behalf of the
      Trustee), subject to the provisions of Section 2.01 and subject to any
      exceptions noted on the exception report described in the next paragraph below,
      of the documents referred to in Section 2.01 (other than such documents
      described in Section 2.01(v)) above and all other assets included in the
      definition of “REMIC I” under clauses (i), (iii), (iv) and (v) (to the extent of
      amounts deposited into the Distribution Account) and declares that it holds
      and
      will hold such documents and the other documents delivered to it constituting
      a
      Mortgage File, and that it holds or will hold all such assets and such other
      assets included in the definition of “REMIC I” in trust for the exclusive use
      and benefit of all present and future Certificateholders.

     

    The
      Trustee (or the Custodian on behalf of the Trustee) agrees to execute and
      deliver to the Depositor and the NIMS Insurer on or prior to the Closing Date
      an
      acknowledgment of receipt of the original Mortgage Notes (with any exceptions
      noted), substantially in the form attached as Exhibit C-3 hereto.

     

    The
      Trustee (or the Custodian on behalf of the Trustee) agrees, for the benefit
      of
      the Certificateholders and the NIMS Insurer, to review each Mortgage File and,
      within 45 days of the Closing Date, to deliver to the Depositor, the NIMS
      Insurer, the Trustee, the Servicer and the Master Servicer a certification
      in
      substantially the form attached hereto as Exhibit C-1 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 the exception report
      annexed thereto as not being covered by such certification), (i) all documents
      constituting part of such Mortgage File (other than such documents described
      in
      Section 2.01(v)) required to be delivered to it pursuant to this Agreement
      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, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (1), (3), (12), (15) and (18)
      of the definition of “Mortgage Loan Schedule” accurately reflects information
      set forth in the Mortgage File. It is herein acknowledged that, in conducting
      such review, the Trustee (or the Custodian on behalf of the Trustee) is under
      no
      duty or obligation (i) to inspect, review or examine any such documents,
      instruments, certificates or other papers to determine whether they are genuine,
      enforceable, or appropriate for the represented purpose or whether they have
      actually been recorded or that they are other than what they purport to be
      on
      their face or (ii) to determine whether any Mortgage File should include any
      of
      the documents specified in clause (v) of Section 2.01.

     

    Prior
      to
      the first anniversary date of this Agreement, the Trustee (or the Custodian
      on
      behalf of the Trustee) shall deliver to the Depositor, the NIMS Insurer, the
      Trustee, the Servicer and the Master Servicer a final certification in the
      form
      annexed hereto as Exhibit C-2 evidencing the completeness of the Mortgage Files,
      with any applicable exceptions noted thereon, and the Servicer shall forward
      a
      copy thereof to any Sub-Servicer.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian on
      behalf of the Trustee) finds any document or documents constituting a part
      of a
      Mortgage File to be missing or defective in any material respect, at the
      conclusion of its review the Trustee (or the Custodian on behalf of the Trustee)
      shall so notify the Depositor, the NIMS Insurer, the Trustee, the Servicer
      and
      the Master Servicer. In addition, upon the discovery by the Depositor, the
      NIMS
      Insurer, the Servicer or the Master Servicer of a breach of any of the
      representations and warranties made by an Originator under the related
      Originator Master Agreement or the Seller in an Assignment Agreement in respect
      of any Mortgage Loan which materially adversely affects such Mortgage Loan
      or
      the interests of the related Certificateholders in such Mortgage Loan, the
      party
      discovering such breach shall give prompt written notice to the other
      parties.

     

    The
      Trustee (or the Custodian on behalf of the Trustee) shall, at the written
      request and expense of any Certificateholder, provide a written report to the
      Trust Administrator for forwarding to such Certificateholder of all related
      Mortgage Files released to the Servicer for servicing purposes.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and that such property not be part of the
      Depositor’s estate or property of the Depositor in the event of any insolvency
      by the Depositor. In the event that such conveyance is deemed to be, or to
      be
      made as security for, a loan, the parties intend that the Depositor shall be
      deemed to have granted and does hereby grant to the Trustee a first priority
      perfected security interest in all of the Depositor’s right, title and interest
      in and to the Mortgage Loans, the related Mortgage Notes and the related
      documents, and that this Agreement shall constitute a security agreement under
      applicable law.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance,
      inspection, receipt and release of the Mortgage Files and other documentation
      pursuant to Section 2.01, 2.02 and 2.03 and preparation and delivery of the
      acknowledgements of receipt and the certifications required under such sections
      shall be performed by the Custodian pursuant to the terms and conditions of
      this
      Agreement.

     

    
      	SECTION
              2.03.  	
              Repurchase
                or Substitution of Mortgage Loans by an Originator or the
                Seller.

            

    

     

    (a)  Upon
      receipt of written notice from the Custodian of any materially defective
      document in, or that a document is missing from, a Mortgage File or from the
      Depositor, a Servicer, the Master Servicer, the Trust Administrator or the
      Custodian of the breach by an Originator or the Seller of any representation,
      warranty or covenant under the related Originator Master Agreement or Assignment
      Agreement, as applicable (including any representation, warranty or covenant
      regarding the Prepayment Charge Schedule), in respect of any Mortgage Loan
      that
      materially adversely affects the value of such Mortgage Loan or the interest
      therein of the Certificateholders, the Trustee shall promptly notify such
      Originator, the Trust Administrator, the NIMS Insurer, the Seller, the Servicer
      and the Master Servicer of such defect, missing document or breach and request
      that the related Originator or the Seller, as applicable, deliver such missing
      document or cure such defect or breach within 90 days from the date such
      Originator or the Seller, as applicable, was notified of such missing document,
      defect or breach, and if the Trustee receives written notice from the Depositor,
      a Servicer, the Master Servicer, the Trust Administrator or the Custodian,
      that
      the related Originator or the Seller, as applicable, has not delivered such
      missing document or cured such defect or breach in all material respects during
      such period, the Trustee shall enforce the obligations of such Originator or
      the
      Seller, as applicable, under the related Master Agreement or Assignment
      Agreement to repurchase such Mortgage Loan from REMIC I at the Purchase Price
      The Purchase Price for the repurchased Mortgage Loan shall be remitted to the
      Servicer for deposit in the Collection Account and the Trustee (or the Custodian
      on behalf of the Trustee), upon receipt of written certification from the
      Servicer of such deposit, shall release to the related Originator or the Seller,
      as applicable, the related Mortgage File and the Trustee shall execute and
      deliver such instruments of transfer or assignment, in each case without
      recourse, as the related
      Originator or
      the
      Seller, as applicable, shall furnish to it and as shall be necessary to vest
      in
      such Originator or the Seller, as applicable, any Mortgage Loan released
      pursuant hereto. In furtherance of the foregoing, if an Originator or the
      Seller, as applicable, is not a member of MERS and repurchases a Mortgage Loan
      which is registered on the MERS® System, the related Originator or the Seller,
      as applicable, at its own expense and without any right of reimbursement, shall
      cause MERS to execute and deliver an assignment of the Mortgage in recordable
      form to transfer the Mortgage from MERS to the related Originator or the Seller,
      as applicable, and shall cause such Mortgage to be removed from registration
      on
      the MERS® System in accordance with MERS’ rules and regulations. Neither the
      Trustee nor the Custodian shall have any further responsibility with regard
      to
      such Mortgage File. In lieu of repurchasing any such Mortgage Loan as provided
      above, if so provided in the related Originator Master Agreement or Assignment
      Agreement, an Originator or the Seller, as applicable, may cause such Mortgage
      Loan to be removed from REMIC I (in which case it shall become a Deleted
      Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans
      in
      the manner and subject to the limitations set forth in Section 2.03(b);
      provided, however, the related Originator or the Seller, as applicable, may
      not
      substitute a Qualified Substitute Mortgage Loan for any Deleted Mortgage Loan
      that violates any predatory or abusive lending law. It is understood and agreed
      that the obligation of the Originators or the Seller, as applicable, to cure
      or
      to repurchase (or to substitute for) any Mortgage Loan as to which a document
      is
      missing, a material defect in a constituent document exists or as to which
      such
      a breach has occurred and is continuing shall constitute the sole remedy
      respecting such omission, defect or breach available to the Trustee and the
      Certificateholders.

     

    (b)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the date which
      is two years after the Startup Day for REMIC I.

     

    As
      to any
      Deleted Mortgage Loan for which an Originator or the Seller, as applicable,
      substitutes a Qualified Substitute Mortgage Loan or Loans, such substitution
      shall be effected by such Originator or the Seller, as applicable, delivering
      to
      the Trustee (or the Custodian on behalf of the Trustee), for such Qualified
      Substitute Mortgage Loan or Loans, the Mortgage Note, the Mortgage, the
      Assignment in blank or to the Trustee (or the Custodian on behalf of the
      Trustee), and such other documents and agreements, with all necessary
      endorsements thereon, as are required by Section 2.01, together with an
      Officers’ Certificate providing that each such Qualified Substitute Mortgage
      Loan satisfies the definition thereof and specifying the Substitution Adjustment
      Amount (as described below), if any, in connection with such substitution.
      The
      Trustee (or the Custodian on behalf of the Trustee) shall acknowledge receipt
      for such Qualified Substitute Mortgage Loan or Loans and, within ten Business
      Days thereafter, review such documents as specified in Section 2.02 and deliver
      to the Depositor, the NIMS Insurer and the Servicer, with respect to such
      Qualified Substitute Mortgage Loan or Loans, a certification substantially
      in
      the form attached hereto as Exhibit C-1, with any applicable exceptions noted
      thereon. Within one year of the date of substitution, the Trustee (or the
      Custodian on behalf of the Trustee) shall deliver to the Depositor, the NIMS
      Insurer and the Servicer a certification substantially in the form of Exhibit
      C-2 hereto with respect to such Qualified Substitute Mortgage Loan or Loans,
      with any applicable exceptions noted thereon. Monthly Payments due with respect
      to Qualified Substitute Mortgage Loans in the month of substitution are not
      part
      of REMIC I and will be retained by the related Originator or the Seller, as
      applicable. For the month of substitution, distributions to Certificateholders
      will reflect the Monthly Payment due on such Deleted Mortgage Loan on or before
      the Due Date in the month of substitution, and the related Originator or the
      Seller, as applicable, shall thereafter be entitled to retain all amounts
      subsequently received in respect of such Deleted Mortgage Loan. The Depositor
      shall give or cause to be given written notice to the Certificateholders and
      the
      NIMS Insurer that such substitution has taken place, shall amend the Mortgage
      Loan Schedule to reflect the removal of such Deleted Mortgage Loan from the
      terms of this Agreement and the substitution of the Qualified Substitute
      Mortgage Loan or Loans and shall deliver a copy of such amended Mortgage Loan
      Schedule to the Master Servicer, the Trust Administrator, the Trustee, the
      Custodian, the Servicer and the NIMS Insurer. Upon such substitution, such
      Qualified Substitute Mortgage Loan or Loans shall constitute part of the
      Mortgage Pool and shall be subject in all respects to the terms of this
      Agreement and the related Originator Master Agreement or Assignment Agreement,
      as applicable, including, all applicable representations and warranties thereof
      included therein.

     

    For
      any
      month in which an Originator or the Seller, as applicable, substitutes one
      or
      more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans,
      the Servicer will determine the amount (the “Substitution Adjustment Amount”),
      if any, by which the aggregate Purchase Price of all such Deleted Mortgage
      Loans
      exceeds the aggregate of, as to each such Qualified Substitute Mortgage Loan,
      the Stated Principal Balance thereof as of the date of substitution, together
      with one month’s interest on such Stated Principal Balance at the applicable Net
      Mortgage Rate, plus all outstanding Advances and Servicing Advances (including
      Nonrecoverable Advances and Nonrecoverable Servicing Advances) related thereto.
      On the date of such substitution, the related Originator or the Seller, as
      applicable, will deliver or cause to be delivered to the Servicer for deposit
      in
      the Collection Account an amount equal to the Substitution Adjustment Amount
      if
      any, and the Trustee (or the Custodian on behalf of the Trustee), upon receipt
      of the related Qualified Substitute Mortgage Loan or Loans and written notice
      by
      the Servicer of such deposit, shall release to the related Originator or the
      Seller, as applicable, the related Mortgage File or Files and the Trustee shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, the related Originator or the Seller, as applicable, shall
      deliver to it and as shall be necessary to vest therein any Deleted Mortgage
      Loan released pursuant hereto.

     

    In
      addition, the related Originator or the Seller, as applicable, shall obtain
      at
      its own expense and deliver to the Trustee, the Trust Administrator and the
      NIMS
      Insurer an Opinion of Counsel to the effect that such substitution will not
      cause (a) any federal tax to be imposed on any Trust REMIC, including without
      limitation, any federal tax imposed on “prohibited transactions” under Section
      860F(a)(1) of the Code or on “contributions after the startup date” under
      Section 860G(d)(1) of the Code, or (b) any Trust REMIC to fail to qualify as
      a
      REMIC at any time that any Certificate is outstanding.

     

    (c)  Upon
      discovery by the Depositor, the Servicer, the NIMS Insurer, any Originator,
      the
      Seller, the Master Servicer or the Trust Administrator that any Mortgage Loan
      does not constitute a “qualified mortgage” within the meaning of Section
      860G(a)(3) of the Code, the party discovering such fact shall within two
      Business Days give written notice thereof to the other parties hereto and the
      Trustee shall give written notice to the related Originator and the Seller.
      In
      connection therewith, the related Originator, the Seller or the Depositor shall
      repurchase or, subject to the limitations set forth in Section 2.03(b),
      substitute one or more Qualified Substitute Mortgage Loans for the affected
      Mortgage Loan within 90 days of the earlier of discovery or receipt of such
      notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made by (i) the related Originator or the Seller, as
      the
      case may be, if the affected Mortgage Loan’s status as a non-qualified mortgage
      is or results from a breach of any representation, warranty or covenant made
      by
      such Originator or the Seller, as the case may be, under the related Originator
      Master Agreement or Assignment Agreement, or (ii) the Depositor, if the affected
      Mortgage Loan’s status as a non-qualified mortgage is a breach of no
      representation or warranty. Any such repurchase or substitution shall be made
      in
      the same manner as set forth in Section 2.03(a). The Trustee shall reconvey
      to
      the Depositor, the related Originator or the Seller, as the case may be, the
      Mortgage Loan to be released pursuant hereto in the same manner, and on the
      same
      terms and conditions, as it would a Mortgage Loan repurchased for breach of
      a
      representation or warranty.

     

    
      	SECTION
              2.04.  	
              Reserved.

            

    

     

    
      	SECTION
              2.05.  	
              Representations,
                Warranties and Covenants of the Servicer and the Master
                Servicer.

            

    

     

    (a)  The
      Servicer hereby represents, warrants and covenants to the Trust Administrator
      and the Trustee, for the benefit of each of the Trustee, the Trust
      Administrator, the Certificateholders and to the Depositor that as of the
      Closing Date or as of such date specifically provided herein:

     

    (i)  The
      Servicer is duly organized, validly existing, and in good standing under the
      laws of the jurisdiction of its formation and has all licenses necessary to
      carry on its business as now being conducted and is licensed, qualified and
      in
      good standing in the states where the Mortgaged Property is located if the
      laws
      of such state require licensing or qualification in order to conduct business
      of
      the type conducted by the Servicer or to ensure the enforceability or validity
      of each Mortgage Loan; the Servicer has the power and authority to execute
      and
      deliver this Agreement and to perform in accordance herewith; the execution,
      delivery and performance of this Agreement (including all instruments of
      transfer to be delivered pursuant to this Agreement) by the Servicer and the
      consummation of the transactions contemplated hereby have been duly and validly
      authorized; this Agreement evidences the valid, binding and enforceable
      obligation of the Servicer, subject to applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws affecting the enforcement
      of
      creditors’ rights generally; and all requisite corporate action has been taken
      by the Servicer to make this Agreement valid and binding upon the Servicer
      in
      accordance with its terms;

     

    (ii)  The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer and will not result in the material
      breach of any term or provision of the charter or by-laws of the Servicer or
      result in the breach of any term or provision of, or conflict with or constitute
      a default under or result in the acceleration of any obligation under, any
      material agreement, indenture or loan or credit agreement or other instrument
      to
      which the Servicer or its property is subject, or result in the violation of
      any
      law, rule, regulation, order, judgment or decree to which the Servicer or its
      property is subject;

     

    (iii)  The
      execution and delivery of this Agreement by the Servicer and the performance
      and
      compliance with its obligations and covenants hereunder do not require the
      consent or approval of any governmental authority or, if such consent or
      approval is required, it has been obtained;

     

    (iv)  This
      Agreement, and all documents and instruments contemplated hereby which are
      executed and delivered by the Servicer, constitute and will constitute valid,
      legal and binding obligations of the Servicer, enforceable in accordance with
      their respective terms, except as the enforcement thereof may be limited by
      applicable bankruptcy laws and general principles of equity;

     

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

     

    (vi)  There
      is
      no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Servicer that, either individually or in the aggregate,
      (A) may result in any change in the business, operations, financial condition,
      properties or assets of the Servicer that might prohibit or materially and
      adversely affect the performance by the Servicer of its obligations under,
      or
      validity or enforceability of, this Agreement, or (B) may result in any material
      impairment of the right or ability of the Servicer to carry on its business
      substantially as now conducted, or (C) would draw into question the validity
      or
      enforceability of this Agreement or of any action taken or to be taken in
      connection with the obligations of the Servicer contemplated herein, or (D)
      would otherwise be likely to impair materially the ability of the Servicer
      to
      perform under the terms of this Agreement;

     

    (vii)  No
      information, certificate of an officer, statement furnished in writing or report
      delivered to the Trustee or the Trust Administrator by the Servicer in
      connection with the transactions contemplated hereby contains any untrue
      statement of a material fact;

     

    (viii)  The
      Servicer covenants that its computer and other systems used in servicing the
      Mortgage Loans operate in a manner such that the Servicer can service the
      Mortgage Loans in accordance with the terms of this Agreement;

     

    (ix)  The
      Servicer will not waive any Prepayment Charge unless it is waived in accordance
      with the standard set forth in Section 3.01;

     

    (x)  The
      Servicer has accurately and fully reported, and will continue to accurately
      and
      fully report on a monthly basis, its borrower credit files to each of the three
      national credit repositories in a timely manner;

     

    (xi)  The
      Servicer is a member of MERS in good standing, and will comply in all material
      respects with the rules and procedures of MERS in connection with the servicing
      of the Mortgage Loans that are registered with MERS; and

     

    (xii)  The
      Servicer will transmit full-file credit reporting data for each Mortgage Loan
      pursuant to Fannie Mae Guide Announcement 95-19 and that for each Mortgage
      Loan,
      the Servicer agrees to report one of the following statuses each month as
      follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
      foreclosed or charged off.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee or to the Custodian on its behalf and shall inure to the benefit of
      the
      Trustee, the Trust Administrator, the Depositor and the Certificateholders.
      Upon
      discovery by any of the Depositor, the Servicer, the NIMS Insurer, the Trust
      Administrator or the Trustee of a breach of any of the foregoing
      representations, warranties and covenants which materially and adversely affects
      the value of any Mortgage Loan or the interests therein of the
      Certificateholders, the party discovering such breach shall give prompt written
      notice (but in no event later than two Business Days following such discovery)
      to the Servicer, the NIMS Insurer, the Trustee and the Trust Administrator.
      Subject to Section 7.01(a), the obligation of the Servicer set forth in Section
      2.03(c) to cure breaches shall constitute the sole remedies against the Servicer
      available to the Certificateholders, the Depositor, the Trust Administrator
      or
      the Trustee on behalf of the Certificateholders respecting a breach of the
      representations, warranties and covenants contained in this Section
      2.05.

     

    (b)  The
      Master Servicer hereby represents, warrants and covenants to the Trustee, for
      the benefit of each of the Trustee and the Certificateholders, and to the
      Servicer, the NIMS Insurer and the Depositor that as of the Closing Date or
      as
      of such date specifically provided herein:

     

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

     

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

     

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

     

    (iv)  The
      Master Servicer or an Affiliate thereof is an approved seller/servicer for
      Fannie Mae or Freddie Mac in good standing and is a HUD approved mortgagee
      pursuant to Section 203 of the National Housing Act;

     

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

     

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

     

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

     

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

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the Trust Administrator, the Trustee or the Custodian, as applicable and shall
      inure to the benefit of the Trustee, the Depositor and the Certificateholders.
      Upon discovery by any of the Depositor, the Servicer, the Master Servicer,
      the
      NIMS Insurer or the Trustee of a breach of any of the foregoing representations,
      warranties and covenants which materially and adversely affects the value of
      any
      Mortgage Loan or the interests therein of the Certificateholders, the party
      discovering such breach shall give prompt written notice (but in no event later
      than two Business Days following such discovery) to other parties to this
      Agreement.

     

    
      	SECTION
              2.06.  	
              Conveyance
                of REMIC Regular Interests and Acceptance of REMIC I, REMIC II, REMIC
                III, REMIC IV, REMIC V and REMIC VI by the Trustee; Issuance of
                Certificates.

            

    

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC I for the benefit of the Holders of the
      REMIC I Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-I Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC I and declares that
      it holds and will hold the same in trust for the exclusive use and benefit
      of
      the holders of the REMIC I Regular Interests and the Class R Certificates (in
      respect of the Class R-I Interest). The interests evidenced by the Class R-I
      Interest, together with the REMIC I Regular Interests, constitute the entire
      beneficial ownership interest in REMIC I.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      I Regular Interests (which are uncertificated) for the benefit of the Holders
      of
      the REMIC II Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-II Interest). The Trustee acknowledges
      receipt of the REMIC I Regular Interests and declares that it holds and will
      hold the same in trust for the exclusive use and benefit of the Holders of
      the
      REMIC II Regular Interests and the Class R Certificates (in respect of the
      Class
      R-II Interest). The interests evidenced by the Class R-II Interest, together
      with the REMIC II Regular Interests, constitute the entire beneficial ownership
      interest in REMIC II.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      II Regular Interests (which are uncertificated) for the benefit of the Holders
      of the REMIC III Regular Interests and the Class R Certificates (in respect
      of
      the Class R-III Interest). The Trustee acknowledges receipt of the REMIC II
      Regular Interests and declares that it holds and will hold the same in trust
      for
      the exclusive use and benefit of the Holders of the REMIC III Regular Interests
      and the Class R Certificates (in respect of the Class R-III Interest). The
      interests evidenced by the Class R-III Interest, together with the Regular
      Certificates (other than the Class CE Certificates and the Class P
      Certificates), the Class CE Interest, the Class P Interest and the Class Swap-IO
      Interest constitute the entire beneficial ownership interest in REMIC
      III.

     

    (d)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      CE Interest (which is uncertificated) for the benefit of the Holders of the
      Class CE Certificates and the Class R-X Certificates (in respect of the Class
      R-IV Interest). The Trustee acknowledges receipt of the Class CE Interest and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the Holders of the Class CE Certificates and the Class R-X
      Certificates (in respect of the Class R-IV Interest). The interests evidenced
      by
      the Class R-IV Interest, together with the Class CE Certificates, constitute
      the
      entire beneficial ownership interest in REMIC IV.

     

    (e)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      P Interest (which is uncertificated) for the benefit of the Holders of the
      Class
      P Certificates and the Class R-X Certificates (in respect of the Class R-V
      Interest). The Trustee acknowledges receipt of the Class P Interest and declares
      that it holds and will hold the same in trust for the exclusive use and benefit
      of the Holders of the Class P Certificates and the Class R-X Certificates (in
      respect of the Class R-V Interest). The interests evidenced by the Class R-V
      Interest, together with the Class P Certificates, constitute the entire
      beneficial ownership interest in REMIC V.

     

    (f)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the Class
      Swap-IO Interest (which is uncertificated) for the benefit of the Holders of
      REMIC VI Regular Interest SWAP-IO and the Class R-X Certificates (in respect
      of
      the Class R-VI Interest). The Trustee acknowledges receipt of the Class Swap-IO
      Interest and declares that it holds and shall hold the same in trust for the
      exclusive use and benefit of the Holders of REMIC VI Regular Interest SWAP-IO
      and the Class R-X Certificates (in respect of the Class R-VI Interest). The
      interests evidenced by the Class R-VI Interest, together with REMIC VI Regular
      Interest SWAP-IO, constitute the entire beneficial ownership interest in REMIC
      VI.

     

    
      	SECTION
              2.07.  	
              Issuance
                of Class R Certificates and Class R-X
                Certificates.

            

    

     

    (a)  The
      Trustee acknowledges the assignment to it of the REMIC I Regular Interests
      and
      REMIC II Regular Interests and, concurrently therewith and in exchange therefor,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, the Trustee has executed, authenticated and delivered to or upon
      the
      order of the Depositor, the Class R Certificates in authorized denominations.
      The interests evidenced by the Class R Certificates (in respect of the Class
      R-III Interest), together with the REMIC III Certificates, the Class CE
      Interest, the Class P Interest and the Class Swap-IO Interest, constitute the
      entire beneficial ownership interest in REMIC III.

     

    (b)  The
      Trustee acknowledges the assignment to it of the Class CE Interest, the Class
      P
      Interest and the Class Swap-IO Interest, concurrently therewith and in exchange
      therefor, pursuant to the written request of the Depositor executed by an
      officer of the Depositor, the Trustee has executed, authenticated and delivered
      to or upon the order of the Depositor, the Class R-X Certificates in authorized
      denominations. The interests evidenced by the Class R-X Certificates, together
      with the Class CE Certificates, the Class P Certificates and the REMIC VI
      Regular Interest SWAP-IO constitute the entire beneficial ownership interest
      in
      REMIC IV, REMIC V and REMIC VI.

     

    ARTICLE
      III  

     

     

    ADMINISTRATION
      AND SERVICING 

     

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3.01.  	
              Servicer
                to Act as Servicer.

            

    

     

    The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      Fund and in the best interests of and for the benefit of the Certificateholders
      (as determined by the Servicer in its reasonable judgment) in accordance with
      the terms of this Agreement and the Mortgage Loans and, to the extent consistent
      with such terms, in the same manner in which it services and administers similar
      mortgage loans for its own portfolio, giving due consideration to customary
      and
      usual standards of practice of mortgage lenders and loan servicers administering
      similar mortgage loans but without regard to: 

     

    (i)  any
      relationship that the Servicer, any Sub-Servicer or any Affiliate of the
      Servicer or any Sub-Servicer may have with the related Mortgagor;

     

    (ii)  the
      ownership or non-ownership of any Certificate by the Servicer or any Affiliate
      of the Servicer;

     

    (iii)  the
      Servicer’s obligation to make Advances or Servicing Advances; or

     

    (iv)  the
      Servicer’s or any Sub-Servicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction.

     

    To
      the
      extent consistent with the foregoing, the Servicer (a) shall seek to maximize
      the timely and complete recovery of principal and interest on the Mortgage
      Notes
      and (b) shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge
      only
      under the following circumstances: (i) such waiver is standard and customary
      in
      servicing similar Mortgage Loans and such waiver relates to a default or a
      reasonably foreseeable default and would, in the reasonable judgment of the
      Servicer, maximize recovery of total proceeds taking into account the value
      of
      such Prepayment Charge and the related Mortgage Loan, (ii) the collection of
      such Prepayment Charge would be in violation of applicable laws, (iii) the
      amount of the Prepayment Charge set forth on the Prepayment Charge Schedule
      is
      not consistent with the related Mortgage Note or is otherwise unenforceable
      or
      (iv) the collection of such Prepayment Charge would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
      state or local regulatory authority acting in its official capacity and having
      jurisdiction over such matters. If a Prepayment Charge is waived as permitted
      by
      meeting the standard described in clauses (ii), (iii) or (iv) above, then the
      Trustee (upon receipt of written notice from the Servicer that such waiver
      has
      occurred) shall enforce the obligation of the related Originator to pay the
      amount of such waived Prepayment Charge to the Trust Administrator for deposit
      in the Distribution Account for the benefit of the Holders of the Class P
      Certificates (the “Originator Prepayment Charge Payment Amount”). If a
      Prepayment Charge is waived other than in accordance with (i), (ii), (iii)
      or
      (iv) above, the Servicer shall pay the amount of such waived Prepayment Charge
      to the Trust Administrator for deposit in the Distribution Account for the
      benefit of the Holders of the Class P Certificates (the “Servicer Prepayment
      Charge Payment Amount”). 

     

    To
      the
      extent consistent with the foregoing, the Servicer shall seek to maximize the
      timely and complete recovery of principal and interest on the Mortgage Notes.
      Subject only to the above-described servicing standards and the terms of this
      Agreement and of the Mortgage Loans, the Servicer shall have full power and
      authority, acting alone 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 which it may deem necessary or desirable. Without limiting the
      generality of the foregoing, the Servicer in its own name or in the name of
      a
      Sub-Servicer or in the name of the Trustee, solely in its capacity as Trustee
      of
      the Trust, is hereby authorized and empowered by the Trustee when the Servicer
      believes it appropriate in its best judgment in accordance with the servicing
      standards set forth above, to execute and deliver, on behalf of the
      Certificateholders and the Trustee, 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 and to institute foreclosure proceedings or obtain a deed-in-lieu
      of
      foreclosure so as to convert the ownership of such properties, and to hold
      or
      cause to be held title to such properties, on behalf of the Trustee and
      Certificateholders. The 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. The Servicer
      shall also comply in the performance of this Agreement with all reasonable
      rules
      and requirements of each insurer under any standard hazard insurance policy.
      Subject to Section 3.17, within fifteen (15) days of the Closing Date, the
      Trustee shall execute, at the written request of the Servicer, and furnish
      to
      the Servicer and any Sub-Servicer any special or limited powers of attorney
      and
      other documents necessary or appropriate to enable the Servicer or any
      Sub-Servicer to carry out their servicing and administrative duties hereunder;
      provided,
      such
      limited powers of attorney or other documents shall be prepared by the Servicer
      and submitted to the Trustee for execution. The Trustee shall not be liable
      for
      the actions of the Servicer or any Sub-Servicers under such powers of
      attorney.

     

    The
      Servicer further is authorized and empowered by the Trustee, on behalf of the
      Certificateholders and the Trustee, in its own name or in the name of the
      Sub-Servicer, when the Servicer or the Sub-Servicer, as the case may be,
      believes it is appropriate in its best judgment to register any Mortgage Loan
      on
      the MERS® System, or cause the removal from the registration of any Mortgage
      Loan on the MERS® System, to execute and deliver, on behalf of the Trustee and
      the Certificateholders or any of them, any and all instruments of assignment
      and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. Any reasonable expenses incurred in connection with
      the
      actions described in the preceding sentence or as a result of MERS discontinuing
      or becoming unable to continue operations in connection with the MERS® System,
      shall be reimbursable to the Servicer by withdrawal from the Collection Account
      pursuant to Section 3.11.

     

    Subject
      to Section 3.09 hereof, in accordance with the standards of the preceding
      paragraph, the Servicer, on escrowed accounts, 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 Servicing
      Advances reimbursable in the first instance from related collections from the
      Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11.
      Any cost incurred by the Servicer or by Sub-Servicers in effecting the payment
      of taxes and assessments on a Mortgaged Property shall not, for the purpose
      of
      calculating distributions to Certificateholders, be added to the unpaid Stated
      Principal Balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in Section 4.03)
      and the Servicer shall not (i) permit any modification with respect to any
      Mortgage Loan that would change the Mortgage Rate, reduce or increase the Stated
      Principal Balance (except for reductions resulting from actual payments of
      principal) or change the final maturity date on such Mortgage Loan (unless,
      as
      provided in Section 3.07, the Mortgagor is in default with respect to the
      Mortgage Loan or such default is, in the judgment of the Servicer, reasonably
      foreseeable) or (ii) permit any modification, waiver or amendment of any term
      of
      any Mortgage Loan that would both (A) effect an exchange or reissuance of such
      Mortgage Loan under Section 1001 of the Code (or Treasury regulations
      promulgated thereunder) and (B) cause any REMIC created hereunder to fail to
      qualify as a REMIC under the Code or the imposition of any tax on “prohibited
      transactions” or “contributions after the startup date” under the REMIC
      Provisions.

     

    Notwithstanding
      anything in this Agreement to the contrary and notwithstanding its ability
      to do
      so pursuant to the terms of the related mortgage note, the Servicer shall not
      be
      required to enforce any provision in any mortgage note the enforcement of which
      would violate federal, state or local laws or ordinances designed to discourage
      predatory lending practices.

     

    
      	SECTION
              3.02.  	
              Sub-Servicing
                Agreements Between Servicer and
                Sub-Servicers.

            

    

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements with Sub-Servicers, which
      may
      be Affiliates of the Servicer, for the servicing and administration of the
      Mortgage Loans; provided, however, that (i) such sub-servicing arrangement
      and
      the terms of the related Sub-Servicing Agreement must provide for the servicing
      of the Mortgage Loans in a manner consistent with the servicing arrangement
      contemplated hereunder and (ii) the NIMS Insurer shall have consented to such
      Sub-Servicing Agreement. The Trustee is hereby authorized to acknowledge, at
      the
      request of the Servicer, any Sub-Servicing Agreement that the Servicer certifies
      in writing to the Trustee meets the requirements applicable to Sub-Servicing
      Agreements set forth in this Agreement and that is otherwise permitted under
      this Agreement.. 

     

    Each
      Sub-Servicer shall be (i) authorized to transact business in the state or states
      where 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 (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing Agreement
      must
      impose on the Sub-Servicer requirements conforming to the provisions set forth
      in Section 3.08, 3.20, 3.21 and 4.06 and provide for servicing of the Mortgage
      Loans consistent with the terms of this Agreement. The Servicer will examine
      each Sub-Servicing Agreement and will be familiar with the terms thereof. The
      terms of any Sub-Servicing Agreement will not be inconsistent with any of the
      provisions of this Agreement. Any material variations in any Sub-Servicing
      Agreements from the provisions set forth in Section 3.08 relating to insurance
      or priority requirements of Sub-Servicing Accounts, or credits and charges
      to
      the Sub- Servicing Accounts or the timing and amount of remittances by the
      Sub-Servicers to the Servicer, Section 3.20 or Section 3.21, are conclusively
      deemed to be inconsistent with this Agreement and therefore prohibited. The
      Servicer shall deliver to the Trust Administrator, the Master Servicer, the
      NIMS
      Insurer and the Trustee copies of all Sub-Servicing Agreements, and any
      amendments or modifications thereof, promptly upon the Servicer’s execution and
      delivery of such instruments.

     

    (b)  As
      part
      of its servicing activities hereunder, the 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. 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 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 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
      Servicer, with the consent of the NIMS Insurer, 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 Servicer without any act or deed on the part of such
      Sub-Servicer or the Servicer, and the 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.

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Master Servicer or the Trustee (if the Master
      Servicer or the Trustee is acting as Servicer) without fee, in accordance with
      the terms of this Agreement, in the event that the Servicer (or the Master
      Servicer, if it is then acting as Servicer) shall, for any reason, no longer
      be
      the Servicer (including termination due to a Servicer Event of
      Default).

     

    
      	SECTION
              3.04.  	
              Liability
                of the Servicer.

            

    

     

    Notwithstanding
      any Sub-Servicing Agreement, any of the provisions of this Agreement relating
      to
      agreements or arrangements between the Servicer and a Sub-Servicer or reference
      to actions taken through a Sub-Servicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trustee and the 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 Servicer alone were servicing and administering
      the Mortgage Loans. The Servicer shall be entitled to enter into any agreement
      with a Sub- Servicer for indemnification of the 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 the Trustee, the
                Trust
                Administrator, the NIMS Insurer 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 shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and the Trustee, the Master Servicer, the Trust Administrator, the NIMS Insurer
      and the 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. The Servicer shall be solely
      liable for all fees owed by it to any Sub-Servicer, irrespective of whether
      the
      Servicer’s compensation pursuant to this Agreement is sufficient to pay such
      fees.

     

    
      	SECTION
              3.06.  	
              Assumption
                or Termination of Sub-Servicing Agreements by Master
                Servicer.

            

    

     

    In
      the
      event the Servicer shall for any reason no longer be the Servicer (including
      by
      reason of the occurrence of a Servicer Event of Default), the Master Servicer
      or, if the Master Servicer is the Servicer, the Trustee (or the successor
      servicer appointed pursuant to Section 7.02), as applicable, shall thereupon
      assume all of the rights and obligations of the Servicer under each
      Sub-Servicing Agreement that the Servicer may have entered into, unless the
      Master Servicer or the Trustee, as applicable, elects to terminate any
      Sub-Servicing Agreement in accordance with its terms as provided in Section
      3.03. Upon such assumption, the Master Servicer or the Trustee (or the successor
      servicer appointed pursuant to Section 7.02), as applicable, shall be deemed,
      subject to Section 3.03, to have assumed all of the departing Servicer’s
      interest therein and to have replaced the departing Servicer as a party to
      each
      Sub-Servicing Agreement to the same extent as if each Sub-Servicing Agreement
      had been assigned to the assuming party, except that (i) the departing Servicer
      shall not thereby be relieved of any liability or obligations under any
      Sub-Servicing Agreement that arose before it ceased to be the Servicer and
      (ii)
      none of the Trust Administrator nor any successor Servicer shall be deemed
      to
      have assumed any liability or obligation of the Servicer that arose before
      it
      ceased to be the Servicer.

     

    The
      Servicer at its expense shall, upon request of the Master Servicer or the
      Trustee, as applicable, 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 or on behalf of
      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
      Servicer shall make reasonable efforts, in accordance with the servicing
      standards set forth in Section 3.01, to collect all payments called for under
      the terms and provisions of the Mortgage Loans and the provisions of any
      applicable insurance policies provided to the Servicer. Consistent with the
      foregoing, the Servicer may in its discretion (i) waive any late payment charge
      or, if applicable, any penalty interest, (ii) waive any provisions of any
      Mortgage Loan requiring the related Mortgagor to submit to mandatory arbitration
      with respect to disputes arising thereunder or (iii) extend the due dates for
      the Monthly Payments due on a Mortgage Note for a period of not greater than
      180
      days; provided, however, that any extension pursuant to clause (iii) above
      shall
      not affect the amortization schedule of any Mortgage Loan for purposes of any
      computation hereunder, except as provided below. In the event of any such
      arrangement pursuant to clause (iii) above, the Servicer shall make timely
      Advances on such Mortgage Loan during such extension pursuant to Section 4.03
      and in accordance with the amortization schedule of such Mortgage Loan without
      modification thereof by reason of such arrangement. Notwithstanding the
      foregoing, in the event that any Mortgage Loan is in default or, in the judgment
      of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may also waive, modify
      or vary any term of such Mortgage Loan (including modifications that would
      change the Mortgage Rate, forgive the payment of principal or interest or extend
      the final maturity date of such Mortgage Loan), accept payment from the related
      Mortgagor of an amount less than the Stated Principal Balance in final
      satisfaction of such Mortgage Loan, or consent to the postponement of strict
      compliance with any such term or otherwise grant indulgence to any Mortgagor
      (any and all such waivers, modifications, variances, forgiveness of principal
      or
      interest, postponements, or indulgences collectively referred to herein as
      “forbearance”). The Servicer’s analysis supporting any forbearance and the
      conclusion that any forbearance meets the standards of Section 3.01 shall be
      reflected in writing in the Mortgage File or the Servicer’s books and
      records.

     

    
      	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 comply with all
      requirements of this Agreement relating to the Collection Account. The
      Sub-Servicer shall deposit in the clearing account in which it customarily
      deposits payments and collections on mortgage loans in connection with its
      mortgage loan servicing activities on a daily basis, and in no event more than
      one Business Day after the Sub-Servicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Sub-Servicer less its servicing compensation
      to
      the extent permitted by the Sub-Servicing Agreement, and shall thereafter
      deposit such amounts in the Sub-Servicing Account, in no event more than two
      Business Days after the receipt of such amounts. The Sub-Servicer shall
      thereafter deposit such proceeds in the Collection Account or remit such
      proceeds to the Servicer for deposit in the Collection Account not later than
      two Business Days after the deposit of such amounts in the Sub-Servicing
      Account. For purposes of this Agreement, the Servicer shall be deemed to have
      received payments on the Mortgage Loans when the Sub-Servicer receives such
      payments.

     

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

            

    

     

    The
      Servicer shall establish and maintain, or cause to be established and
      maintained, one or more accounts (the “Servicing Accounts”), into which
      all
      collections from the Mortgagors (or related advances from Sub-Servicers) for
      the
      payment of taxes, assessments, fire, flood, and hazard insurance premiums,
      hazard insurance proceeds (to the extent such amounts are to be applied to
      the
      restoration or repair of the property) and comparable items for the account
      of
      the Mortgagors (“Escrow Payments”) shall
      be
      deposited and retained. Servicing Accounts shall be Eligible Accounts. The
      Servicer shall deposit in the clearing account in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one Business
      Day after the Servicer’s receipt thereof, all Escrow Payments collected on
      account of the Mortgage Loans and shall thereafter deposit such Escrow Payments
      in the Servicing Accounts, in no event more than two Business Days after the
      receipt of such Escrow Payments, all Escrow Payments collected on account of
      the
      Mortgage Loans for the purpose of effecting the payment of any such items as
      required under the terms of this Agreement. Withdrawals of amounts from a
      Servicing Account may be made only to (i) effect payment of taxes, assessments,
      hazard insurance premiums, and comparable items in a manner and at a time that
      assures that the lien priority of the Mortgage is not jeopardized (or, with
      respect to the payment of taxes, in a manner and at a time that avoids the
      loss
      of the Mortgaged Property due to a tax sale or the foreclosure as a result
      of a
      tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided
      in the related Sub-Servicing Agreement) out of related collections for any
      Servicing Advances made pursuant to Section 3.01 (with respect to taxes and
      assessments) and Section 3.14 (with respect to hazard insurance); (iii) refund
      to Mortgagors any sums as may be determined to be overages; (iv) pay interest,
      if required and as described below, to Mortgagors on balances in the Servicing
      Account; or (v) clear and terminate the Servicing Account at the termination
      of
      the Servicer’s obligations and responsibilities in respect of the Mortgage Loans
      under this Agreement in accordance with Article IX. In the event the Servicer
      shall deposit in a Servicing Account any amount not required to be deposited
      therein or any amount previously deposited therein is unpaid by the related
      Mortgagor’s banking institution, it may at any time withdraw such amount from
      such Servicing Account, any provision herein to the contrary notwithstanding.
      The Servicer will be responsible for the administration of the Servicing
      Accounts and will be obligated to make Servicing Advances to such accounts
      when
      and as necessary to avoid the lapse of insurance coverage on the Mortgaged
      Property, or which the Servicer knows, or in the exercise of the required
      standard of care of the Servicer hereunder should know, is necessary to avoid
      the loss of the Mortgaged Property due to a tax sale or the foreclosure as
      a
      result of a tax lien. If any such payment has not been made and the Servicer
      receives notice of a tax lien with respect to the Mortgage being imposed, the
      Servicer will, within 10 Business Days of receipt of such notice, advance or
      cause to be advanced funds necessary to discharge such lien on the Mortgaged
      Property. As part of its servicing duties, the Servicer or Sub-Servicers shall
      pay to the Mortgagors interest on funds in the Servicing Accounts, to the extent
      required by law and, to the extent that interest earned on funds in the
      Servicing Accounts is insufficient, to pay such interest from its or their
      own
      funds, without any reimbursement therefor. The Servicer may pay to itself any
      excess interest on funds in the Servicing Accounts, to the extent such action
      is
      in conformity with the servicing standard set forth in Section 3.01, is
      permitted by law and such amounts are not required to be paid to Mortgagors
      or
      used for any of the other purposes set forth above.

     

    
      	SECTION
              3.10.  	
              Collection
                Account.

            

    

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain, or cause to be
      established and maintained, one or more accounts (such account or accounts,
      the
“Collection Account”), held in trust for the benefit
      of the Trust Administrator, the Trustee and the Certificateholders.
      On
      behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited
      in
      the clearing account in which it customarily deposits payments and collections
      on mortgage loans in connection with its mortgage loan servicing activities
      on a
      daily basis, and in no event more than one Business Day after the Servicer’s
      receipt thereof, and shall thereafter deposit in the Collection Account, in
      no
      event more than two Business Days after the Servicer’s receipt thereof, as and
      when received or as otherwise required hereunder, the following payments and
      collections received or made by it subsequent to the Cut-off Date (other than
      in
      respect of principal or interest on the Mortgage Loans due on or before the
      Cut-off Date) or payments (other than Principal Prepayments) received by it
      on
      or prior to the Cut-off Date but allocable to a Due Period subsequent
      thereto:

     

    (i)  all
      payments on account of principal, including Principal Prepayments (but not
      Prepayment Charges), on the Mortgage Loans;

     

    (ii)  all
      payments on account of interest (net of the Servicing Fee) on each Mortgage
      Loan;

     

    (iii)  all
      Insurance Proceeds, Liquidation Proceeds, Subsequent Recoveries and condemnation
      proceeds (other than proceeds collected in respect of any particular REO
      Property and amounts paid in connection with a purchase of Mortgage Loans and
      REO Properties pursuant to Section 9.01); 

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Collection Account;

     

    (v)  any
      amounts required to be deposited by the Servicer pursuant to the second
      paragraph of Section 3.14(a) in respect of any blanket policy
      deductibles;

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03, Section 3.16(c) or Section 9.01;

     

    (vii)  all
      amounts required to be deposited in connection with Substitution Adjustments
      pursuant to Section 2.03; and 

     

    (viii)  all
      Prepayment Charges collected by the Servicer, and any Servicer Prepayment Charge
      Payment Amounts in connection with the Principal Prepayment of any of the
      Mortgage Loans.

     

    The
      foregoing requirements for deposit in the Collection Account shall be exclusive,
      it being understood and agreed that, without limiting the generality of the
      foregoing, payments in the nature of Servicing Fees, late payment charges,
      Prepayment Interest Excess, assumption fees, insufficient funds charges and
      ancillary income (other than Prepayment Charges) need not be deposited by the
      Servicer in the Collection Account and may be retained by the Servicer as
      additional compensation. In the event the Servicer shall deposit in the
      Collection Account any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from the Collection Account, any provision herein
      to the contrary notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Servicer shall deliver to the Trust Administrator in
      immediately available funds for deposit in the Distribution Account on or before
      4:00 p.m. New York time (i) on the Servicer Remittance Date, that portion of
      the
      Available Funds (calculated without regard to the references in the definition
      thereof to amounts that may be withdrawn from the Distribution Account) for
      the
      related Distribution Date then on deposit in the Collection Account, the amount
      of all Prepayment Charges collected during the applicable Prepayment Period
      by
      the Servicer and Servicer Prepayment Charge Payment Amounts in connection with
      the Principal Prepayment of any of the Mortgage Loans then on deposit in the
      Collection Account, the amount of any funds reimbursable to an Advancing Person
      pursuant to Section 3.26 (unless such amounts are to be remitted in another
      manner as specified in the documentation establishing the related Advance
      Facility) and (ii) on each Business Day as of the commencement of which the
      balance on deposit in the Collection Account exceeds $75,000 following any
      withdrawals pursuant to the next succeeding sentence, the amount of such excess,
      but only if the Collection Account constitutes an Eligible Account solely
      pursuant to clause (ii) of the definition of “Eligible Account.” If the balance
      on deposit in the Collection Account exceeds $75,000 as of the commencement
      of
      business on any Business Day and the Collection Account does not qualify as
      an
      Eligible Account pursuant to clauses (i), (iii) or (iv) of the definition of
      “Eligible Account,” the Servicer shall, on or before 4:00 p.m. New York time on
      such Business Day, withdraw from the Collection Account any and all amounts
      payable or reimbursable to the Servicer, the Advancing Person, the Trustee,
      the
      Trust Administrator or any Sub-Servicer pursuant to Section 3.11 and shall
      pay
      such amounts to the Persons entitled thereto.

     

    (c)  Funds
      in
      the Collection Account may be invested in Permitted Investments in accordance
      with the provisions set forth in Section 3.12. The Servicer shall give written
      notice to the Trust Administrator, the Depositor, the Master Servicer and the
      NIMS Insurer of the location of the Collection Account maintained by it when
      established and prior to any change thereof. The Trust Administrator shall
      give
      notice to the NIMS Insurer, the Servicer and the Depositor of the location
      of
      the Distribution Account when established and prior to any change thereof.
      

     

    (d)  Funds
      held in the Collection Account at any time may be delivered by the Servicer
      to
      the Trust Administrator for deposit in an account (which may be the Distribution
      Account and must satisfy the standards for the Distribution Account as set
      forth
      in the definition thereof) and for all purposes of this Agreement shall be
      deemed to be a part of the Collection Account; provided, however, that the
      Trust
      Administrator shall have the sole authority to withdraw any funds held pursuant
      to this subsection (d). In the event the Servicer shall deliver to the Trust
      Administrator for deposit in the Distribution Account any amount not required
      to
      be deposited therein, it may at any time request in writing that the Trust
      Administrator withdraw such amount from the Distribution Account and remit
      to it
      any such amount, any provision herein to the contrary notwithstanding. In
      addition, the Servicer, with respect to items (i) through (iv) below, shall
      deliver to the Trust Administrator from time to time for deposit, and the Trust
      Administrator, with respect to items (i) through (iv) below, shall so deposit,
      in the Distribution Account:

     

    (i)  any
      Advances, as required pursuant to Section 4.03;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.23(d) or (f) in
      connection with any REO Property; 

     

    (iii)  any
      amounts to be paid by the Servicer in connection with a purchase of Mortgage
      Loans and REO Properties pursuant to Section 9.01; 

     

    (iv) any
      Compensating Interest to be deposited pursuant to Section 3.24 in connection
      with any Prepayment Interest Shortfall; and

     

    (v) any
      amounts required to be paid to the Trustee pursuant to the Agreement, including,
      but not limited to Section 3.06 and Section 7.02.

     

    (e)  The
      Servicer shall deposit in the Collection Account any amounts required to be
      deposited pursuant to Section 3.12(b) in connection with losses realized on
      Permitted Investments with respect to funds held in the Collection
      Account.

     

    
      	SECTION
              3.11.  	
              Withdrawals
                from the Collection Account and Distribution
                Account.

            

    

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Collection Account
      for any of the following purposes, without priority, or as described in Section
      4.04:

     

    (i)  to
      remit
      to the Trust Administrator for deposit in the Distribution Account the amounts
      required to be so remitted pursuant to Section 3.10(b) or permitted to be so
      remitted pursuant to the first sentence of Section 3.10(d) and paid to the
      Trust
      Administrator in accordance with Section 3.10(d)(v);

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
      to the extent of amounts received which represent Late Collections (net of
      the
      related Servicing Fees), Liquidation Proceeds and Insurance Proceeds on Mortgage
      Loans or REO Properties with respect to which such Advances were made in
      accordance with the provisions of Section 4.04; or (b) without limiting any
      right of withdrawal set forth in clause (vi) below, any unreimbursed Advances
      that, upon a Final Recovery Determination with respect to such Mortgage Loan,
      are Nonrecoverable Advances, but only to the extent that Late Collections,
      Liquidation Proceeds and Insurance Proceeds received with respect to such
      Mortgage Loan are insufficient to reimburse the Servicer for such unreimbursed
      Advances;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid
      Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Late Collections, Liquidation
      Proceeds and Insurance Proceeds received with respect to such Mortgage Loan
      or
      REO Property, and (c) without limiting any right of withdrawal set forth in
      clause (vi) below, any Servicing Advances made with respect to a Mortgage Loan
      that, upon a Final Recovery Determination with respect to such Mortgage Loan
      are
      Nonrecoverable Advances, but only to the extent that Late Collections,
      Liquidation Proceeds and Insurance Proceeds received with respect to such
      Mortgage Loan are insufficient to reimburse the Servicer or any Sub-Servicer
      for
      Servicing Advances;

     

    (iv)  to
      pay to
      the Servicer as additional servicing compensation (in addition to the Servicing
      Fee) on the Servicer Remittance Date any interest or investment income earned
      on
      funds deposited in the Collection Account; 

     

    (v)  to
      pay
      itself or the Originator or the Seller with respect to each Mortgage Loan that
      has previously been purchased or replaced pursuant to Section 2.03 or Section
      3.16(c) all amounts received thereon subsequent to the date of purchase or
      substitution, as the case may be;

     

    (vi)  to
      reimburse the Servicer for (a) any Advance or Servicing Advance previously
      made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.03 and (b) following the liquidation of a
      second lien Mortgage Loan, any unpaid Servicing Fees for the six-month period
      immediately following the last paid through date with respect to such Mortgage
      Loan, to the extent not recoverable from Liquidation Proceeds, Insurance
      Proceeds or other amounts received with respect to the related second lien
      Mortgage Loan; 

     

    (vii)  to
      pay,
      or to reimburse the Servicer for Servicing Advances in respect of, expenses
      incurred in connection with any Mortgage Loan pursuant to Section
      3.16(b);

     

    (viii)  to
      reimburse the Servicer or the Depositor for expenses incurred by or reimbursable
      to the Servicer or the Depositor pursuant to Section 6.03; 

     

    (ix)  to
      reimburse the NIMS Insurer, the Servicer, the Trust Administrator, the Master
      Servicer or the Trustee, as the case may be, for expenses reasonably incurred
      in
      respect of the breach or defect giving rise to the purchase obligation under
      Section 2.03 of this Agreement that were included in the Purchase Price of
      the
      Mortgage Loan, including any expenses arising out of the enforcement of the
      purchase obligation; 

     

    (x)  to
      pay
      itself any Prepayment Interest Excess (to the extent not otherwise
      retained);

     

    (xi)  to
      reimburse the Servicer for any Advance or Servicing Advance made with respect
      to
      a delinquent Mortgage Loan which has been modified by the Servicer in accordance
      with the terms of this Agreement but only after receipt by the Servicer of
      three
      (3) consecutive payments following such modification;

     

    (xii)  to
      invest
      funds in Permitted Investments in accordance with Section 3.12;

     

    (xiii)  to
      clear
      and terminate the Collection Account pursuant to Section 9.01; and

     

    (xiv)  to
      make
      reimbursements for amounts owed on Mortgage Loans on or prior to the Cut-off
      Date pursuant to Section 2.01 of this Agreement.

     

    (b)  The
      foregoing requirements for withdrawal from the Collection Account shall be
      exclusive. In the event the Servicer shall deposit in the Collection Account
      any
      amount not required to be deposited therein or any amount previously deposited
      therein is unpaid by the related Mortgagor’s banking institution, it may at any
      time withdraw such amount from the Collection Account, any provision herein
      to
      the contrary notwithstanding. 

     

    (c)  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, to the extent held by or on behalf of it, pursuant to
      subclauses (ii), (iii), (iv), (v), (vi) and (vii) above. The Servicer shall
      provide written notification to the NIMS Insurer and the Trust Administrator,
      on
      or prior to the next succeeding Servicer Remittance Date, upon making any
      withdrawals from the Collection Account pursuant to subclause (vi) above;
      provided that an Officers’ Certificate in the form described under Section
      4.03(d) shall suffice for such written notification to the Trust Administrator
      in respect hereof.

     

    
      	SECTION
              3.12.  	
              Investment
                of Funds in the Collection Account.

            

    

     

    (a)  The
      Servicer may direct any depository institution maintaining the Collection
      Account and REO Account to invest the funds on deposit in such accounts or
      to
      hold such funds uninvested (each such account, for the purposes of this Section
      3.12, an “Investment Account”). All investments pursuant to this Section 3.12
      shall be in one or more Permitted Investments bearing interest or sold at a
      discount, and maturing, unless payable on demand, (i) no later than the Business
      Day immediately preceding the date on which such funds are required to be
      withdrawn from such account pursuant to this Agreement, if a Person other than
      the Trust Administrator is the obligor thereon or if such investment is managed
      or advised by a Person other than the Trust Administrator or an Affiliate of
      the
      Trust Administrator, and (ii) no later than the date on which such funds are
      required to be withdrawn from such account pursuant to this Agreement, if the
      Trust Administrator is the obligor thereon or if such investment is managed
      or
      advised by the Trust Administrator or any Affiliate. All such Permitted
      Investments shall be held to maturity, unless payable on demand. Any investment
      of funds in an Investment Account shall be made in the name of the Trust
      Administrator (in its capacity as such), or in the name of a nominee of the
      Trust Administrator. The Trust Administrator shall be entitled to sole
      possession (except with respect to investment direction of funds held in the
      Collection Account and REO Account and any income and gain realized thereon)
      over each such investment, and any certificate or other instrument evidencing
      any such investment shall be delivered directly to the Trust Administrator
      or
      its agent, together with any document of transfer necessary to transfer title
      to
      such investment to the Trust Administrator or its nominee. In the event amounts
      on deposit in an Investment Account are at any time invested in a Permitted
      Investment payable on demand, the Trust Administrator shall:

     

    (x) consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trust Administrator that such Permitted Investment
      would not constitute a Permitted Investment in respect of funds thereafter
      on
      deposit in the Investment Account.

     

    (b)  All
      income and gain realized from the investment of funds deposited in the
      Collection Account and any REO Account held by or on behalf of the Servicer
      shall be for the benefit of the Servicer and shall be subject to its withdrawal
      in accordance with Section 3.11 or Section 3.23, as applicable. The Servicer
      shall deposit in the Collection Account or any REO Account, as applicable,
      the
      amount of any loss of principal incurred in respect of any such Permitted
      Investment made with funds in such Account immediately upon realization of
      such
      loss.

     

    (c)  Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Permitted Investment, or if a default occurs
      in any other performance required under any Permitted Investment, the Trust
      Administrator may and, subject to Section 8.01 and Section 8.02(a)(v), upon
      the
      request of the NIMS Insurer or the Holders of Certificates representing more
      than 50% of the Voting Rights allocated to any Class of Certificates, shall
      take
      such action as may be appropriate to enforce such payment or performance,
      including the institution and prosecution of appropriate proceedings.

     

    
      	SECTION
              3.13.  	
              [Reserved].

            

    

     

    
      	SECTION
              3.14.  	
              Maintenance
                of Hazard Insurance and Errors and Omissions and Fidelity
                Coverage.

            

    

     

    (a) The
      Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
      with extended coverage on the Mortgaged Property in an amount which is at least
      equal to the least of (i) the current Principal Balance of such Mortgage Loan,
      (ii) the amount necessary to fully compensate for any damage or loss to the
      improvements that are a part of such property on a replacement cost basis and
      (iii) the maximum insurable value of the improvements which are part of such
      Mortgaged Property, in each case in an amount not less than such amount as
      is
      necessary to avoid the application of any coinsurance clause contained in the
      related hazard insurance policy. The Servicer shall also cause to be maintained
      hazard insurance with extended coverage on each REO Property in an amount which
      is at least equal to the least of (i) the maximum insurable value of the
      improvements which are a part of such property, (ii) the outstanding Principal
      Balance of the related Mortgage Loan at the time it became an REO Property
      and
      (iii) the maximum insurable value of the improvements which are part of such
      REO
      Property. The Servicer will comply in the performance of this Agreement with
      all
      reasonable rules and requirements of each insurer under any such hazard
      policies. Any amounts to be collected by the Servicer under any such policies
      (other than amounts to be applied to the restoration or repair of the property
      subject to the related Mortgage or amounts to be released to the Mortgagor
      in
      accordance with the procedures that the Servicer would follow in servicing
      loans
      held for its own account, subject to the terms and conditions of the related
      Mortgage and Mortgage Note) shall be deposited in the Collection Account,
      subject to withdrawal pursuant to Section 3.11, if received in respect of a
      Mortgage Loan, or in the REO Account, subject to withdrawal pursuant to Section
      3.23, if received in respect of an REO Property. Any cost incurred by the
      Servicer in maintaining any such insurance shall not, for the purpose of
      calculating distributions to Certificateholders, be added to the unpaid
      Principal Balance of the related Mortgage Loan, notwithstanding that the terms
      of such Mortgage Loan so permit. It is understood and agreed that no earthquake
      or other additional insurance is to be required of any Mortgagor other than
      pursuant to such applicable laws and regulations as shall at any time be in
      force and as shall require such additional insurance. If the Mortgaged Property
      or REO Property is at any time in an area identified in the Federal Register
      by
      the Federal Emergency Management Agency as having special flood hazards and
      flood insurance has been made available, the Servicer will cause to be
      maintained a flood insurance policy in respect thereof. Such flood insurance
      shall be in an amount equal to the least of (i) the unpaid Principal Balance
      of
      the related Mortgage Loan, (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) and (iii) the maximum insurable value of the
      improvements which are part of such Mortgaged Property.

     

    In
      the
      event that the Servicer shall obtain and maintain a blanket policy 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 3.14, it being understood and agreed that such policy may
      contain a deductible clause on terms substantially equivalent to those
      commercially available and maintained by competent servicers, in which case
      the
      Servicer shall, in the event that there shall not have been maintained on the
      related Mortgaged Property or REO Property a policy complying with the first
      two
      sentences of this Section 3.14, and there shall have been one or more losses
      which would have been covered by such policy, deposit to the Collection Account
      from its own funds the amount not otherwise payable under the blanket policy
      because of such deductible clause. In connection with its activities as servicer
      of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf
      of
      itself, the Trustee, the Trust Fund and Certificateholders, claims under any
      such blanket policy in a timely fashion in accordance with the terms of such
      policy.

     

    (b) The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of the Servicer’s obligations under this Agreement, which policy or
      policies shall be in such form and amount that would meet the requirements
      of
      Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans, unless
      the Servicer has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The Servicer shall also maintain a fidelity bond in the form and
      amount that would meet the requirements of Fannie Mae or Freddie Mac, unless
      the
      Servicer has obtained a waiver of such requirements from Fannie Mae or Freddie
      Mac. The Servicer shall be deemed to have complied with this provision if an
      Affiliate of the Servicer has such errors and omissions and fidelity bond
      coverage and, by the terms of such insurance policy or fidelity bond, the
      coverage afforded thereunder extends to the Servicer. Any such errors and
      omissions policy and fidelity bond shall by its terms not be cancelable without
      thirty days’ prior written notice to the Trust Administrator and the NIMS
      Insurer. The Servicer shall also cause each Sub-Servicer to maintain a policy
      of
      insurance covering errors and omissions and a fidelity bond which would meet
      such requirements.

     

    
      	SECTION
              3.15.  	
              Enforcement
                of Due-On-Sale Clauses; Assumption
                Agreements.

            

    

     

    The
      Servicer will, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (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 and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer shall
      not be required to take such action if in its sole business judgment the
      Servicer believes it is not in the best interests of the Trust Fund and shall
      not exercise any such rights if prohibited by law from doing so. If the Servicer
      reasonably believes it is unable under applicable law to enforce such
“due-on-sale” clause, or if any of the other conditions set forth in the proviso
      to the preceding sentence apply, the Servicer will enter into an assumption
      and
      modification agreement from or 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. The Servicer is also authorized,
      to
      the extent permitted under the related Mortgage Note, 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, provided that no
      such
      substitution shall be effective unless such person satisfies the underwriting
      criteria of the Servicer for a mortgage loan similar to the Mortgage Loan.
      In
      connection with any assumption, modification or substitution, the Servicer
      shall
      apply such underwriting standards and follow such practices and procedures
      as
      shall be normal and usual in its general mortgage servicing activities and
      as it
      applies to other mortgage loans owned solely by it. The Servicer shall not
      take
      or enter into any assumption and modification agreement, however, unless (to
      the
      extent practicable in the circumstances) it shall have received confirmation,
      in
      writing, of the continued effectiveness of any applicable hazard insurance
      policy. Any fee collected by the Servicer in respect of an assumption,
      modification or substitution of liability agreement shall be retained by the
      Servicer as additional servicing compensation. In connection with any such
      assumption, no material term of the Mortgage Note (including but not limited
      to
      the related Mortgage Rate and the amount of the Monthly Payment) may be amended
      or modified, except as otherwise required pursuant to the terms thereof. The
      Servicer shall notify the Master Servicer, the Trust Administrator and the
      Custodian that any such substitution, modification or assumption agreement
      has
      been completed by forwarding to the Custodian the executed original of such
      substitution, modification or assumption agreement, which document 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 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 by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason
      whatsoever. For purposes of this Section 3.15, the term “assumption” is deemed
      to also include a sale (of the Mortgaged Property) subject to the Mortgage
      that
      is not accompanied by an assumption or substitution of liability
      agreement.

     

    
      	SECTION
              3.16.  	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    (a)  The
      Servicer shall use its best efforts, consistent with the servicing standards
      set
      forth in Section 3.01, to foreclose upon or otherwise comparably convert the
      ownership of properties securing such of the Mortgage Loans as come into and
      continue in default and as to which no satisfactory arrangements can be made
      for
      collection of delinquent payments pursuant to Section 3.07. The Servicer shall
      be responsible for all costs and expenses incurred by it in any such
      proceedings; provided, however, that such costs and expenses will be recoverable
      as Servicing Advances by the Servicer as contemplated in Section 3.11(a) and
      Section 3.23. The foregoing is subject to the provision that, in any case in
      which a Mortgaged Property shall have suffered damage from an Uninsured Cause,
      the Servicer shall not be required to expend its own funds toward the
      restoration of such property unless it shall determine in its discretion that
      such restoration will increase the proceeds of liquidation of the related
      Mortgage Loan after reimbursement to itself for such expenses. With respect
      to
      any second lien Mortgage Loan for which the related first lien mortgage loan
      is
      not included in the Trust Fund, if, after such Mortgage Loan becomes 180 days
      or
      more delinquent, the Servicer determines that a significant recovery is not
      possible through foreclosure, such Mortgage Loan may be charged off and the
      Mortgage Loan will be treated as a Liquidated Mortgage Loan giving rise to
      a
      Realized Loss.

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.16 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Servicer has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Servicer shall
      not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund or the Certificateholders would be considered to hold title to, to be
      a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Servicer has also previously determined,
      based
      on its reasonable judgment and a report prepared by a Person who regularly
      conducts environmental audits using customary industry standards,
      that:

     

    (1)  such
      Mortgaged Property is in compliance with applicable environmental laws or,
      if
      not, that it would be in the best economic interest of the Trust Fund to take
      such actions as are necessary to bring the Mortgaged Property into compliance
      therewith; and

     

    (2)  there
      are
      no circumstances present at such Mortgaged Property relating to the use,
      management or disposal of any hazardous substances, hazardous materials,
      hazardous wastes, or petroleum-based materials for which investigation, testing,
      monitoring, containment, clean-up or remediation could be required under any
      federal, state or local law or regulation, or that if any such materials are
      present for which such action could be required, that it would be in the best
      economic interest of the Trust Fund to take such actions with respect to the
      affected Mortgaged Property.

     

    The
      Servicer shall forward a copy of the environmental audit report to the
      Depositor, the Master Servicer and the NIMS Insurer. Notwithstanding the
      foregoing, if such environmental audit reveals, or if the Servicer has actual
      knowledge or notice, that such Mortgaged Property contains such wastes or
      substances, the Servicer shall not foreclose or accept a deed in lieu of
      foreclosure without the prior written consent of the NIMS Insurer.

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.16 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(vii), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    If
      the
      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 into 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 Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund;
      provided that any amounts disbursed by the Servicer pursuant to this Section
      3.16(b) shall constitute Servicing Advances, subject to Section 4.03(d). The
      cost of any such compliance, containment, clean-up or remediation shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Collection Account as provided in Section 3.11(a)(vii), such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Collection Account received in respect of the affected
      Mortgage Loan or other Mortgage Loans.

     

    (c)  The
      Servicer or the NIMS Insurer may, at its option, purchase a Mortgage Loan which
      has become 90 or more days delinquent or for which the Servicer has accepted
      a
      deed in lieu of foreclosure. Prior to purchase pursuant to this Section 3.16(c),
      the Servicer shall be required to continue to make Advances pursuant to Section
      4.03. If the Servicer or the NIMS Insurer purchases any delinquent Mortgage
      Loans pursuant to this Section 3.16(c), it must purchase Mortgage Loans that
      are
      delinquent the greatest number of days before it may purchase any that are
      delinquent any fewer number of days. The Servicer or the NIMS Insurer shall
      purchase such delinquent Mortgage Loan at a price equal to the Purchase Price
      of
      such Mortgage Loan. Any such purchase of a Mortgage Loan pursuant to this
      Section 3.16(c) shall be accomplished by deposit in the Collection Account
      of
      the amount of the Purchase Price. Upon the satisfaction of the requirements
      set
      forth in Section 3.17(a), the Custodian on behalf of the Trustee shall
      immediately deliver the Mortgage File and any related documentation to the
      Servicer or the NIMS Insurer and the Trustee will execute such documents
      provided to it as are necessary to convey the Mortgage Loan to the Servicer
      or
      the NIMS Insurer, as applicable.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds, Liquidation
      Proceeds or condemnation proceeds, in respect of any Mortgage Loan, will be
      applied in the following order of priority: first, to make reimbursements for
      amounts owed on the Mortgage Loans on or prior to the Cut-off Date pursuant
      to
      Section 2.01 of this Agreement, second, to unpaid Servicing Fees; third, to
      reimburse the Servicer or any Sub-Servicer for any related unreimbursed
      Servicing Advances pursuant to Section 3.11(a)(iii) and Advances pursuant to
      Section 3.11(a)(ii); fourth, to accrued and unpaid interest on the Mortgage
      Loan, to the date of the Final Recovery Determination, or to the Due Date prior
      to the Distribution Date on which such amounts are to be distributed if not
      in
      connection with a Final Recovery Determination; and fifth, as a recovery of
      principal of the Mortgage Loan. The portion of the recovery so allocated to
      unpaid Servicing Fees shall be reimbursed to the Servicer or any Sub-Servicer
      pursuant to Section 3.11(a)(iii). 

     

    
      	SECTION
              3.17.  	
              Trustee
                to Cooperate; Release of Mortgage
                Files.

            

    

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer will immediately notify the Custodian, on behalf
      of
      the Trustee by a certification and shall deliver to the Custodian, in written
      (with two executed copies) or electronic format, a Request for Release in the
      form of Exhibit E hereto (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 Collection Account pursuant
      to
      Section 3.10 have been or will be so deposited) signed by a Servicing Officer
      (or in a mutually agreeable electronic format that will, in lieu of a signature
      on its face, originate from a Servicing Officer) and shall request delivery
      to
      it of the Mortgage File. Upon receipt of such certification and request, the
      Custodian shall (pursuant to the terms of this Agreement) promptly release
      the
      related Mortgage File to the Servicer and the Servicer is authorized to cause
      the removal from the registration on the MERS® System of any such Mortgage Loan,
      if applicable. Except as otherwise provided herein, no expenses incurred in
      connection with any instrument of satisfaction or deed of reconveyance shall
      be
      chargeable to the Collection Account or the Distribution Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Custodian shall (pursuant to the terms
      of
      this Agreement), upon any request made by or on behalf of the Servicer and
      delivery to the Custodian, in written (with two executed copies) or electronic
      format, of a Request for Release in the form of Exhibit E signed by a Servicing
      Officer (or in a mutually agreeable electronic format that will, in lieu of
      a
      signature on its face, originate from a Servicing Officer), release the related
      Mortgage File to the Servicer within three Business Days, and the Trustee shall,
      at the written direction of the Servicer, execute such documents as shall be
      necessary to the prosecution of any such proceedings. Such Request for Release
      shall obligate the Servicer to return each and every document previously
      requested from the Mortgage File to the Custodian when the need therefor by the
      Servicer no longer exists, unless the Mortgage Loan has been liquidated or
      charged off and the Liquidation Proceeds relating to the Mortgage Loan have
      been
      deposited in the Collection 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 Servicer has delivered to the Custodian, on behalf
      of
      the Trustee, a certificate of a Servicing Officer certifiying as to such
      liquidation or action or proceedings. Upon the request of the Custodian, the
      Servicer shall provide notice to the Custodian of 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 Request for Release,
      in
      written (with two executed copies) or electronic format, from a Servicing
      Officer stating that such Mortgage Loan was liquidated and that all amounts
      received or to be received in connection with such liquidation that are required
      to be deposited into the Collection Account have been so deposited, or that
      such
      Mortgage Loan has become an REO Property, such Mortgage Loan shall be released
      by the Custodian, on behalf of the Trustee, to the Servicer or its
      designee.

     

    (c)  Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer or the Sub-Servicer, as the case may be, copies of,
      any
      court pleadings, requests for trustee’s sale or other documents 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 certification shall include a request that such
      pleadings or documents be executed by the Trustee and a statement 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
              3.18.  	
              Servicing
                Compensation.

            

    

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan or as otherwise
      provided in Section 3.11, subject to Section 3.24. In addition, the Servicer
      shall be entitled to recover unpaid Servicing Fees out of Insurance Proceeds,
      Liquidation Proceeds or condemnation proceeds to the extent permitted by Section
      3.11(a)(iii) and out of amounts derived from the operation and sale of an REO
      Property to the extent permitted by Section 3.23. Except as provided in Section
      3.26 or Section 6.04, the right to receive the Servicing Fee may not be
      transferred in whole or in part except in connection with the transfer of all
      of
      the Servicer’s responsibilities and obligations under this Agreement; provided,
      however, that the Servicer may pay from the Servicing Fee any amounts due to
      a
      Sub-Servicer pursuant to a Sub-Servicing Agreement entered into under Section
      3.02.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges,
      insufficient funds charges, ancillary income or otherwise (other than Prepayment
      Charges) shall be retained by the Servicer only to the extent such fees or
      charges are received by the Servicer. The Servicer shall also be entitled
      pursuant to Section 3.11(a)(iv) to withdraw from the Collection Account and
      pursuant to Section 3.23(b) to withdraw from any REO Account, as additional
      servicing compensation, interest or other income earned on deposits therein,
      subject to Section 3.12 and Section 3.24. The Servicer shall also be entitled
      to
      receive Prepayment Interest Excess pursuant to Section 3.10 and 3.11 as
      additional servicing compensation. The Servicer shall be required to pay all
      expenses incurred by it in connection with its servicing activities hereunder
      (including premiums for the insurance required by Section 3.14, to the extent
      such premiums are not paid by the related Mortgagors or by a Sub-Servicer and
      servicing compensation of each Sub-Servicer) and shall not be entitled to
      reimbursement therefor except as specifically provided herein.

     

    
      	SECTION
              3.19.  	
              Reports
                to the Trust Administrator; Collection Account
                Statements.

            

    

     

    Not
      later
      than twenty days after each Distribution Date, the Servicer shall forward,
      upon
      request, to the Trust Administrator, the NIMS Insurer and the Depositor the
      most
      current available bank statement for the Collection Account. Copies of such
      statement shall be provided by the Trust Administrator to any Certificateholder
      and to any Person identified to the Trust Administrator as a prospective
      transferee of a Certificate, upon request at the expense of the requesting
      party, provided such statement is delivered by the Servicer to the Trust
      Administrator.

     

    
      	SECTION
              3.20.  	
              Statement
                as to Compliance.

            

    

     

    The
      Servicer, the Master Servicer and the Trust Administrator shall deliver (or
      otherwise make available) (and each of the Servicer, the Master Servicer and
      the
      Trust Administrator shall cause any Sub-Servicer subject to Item 1108(a)(2)
      of
      Regulation AB engaged by it to deliver) to the Trust Administrator (and the
      Trust Administrator shall deliver (or otherwise make available) to the
      Depositor) on or before March 15th
      (with no
      cure period) of each year, commencing in March 2007, an Officer’s Certificate
      stating, as to the signer thereof, that (A) a review of such party’s activities
      during the preceding calendar year or portion thereof and of such party’s
      performance under this Agreement, or such other applicable agreement in the
      case
      of a Sub-Servicer subject to Item 1108(a)(2) of Regulation AB, has been made
      under such officer’s supervision and (B) to the best of such officer’s
      knowledge, based on such review, such party has fulfilled all its obligations
      under this Agreement, or such other applicable agreement in the case of a
      Sub-Servicer subject to Item 1108(a)(2) of Regulation AB, in all material
      respects throughout such year or portion thereof, 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 thereof. The
      Custodian, in its capacity as such, shall not be required to deliver such
      Officer’s Certificate.

     

    The
      Master Servicer shall include all annual statements of compliance received
      by it
      from each Servicer with its own annual statement of compliance to be submitted
      to the Trust Administrator pursuant to this Section.

     

    In
      the
      event the Servicer, the Master Servicer, the Trust Administrator or any
      Sub-Servicer subject to Item 1108(a)(2) of Regulation AB engaged by any such
      party is terminated or resigns pursuant to the terms of this Agreement, or
      any
      applicable agreement in the case of a Sub-Servicer subject to Item 1108(a)(2)
      of
      Regulation AB, as the case may be, such party shall provide an Officer’s
      Certificate pursuant to this Section 3.20 or the relevant section of such other
      applicable agreement, as the case may be, notwithstanding any such termination,
      assignment or resignation.

     

    Failure
      of the Servicer to timely comply with this Section 3.20 shall be deemed a
      Servicer Event of Default, and upon receipt of written notice from the Trust
      Administrator of such Servicer Event of Default, the Trustee or the Master
      Servicer, as applicable, may at the direction of the Depositor, in addition
      to
      whatever rights the Trustee or the Master Servicer, as applicable, may have
      under this Agreement and at law or in equity or to damages, including injunctive
      relief and specific performance, upon notice immediately terminate (as provided
      in Section 7.01(a)) 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 (other than the Servicer’s rights to
      reimbursement of unreimbursed Advances and Servicing Advances and accrued and
      unpaid Servicing Fees in the manner provided in this Agreement). This paragraph
      shall supersede any other provision in this Agreement or any other agreement
      to
      the contrary.

     

    Each
      of
      the Servicer, the Master Servicer and the Trust Administrator (each, an
“Indemnifying Party”) shall indemnify and hold harmless the Depositor, the
      Master Servicer, the Trust Administrator and their officers, directors and
      Affiliates, as applicable, from and against any actual losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses that such Person may sustain
      based
      upon a breach of the obligations of such Indemnifying Party under this Section
      3.20.

     

    
      	SECTION
              3.21.  	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    (a) By
      March
      15th
      (with no
      cure period) of each calendar year during which a Form 10-K is required to
      be
      filed pursuant to Section 4.06 hereunder, commencing in March 2007, the
      Servicer, the Master Servicer, the Trust Administrator and the Custodian, each
      at its own expense, shall furnish or otherwise make available, and each such
      party shall cause any Servicing Function Participant engaged by it to furnish,
      each at its own expense, to the Trust Administrator (and the Trust Administrator
      shall furnish or otherwise make available to the Depositor), a report on an
      assessment of compliance with the Relevant Servicing Criteria that contains
      (A)
      a statement by such party of its responsibility for assessing compliance with
      the Relevant Servicing Criteria, (B) a statement that such party used the
      Relevant Servicing Criteria to assess compliance with the Relevant Servicing
      Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for the fiscal year covered by the Form
      10-K
      required to be filed pursuant to Section 4.06,
      including, if there has been any material instance of noncompliance with the
      Relevant Servicing Criteria, a discussion of each such failure and the nature
      and status thereof, and (D) a statement that a registered public accounting
      firm
      has issued an attestation report on such party’s assessment of compliance with
      the Relevant Servicing Criteria as of and for such period (the “Attestation
      Report”). The Custodian, in its capacity as such and any Servicing Function
      Participant, shall deliver such assessment of compliance only for so long as
      the
      Trust is subject to the Exchange Act reporting requirements.

    

    Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Servicer,
      the
      Master Servicer, the Trust Administrator and the Custodian, and any Servicing
      Function Participant engaged by such parties, as to the nature of any material
      instance of noncompliance with the Relevant Servicing Criteria by each such
      party, and (ii) the Trust Administrator shall confirm that the assessments,
      taken as a whole, address all of the Servicing Criteria and taken individually
      address the Relevant Servicing Criteria for each party as set forth on Exhibit
      O
      and notify the Depositor of any exceptions. 

     

    The
      Master Servicer shall include all annual reports on assessment of compliance
      received by it from the Servicers with its own assessment of compliance to
      be
      submitted to the Trust Administrator pursuant to this Section.

     

    In
      the
      event the Servicer, the Master Servicer, the Trust Administrator, the Custodian,
      or any Servicing Function Participant engaged by any such party is terminated,
      assigns its rights and obligations under, or resigns pursuant to, the terms
      of
      this Agreement, or any other applicable agreement, as the case may be, such
      party shall provide a report on assessment of compliance pursuant to this
      Section 3.21, or the relevant section of such other applicable agreement,
      notwithstanding any such termination, assignment or resignation.

     

    (b) By
      March
      15th
      (with no
      cure period) of each year, commencing in March 2007, the Servicer, the Master
      Servicer, the Trust Administrator and the Custodian, each at its own expense,
      shall cause, and each such party shall cause any Servicing Function Participant
      engaged by it to cause, each at its own expense, a registered public accounting
      firm (which may also render other services to the Servicer, the Master Servicer,
      the Trust Administrator, the Custodian, or such other Servicing Function
      Participants, as the case may be) and that is a member of the American Institute
      of Certified Public Accountants to furnish an attestation report to the Trust
      Administrator and the Depositor, to the effect that (i) it has obtained a
      representation regarding certain matters from the management of such party,
      which includes an assertion that such party has complied with the Relevant
      Servicing Criteria, and (ii) on the basis of an examination conducted by such
      firm in accordance with standards for attestation engagements issued or adopted
      by the Public Company Accounting Oversight Board, it is expressing an opinion
      as
      to whether such party’s compliance with the Relevant Servicing Criteria was
      fairly stated in all material respects, or it cannot express an overall opinion
      regarding such party’s assessment of compliance with the Relevant Servicing
      Criteria. In the event that an overall opinion cannot be expressed, such
      registered public accounting firm shall state in such report why it was unable
      to express such an opinion. Such report must be available for general use and
      not contain restricted use language. 

     

    Promptly
      after receipt of each such assessment of compliance and attestation report,
      the
      Trust Administrator shall confirm that each assessment submitted pursuant to
      Section 3.21(a) is coupled with an attestation meeting the requirements of
      this
      Section and notify the Depositor of any exceptions. 

     

    The
      Master Servicer shall include each such attestation furnished to it by the
      Servicers with its own attestation to be submitted to the Trust Administrator
      pursuant to this Section.

     

    In
      the
      event the Servicer, the Master Servicer, the Trust Administrator, the Custodian,
      or any Servicing Function Participant engaged by any such party, is terminated,
      assigns its rights and duties under, or resigns pursuant to the terms of, this
      Agreement, or any applicable custodial agreement or sub-servicing agreement,
      as
      the case may be, such party shall cause a registered public accounting firm
      to
      provide an attestation pursuant to this Section 3.21(b), or the relevant section
      of such other applicable agreement, notwithstanding any such termination,
      assignment or resignation.

     

    (c) Failure
      of the Servicer to timely comply with this Section 3.21 shall be deemed a
      Servicer Event of Default, and upon written receipt of notice (which notice
      may
      be delivered electronically) from the Trust Administrator of such Servicer
      Event
      of Default, the Trustee or the Master Servicer, as applicable, at the direction
      of the Depositor may, in addition to whatever rights the Trustee or the Master
      Servicer, as applicable, may have under this Agreement and at law or in equity,
      including injunctive relief and specific performance, upon notice immediately
      terminate (as provided in Section 7.01(a)) 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 (other than the
      Servicer’s rights to reimbursement of unreimbursed Advances and Servicing
      Advances and accrued and unpaid Servicing Fees in the manner provided in this
      Agreement). This paragraph shall supersede any other provision in this Agreement
      or any other agreement to the contrary.

     

    Each
      of
      the Servicer, the Master Servicer, the Trust Administrator and the Custodian
      shall indemnify and hold harmless the Depositor, the Master Servicer and the
      Trust Administrator and its respective officers, directors and Affiliates from
      and against any actual losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses that such Person may sustain based upon a breach of the obligations
      of such Indemnifying Party under this Section 3.21.

     

    The
      parties hereto acknowledge that the Custodian shall be required to comply with
      the provisions of this Section 3.21 only for so long as the Trust is subject
      to
      the Exchange Act reporting requirements.

     

    If
      the
      indemnifications provided for herein are unavailable or insufficient to hold
      harmless any indemnified party, then the indemnifying party agrees that it
      shall
      contribute to the amount paid or payable by such indemnified party as a result
      of any claims, losses, damages or liabilities incurred by such indemnified
      party
      in such proportion as is appropriate to reflect the relative fault of such
      indemnified party on the one hand and the indemnifying party on the other.
      This
      indemnification shall survive the termination of this Agreement or the
      termination of the indemnifying party.

     

    Notwithstanding
      the foregoing, in no event shall the Custodian be liable for any consequential,
      indirect or punitive damages pursuant to this Section 3.21.

     

    
      	SECTION
              3.22.  	
              Access
                to Certain Documentation.

            

    

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificateholder, access to the documentation
      regarding the Mortgage Loans required by applicable laws and regulations. Such
      access shall be afforded without charge, but only upon reasonable request and
      during normal business hours at the offices of the Servicer designated by it.
      Nothing in this Section shall limit the obligation of the Servicer to observe
      any applicable law prohibiting disclosure of information regarding the
      Mortgagors (absent proof that it is in compliance with applicable law) and
      the
      failure of the Servicer to provide access as provided in this Section as a
      result of such obligation shall not constitute a breach of this Section. In
      addition, access to the documentation regarding the Mortgage Loans will be
      provided to the Trust Administrator, the NIMS Insurer, the Trustee, on behalf
      of
      the Certificateholders or a prospective transferee of a Certificate, upon
      reasonable request during normal business hours at the offices of the Servicer
      designated by it at the expense of the Person requesting such access. Nothing
      in
      this Section 3.22 shall require the Servicer to collect, create, collate or
      otherwise generate any information that it does not generate in its usual course
      of business. The Servicer shall not be required to make copies of or ship
      documents to any party unless provisions have been made for the reimbursement
      of
      the costs thereof.

     

    
      	SECTION
              3.23.  	
              Title,
                Management and Disposition of REO
                Property.

            

    

     

    (a)  In
      the
      event that title to an REO Property is acquired in foreclosure or by deed in
      lieu of foreclosure, the deed or certificate of sale shall be taken (pursuant
      to
      a limited power of attorney to be provided by the Trustee to the Servicer)
      in
      the name of the Trustee or a nominee thereof, on behalf of the
      Certificateholders, or in the event the Trustee or a nominee thereof is not
      authorized or permitted to hold title to real property in the state where the
      REO Property is located, or would be adversely affected under the “doing
      business” or tax laws of such state by so holding title, the deed or certificate
      of sale shall be taken in the name of such Person or Persons as shall be
      consistent with an Opinion of Counsel obtained by the Servicer (the cost of
      which shall constitute a Servicing Advance) from an attorney duly licensed
      to
      practice law in the state where the REO Property is located. Any Person or
      Persons holding such title other than the Trustee shall acknowledge in writing
      that such title is being held as nominee for the benefit of the Trustee. The
      Trustee’s name shall be placed on the title to such REO Property solely as the
      Trustee hereunder and not in its individual capacity. The Servicer shall ensure
      that the title to such REO Property references this Agreement and the Trustee’s
      capacity hereunder. The Servicer, on behalf of REMIC I, shall sell any REO
      Property as soon as practicable and in any event no later than the end of the
      third full taxable year after the taxable year in which such REMIC acquires
      ownership of such REO Property for purposes of Section 860G(a)(8) of the Code
      or
      request from the Internal Revenue Service, no later than 60 days before the
      day
      on which the three-year grace period would otherwise expire, an extension of
      such three-year period, unless the Servicer shall have delivered to the Trust
      Administrator, the Trustee and the NIMS Insurer an Opinion of Counsel acceptable
      to the NIMS Insurer and addressed to the Trust Administrator, the Trustee,
      the
      NIMS Insurer and the Depositor, to the effect that the holding by the REMIC
      of
      such REO Property subsequent to three years after its acquisition will not
      result in the imposition on the REMIC of taxes on “prohibited transactions”
thereof, as defined in Section 860F of the Code, or cause any of the REMICs
      created hereunder to fail to qualify as a REMIC under Federal law at any time
      that any Certificates are outstanding. The Servicer shall manage, conserve,
      protect and operate each REO Property for the Certificateholders solely for
      the
      purpose of its prompt disposition and sale in a manner which does not cause
      such
      REO Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code or result in the receipt by any of the REMICs
      created hereunder of any “income from non-permitted assets” within the meaning
      of Section 860F(a)(2)(B) of the Code, or any “net income from foreclosure
      property” which is subject to taxation under the REMIC Provisions.

     

    (b)  The
      Servicer shall separately account for all funds collected and received in
      connection with the operation of any REO Property and shall establish and
      maintain, or cause to be established and maintained, with respect to REO
      Properties an account held in trust for the Trustee for the benefit of the
      Certificateholders (the “REO Account”), which shall be an Eligible Account. The
      Servicer shall be permitted to allow the Collection Account to serve as the
      REO
      Account, subject to separate ledgers for each REO Property. The Servicer shall
      be entitled to retain or withdraw any interest income paid on funds deposited
      in
      the REO Account.

     

    (c)  The
      Servicer shall have full power and authority, subject only to the specific
      requirements and prohibitions of this Agreement, to do any and all things in
      connection with any REO Property as are consistent with the manner in which
      the
      Servicer manages and operates similar property owned by the Servicer or any
      of
      its Affiliates, all on such terms and for such period (subject to the
      requirement of prompt disposition set forth in Section 3.23(a)) as the Servicer
      deems to be in the best interests of Certificateholders. In connection
      therewith, the Servicer shall deposit, or cause to be deposited in the clearing
      account in which it customarily deposits payments and collections on mortgage
      loans in connection with its mortgage loan servicing activities on a daily
      basis, and in no event more than one Business Day after the Servicer’s receipt
      thereof, and shall thereafter deposit in the REO Account, in no event more
      than
      two Business Days after the Servicer’s receipt thereof, all revenues received by
      it with respect to an REO Property and shall withdraw therefrom funds necessary
      for the proper operation, management and maintenance of such REO Property
      including, without limitation:

     

    (i)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii)  all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (iii)  all
      costs
      and expenses necessary to maintain, operate and dispose of such REO
      Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance from
      its own funds such amount as is necessary for such purposes if, but only if,
      the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the rental or sale of the REO Property.

     

    Notwithstanding
      the foregoing, none of the Servicer, the Trust Administrator or the Trustee
      shall:

     

    (a)  authorize
      the Trust Fund to enter into, renew or extend any New Lease with respect to
      any
      REO Property, if the New Lease by its terms will give rise to any income that
      does not constitute Rents from Real Property;

     

    (b)  authorize
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (c)  authorize
      any construction on any REO Property, other than the completion of a building
      or
      other improvement thereon, and then only if more than ten percent of the
      construction of such building or other improvement was completed before default
      on the related Mortgage Loan became imminent, all within the meaning of Section
      856(e)(4)(B) of the Code; or

     

    (d)  authorize
      any Person to Directly Operate any REO Property on any date more than 90 days
      after its date of acquisition by the Trust Fund;

     

    unless,
      in any such case, the Servicer has obtained an Opinion of Counsel, provided
      to
      the Trust Administrator, the Master Servicer and the NIMS Insurer, to the effect
      that such action will not cause such REO Property to fail to qualify as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code at
      any time that it is held by the REMIC, in which case the Servicer may take
      such
      actions as are specified in such Opinion of Counsel.

     

    The
      Servicer may contract with any Independent Contractor for the operation and
      management of any REO Property; provided that:

     

    (i)  the
      terms
      and conditions of any such contract shall not be inconsistent
      herewith;

     

    (ii)  any
      such
      contract shall require, or shall be administered to require, that the
      Independent Contractor pay all costs and expenses incurred in connection with
      the operation and management of such REO Property, including those listed above
      and remit all related revenues (net of such costs and expenses) to the Servicer
      as soon as practicable, but in no event later than thirty days following the
      receipt thereof by such Independent Contractor;

     

    (iii)  none
      of
      the provisions of this Section 3.23(c) relating to any such contract or to
      actions taken through any such Independent Contractor shall be deemed to relieve
      the Servicer of any of its duties and obligations to the Trustee on behalf
      of
      the Certificateholders with respect to the operation and management of any
      such
      REO Property; and

     

    (iv)  the
      Servicer shall be obligated with respect thereto to the same extent as if it
      alone were performing all duties and obligations in connection with the
      operation and management of such REO Property.

     

    The
      Servicer shall be entitled to enter into any agreement with any Independent
      Contractor performing services for it related to its duties and obligations
      hereunder for indemnification of the Servicer by such Independent Contractor,
      and nothing in this Agreement shall be deemed to limit or modify such
      indemnification. The Servicer shall be solely liable for all fees owed by it
      to
      any such Independent Contractor, irrespective of whether the Servicer’s
      compensation pursuant to Section 3.18 is sufficient to pay such fees; provided,
      however, that to the extent that any payments made by such Independent
      Contractor would constitute Servicing Advances if made by the Servicer, such
      amounts shall be reimbursable as Servicing Advances made by the
      Servicer.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.23(c), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of the
      related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
      unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. On the Servicer Remittance Date, the
      Servicer shall withdraw from each REO Account maintained by it and deposit
      into
      the Distribution Account in accordance with Section 3.10(d)(ii), for
      distribution on the related Distribution Date in accordance with Section 4.01,
      the income from the related REO Property received during the prior calendar
      month, net of any withdrawals made pursuant to Section 3.23(c) or this Section
      3.23(d).

     

    (e)  Subject
      to the time constraints set forth in Section 3.23(a), each REO Disposition
      shall
      be carried out by the Servicer in a manner, at such price and upon such terms
      and conditions as shall be normal and usual in the servicing standard set forth
      in Section 3.01.

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
      be
      deposited in the Distribution Account in accordance with Section 3.10(d)(ii)
      on
      the Servicer Remittance Date in the month following the receipt thereof for
      distribution on the related Distribution Date in accordance with Section 4.01.
      Any REO Disposition shall be for cash only (unless changes in the REMIC
      Provisions made subsequent to the Startup Day allow a sale for other
      consideration).

     

    (g)  The
      Servicer shall file 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 cancellation of indebtedness income
      with respect to any Mortgaged Property as required by Sections 6050H, 6050J
      and
      6050P of the Code, respectively. 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
              3.24.  	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    Not
      later
      than 2:00 p.m. New York time on each Servicer Remittance Date, the Servicer
      shall remit to the Distribution Account an amount (“Compensating Interest”)
      equal to the lesser of (A) the aggregate of the Prepayment Interest Shortfalls
      for the related Distribution Date and (B) its aggregate Servicing Fee received
      in the related Due Period. The Servicer shall not have the right to
      reimbursement for any amounts remitted to the Trust Administrator in respect
      of
      Compensating Interest. Such amounts so remitted shall be included in the
      Available Funds and distributed therewith on the next Distribution Date. The
      Servicer shall not be obligated to pay Compensating Interest with respect to
      Relief Act Interest Shortfalls or Principal Prepayments in full occurring from
      the Cut-off Date through March 15, 2006.

     

    
      	SECTION
              3.25.  	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments. 

            

    

     

    In
      the
      event that a shortfall in any collection on or liability with respect to the
      Mortgage Loans in the aggregate results from or is attributable to adjustments
      to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
      made
      by the Servicer in a manner not consistent with the terms of the related
      Mortgage Note and this Agreement, the Servicer, upon discovery or receipt of
      notice thereof, immediately shall deposit in the Collection Account from its
      own
      funds the amount of any such shortfall and shall indemnify and hold harmless
      the
      Trust Fund, the Trustee, the Trust Administrator, the Depositor and any
      successor servicer in respect of any such liability. Such indemnities shall
      survive the termination or discharge of this Agreement. Notwithstanding the
      foregoing, this Section 3.25 shall not limit the ability of the Servicer to
      seek
      recovery of any such amounts from the related Mortgagor under the terms of
      the
      related Mortgage Note, as permitted by law.

     

    
      	SECTION
              3.26.  	
              Advance
                Facility

            

    

     

    The
      Servicer is hereby authorized to enter into a financing or other facility (any
      such arrangement, an “Advance Facility”) under which (1) the Servicer sells,
      assigns or pledges to another Person (together with such Person’s successors and
      assigns, an “Advancing Person”) the Servicer’s rights under this Agreement to be
      reimbursed for any Advances or Servicing Advances and/or (2) an Advancing Person
      agrees to fund some or all Advances and/or Servicing Advances required to be
      made by the Servicer pursuant to this Agreement. No consent of the Depositor,
      the Trustee, the Trust Administrator, the Certificateholders or any other party
      shall be required before the Servicer may enter into an Advance Facility. The
      Servicer shall notify each other party to this Agreement prior to or promptly
      after entering into or terminating any Advance Facility. Notwithstanding the
      existence of any Advance Facility under which an Advancing Person agrees to
      fund
      Advances and/or Servicing Advances on the Servicer’s behalf, the Servicer shall
      remain obligated pursuant to this Agreement to make Advances and Servicing
      Advances pursuant to and as required by this Agreement. If the Servicer enters
      into an Advance Facility, and for so long as an Advancing Person remains
      entitled to receive reimbursement for any Advances including Nonrecoverable
      Advances (“Advance Reimbursement Amounts”) and/or Servicing Advances including
      Nonrecoverable Advances (“Servicing Advance Reimbursement Amounts” and together
      with Advance Reimbursement Amounts, “Reimbursement Amounts”) (in each case to
      the extent such type of Reimbursement Amount is included in the Advance
      Facility), as applicable, pursuant to this Agreement, then, the Servicer shall
      identify such Reimbursement Amounts consistent with the reimbursement rights
      set
      forth in Section 3.11(a)(ii), (iii), (vi) and (vii) and remit such Reimbursement
      Amounts in accordance with Section 3.10(b) or otherwise in accordance with
      the
      documentation establishing the Advance Facility to such Advancing Person or
      to a
      trustee, agent or custodian (an “Advance Facility Trustee”) designated by such
      Advancing Person. Notwithstanding anything to the contrary herein, in no event
      shall Advance Reimbursement Amounts or Servicing Advance Reimbursement Amounts
      be included in the Available Funds or distributed to
      Certificateholders.

     

    Reimbursement
      Amounts shall consist solely of amounts in respect of Advances and/or Servicing
      Advances made with respect to the Mortgage Loans for which the Servicer would
      be
      permitted to reimburse itself in accordance with this Agreement, assuming the
      Servicer or the Advancing Person had made the related Advance(s) and/or
      Servicing Advance(s). Notwithstanding the foregoing, except with respect to
      reimbursement of Nonrecoverable Advances as set forth in this Agreement, no
      Person shall be entitled to reimbursement from funds held in the Collection
      Account for future distribution to Certificateholders pursuant to this
      Agreement. None of the Depositor, the Trust Administrator or the Trustee shall
      have any duty or liability with respect to the calculation or payment of any
      Reimbursement Amount, nor shall the Depositor, the Master Servicer, the Trust
      Administrator or the Trustee have any responsibility to track or monitor the
      administration of the Advance Facility or the payment of Reimbursement Amounts
      to the related Advancing Person or Advance Facility Trustee. The Servicer shall
      maintain and provide to any successor servicer and (upon request) the Trust
      Administrator a detailed accounting on a loan by loan basis as to amounts
      advanced by, sold, pledged or assigned to, and reimbursed to any Advancing
      Person. The successor servicer shall be entitled to rely on any such information
      provided by the predecessor servicer, and the successor servicer shall not
      be
      liable for any errors in such information.

     

    An
      Advancing Person who receives an assignment or pledge of the rights to be
      reimbursed for Advances and/or Servicing Advances, and/or whose obligations
      hereunder are limited to the funding or purchase of Advances and/or Servicing
      Advances shall not be required to meet the criteria for qualification of a
      subservicer set forth in this Agreement.

     

    Reimbursement
      Amounts distributed with respect to each Mortgage Loan shall be allocated to
      outstanding unreimbursed Advances or Servicing Advances (as the case may be)
      made with respect to that Mortgage Loan on a “first in, first out” (FIFO) basis.
      Such documentation shall also require the Servicer to provide to the related
      Advancing Person or Advance Facility Trustee loan by loan information with
      respect to each Reimbursement Amount distributed to such Advancing Person or
      Advance Facility Trustee, to enable the Advancing Person or Advance Facility
      Trustee to make the FIFO allocation of each Reimbursement Amount with respect
      to
      each Mortgage Loan. The Servicer shall remain entitled to be reimbursed for
      all
      Advances and Servicing Advances funded by the Servicer to the extent the related
      rights to be reimbursed therefor have not been sold, assigned or pledged to
      an
      Advancing Person.

     

    The
      Servicer shall indemnify the Depositor, the Trustee, the Master Servicer, the
      Trust Administrator, any successor servicer and the Trust Fund resulting from
      any claim by the related Advancing Person arising out of the Advance Facility,
      except to the extent that such claim, loss, liability or damage resulted from
      or
      arose out of negligence, recklessness or willful misconduct or breach of its
      duties hereunder on the part of the Depositor, the Trust Administrator, the
      Trustee or any successor servicer.

     

    Any
      amendment to this Section 3.26 or to any other provision of this Agreement
      that
      may be necessary or appropriate to effect the terms of an Advance Facility
      as
      described generally in this Section 3.26, including amendments to add provisions
      relating to a successor servicer, may be entered into by the Trustee, the Trust
      Administrator, the Depositor and the Servicer without the consent of any
      Certificateholder, provided such amendment complies with Section 11.01 hereof.
      All reasonable costs and expenses (including attorneys’ fees) of each party
      hereto of any such amendment shall be borne solely by the Servicer. Prior to
      entering into an Advance Facility, the Servicer shall notify the Advancing
      Person in writing that: (a) the Advances and/or Servicing Advances purchased,
      financed by and/or pledged to the Advancing Person are obligations owed to
      the
      Servicer on a non-recourse basis payable only from the cash flows and proceeds
      received under this Agreement for reimbursement of Advances and/or Servicing
      Advances only to the extent provided herein, and the Trustee, the Trust
      Administrator and the Trust are not otherwise obligated or liable to repay
      any
      Advances and/or Servicing Advances financed by the Advancing Person; (b) the
      Servicer will be responsible for remitting to the Advancing Person the
      applicable amounts collected by it as reimbursement for Advances and/or
      Servicing Advances funded by the Advancing Person, subject to the restrictions
      and priorities created in this Agreement; and (c) neither the Trustee nor the
      Trust Administrator shall have any responsibility to track or monitor the
      administration of the Advance Facility between the Servicer and the Advancing
      Person.

     

    
      	SECTION
              3.27.  	
              Solicitations.

            

    

     

    The
      Servicer shall not take any action or cause any action to be taken by any of
      its
      employees, agents or Affiliates, or by any independent contractors acting on
      the
      Servicer’s behalf, to solicit any borrower in any manner whatsoever, including
      but not limited to, soliciting a borrower to prepay or refinance a Mortgage
      Loan. Furthermore, neither the Servicer nor any of its Affiliates shall directly
      or indirectly provide information to any third party for purposes of soliciting
      the borrowers related to the Mortgage Loans. It is understood that promotions
      undertaken by the Servicer or its Affiliates which are directed to the general
      public at large (i.e., newspaper advertisements, radio or T.V. ads, etc.) and
      not specifically directed to the borrowers related to the Mortgage Loans shall
      not constitute a breach of this Section 3.27. From and after the Closing Date,
      Servicer hereby agrees that Servicer will not take any action or cause any
      action to be taken by any of its agents or Affiliates, or by any independent
      contractors or independent mortgage brokerage companies on the Servicer’s
      behalf, to personally, by telephone or mail, solicit the borrower under any
      Mortgage Loan for the purpose of refinancing such Mortgage Loan; provided,
      that
      Servicer may solicit any borrower for whom Servicer has received a request
      for
      verification of mortgage, a request for demand for payoff, a borrower initiated
      written or verbal communication indicating a desire to prepay the related
      Mortgage Loan, or the borrower initiates a title search, provided further,
      it is
      understood and agreed that promotions undertaken by the Servicer or any of
      its
      affiliates which concern optional insurance products or other additional
      products shall not constitute solicitation nor is the Servicer prohibited from
      responding to unsolicited requests or inquiries made by a borrower or an agent
      of a borrower. Notwithstanding the foregoing, the following solicitations,
      if
      undertaken by the Servicer or any Affiliate of the Servicer, shall not be
      prohibited: (i) solicitations or promotions that are directed to the general
      public at large, including, without limitation, mass mailings based on mailing
      lists and newspaper, radio, television and other mass media advertisements
      and
      (ii) borrower messages included on, and statement inserts provided with, the
      monthly statements sent to borrowers; provided, however, that similar messages
      and inserts are sent to all other borrowers of similar type mortgage loans
      serviced by the Servicer and such Affiliates, including, but not limited to,
      those mortgage loans serviced for the Servicer’s and/or such Affiliates own
      account; and (iii) solicitations made as a part of a campaign directed to
      borrowers with mortgage loans meeting certain defined parameters (other than
      parameters relating to the borrowers or the Mortgage Loans specifically),
      provided, that such solicitations are made to all borrowers of mortgage loans
      serviced by the Servicer and such Affiliates with respect to mortgage loans
      meeting such defined parameters, including, but not limited to, those mortgage
      loans serviced for the Servicer’s and/or such Affiliates own
      account.

     

     

    ARTICLE
      IIIA

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	SECTION
              3A.01.  	
              Master
                Servicer to Act as Master Servicer

            

    

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicer to service and administer the Mortgage Loans in accordance with the
      terms of this Agreement and shall have full power and authority to do any and
      all things which it may deem necessary or desirable in connection with such
      master servicing and administration. In performing its obligations hereunder,
      the Master Servicer shall act in a manner consistent with Accepted Master
      Servicing Practices. Furthermore, the Master Servicer shall oversee and consult
      with the Servicer as reasonably necessary from time-to-time to carry out the
      Master Servicer’s obligations hereunder, shall receive, review and evaluate all
      reports, information and other data provided to the Master Servicer by the
      Servicer and shall cause the Servicer to perform and observe the covenants,
      obligations and conditions to be performed or observed by the Servicer under
      this Agreement. The Master Servicer shall independently monitor the Servicer’s
      servicing activities with respect to each Mortgage Loan, reconcile the results
      of such monitoring with such information provided in the previous sentence
      on a
      monthly basis and coordinate corrective adjustments to the Servicer’s and Master
      Servicer’s records, and based on such reconciled and corrected information, the
      Master Servicer shall provide such information to the Trust Administrator as
      shall be necessary in order for it to prepare the statements specified in
      Section 4.02, and prepare any other information and statements required to
      be forwarded by the Master Servicer hereunder. The Master Servicer shall
      reconcile the results of its Mortgage Loan monitoring with the actual
      remittances of the Servicer to the Collection Account pursuant to Section
      3.10.

     

    The
      Trustee shall furnish the Servicer and the Master Servicer with any powers
      of
      attorney and other documents in form as provided to it necessary or appropriate
      to enable the Servicer and the Master Servicer to service and administer the
      Mortgage Loans and REO Properties.

     

    The
      Trustee and the Trust Administrator shall provide access to the records and
      documentation in possession of the Trustee or the Trust Administrator, as
      applicable, regarding the Mortgage Loans and REO Properties and the servicing
      thereof to the Certificateholders, the FDIC, and the supervisory agents and
      examiners of the FDIC, such access being afforded only upon reasonable prior
      written request and during normal business hours at the office of the Trustee
      or
      the Trust Administrator, as applicable; provided, however, that, unless
      otherwise required by law, neither the Trustee nor the Trust Administrator
      shall
      be required to provide access to such records and documentation if the provision
      thereof would violate the legal right to privacy of any Mortgagor. The Trustee
      and the Trust Administrator shall allow representatives of the above entities
      to
      photocopy any of the records and documentation and shall provide equipment
      for
      that purpose at a charge that covers the Trustee’s or Trust Administrator’s, as
      applicable, actual costs.

     

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

     

    
      	SECTION
              3A.02.  	
              [Reserved].

            

    

     

    
      	SECTION
              3A.03.  	
              Monitoring
                of Servicer.

            

    

     

      The
      Master Servicer shall be responsible for reporting to the Trustee, the Trust
      Administrator and the Depositor the non-compliance by the Servicer with its
      duties under this Agreement. In the review of the Servicer’s activities, the
      Master Servicer may rely upon an Officers’ Certificate of the Servicer (or
      similar document signed by a Servicing Officer of the Servicer) with regard
      to
      the Servicer’s compliance with the terms of this Agreement. In the event that
      the Master Servicer, in its good faith judgment, determines that the Servicer
      should be terminated in accordance with the terms hereof, or that a notice
      should be sent pursuant to the terms hereof with respect to the occurrence
      of an
      event that, unless cured, would constitute grounds for such termination, the
      Master Servicer shall notify the Depositor, the Trust Administrator and the
      Trustee thereof and the Master Servicer shall issue such notice or take such
      other action as it deems appropriate.

     

      The
      Master
      Servicer (or if the Master Servicer is the Servicer, the Trustee), for
      the
      benefit of the Certificateholders, shall enforce the obligations of the Servicer
      under this Agreement, and shall, in the event that it receives notice and
      confirms that the Servicer has failed to perform its obligations in accordance
      with this Agreement, subject to the preceding paragraph, terminate the rights
      and obligations of the Servicer hereunder and in accordance with the provisions
      of Article VII of this Agreement and act as Servicer of the Mortgage Loans
      or
      appoint a successor servicer; provided, however, it is understood and
      acknowledged by the parties hereto that there will be a period of transition
      (not to exceed 90 days) before the actual servicing functions can be fully
      transferred to such successor servicer. Such enforcement, including, without
      limitation, the legal prosecution of claims and the pursuit of other appropriate
      remedies, shall be in such form and carried out to such an extent and at such
      time as the Master Servicer or Trustee, as applicable, in its good faith
      business judgment, would require were it the owner of the Mortgage Loans. The
      Master Servicer or the Trustee, as applicable, shall pay the costs of such
      enforcement at its own expense, provided that the Master Servicer or the
      Trustee, as applicable, shall not be required to prosecute or defend any legal
      action except to the extent that the Master Servicer or the Trustee, as
      applicable, shall have received reasonable indemnity for its costs and expenses
      in pursuing such action.

     

      To
      the
      extent that the costs and expenses of the Master Servicer or Trustee, as
      applicable, related to any termination of the Servicer, appointment of a
      successor servicer or the transfer and assumption of servicing by the Master
      Servicer or the Trustee, as applicable, with respect to this Agreement
      (including, without limitation, (i) all legal costs and expenses and all due
      diligence costs and expenses associated with an evaluation of the potential
      termination of the Servicer as a result of a Servicer Event of Default and
      (ii)
      all costs and expenses associated with the complete transfer of servicing,
      including all servicing files and all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      successor servicer to correct any errors or insufficiencies in the servicing
      data or otherwise to enable the successor servicer to service the Mortgage
      Loans
      in accordance with this Agreement) are not fully and timely reimbursed by the
      terminated Servicer, the Master Servicer or the Trustee, as applicable, shall
      be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

     

      The
      Master Servicer (or if the Master Servicer is the Servicer, the Trustee) shall,
      upon receipt from the Servicer, the Master Servicer or the Trust Administrator,
      of notice of any failure of the Servicer to comply with the remittance
      requirements and other obligations set forth in this Agreement, enforce such
      obligations.

     

      If
      the
      Master Servicer or the Trustee, as applicable, acts as Servicer, it will not
      assume liability for the representations and warranties of the Servicer that
      it
      replaces.

     

    
      	SECTION
              3A.04.  	
              Fidelity
                Bond.

            

    

     

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

     

    
      	SECTION
              3A.05.  	
              Power
                to Act; Procedures.

            

    

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders and the Trustee,
      customary consents or waivers and other instruments and documents, (ii) to
      consent to transfers of any Mortgaged Property and assumptions of the Mortgage
      Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of
      the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement; provided, however,
      that the Master Servicer shall not (and, consistent with its responsibilities
      under Article X, shall not permit any Servicer to) knowingly or intentionally
      take any action, or fail to take (or fail to cause to be taken) any action
      reasonably within its control and the scope of duties more specifically set
      forth herein, that, under the REMIC Provisions, if taken or not taken, as the
      case may be, would cause the Trust REMIC to fail to qualify as a REMIC or result
      in the imposition of a tax upon the Trust Fund (including but not limited to
      the
      tax on prohibited transactions as defined in Section 860F(a)(2) of the Code
      and the tax on contributions to a REMIC set forth in Section 860G(d) of the
      Code) unless the Master Servicer has received an Opinion of Counsel (but not
      at
      the expense of the Master Servicer) to the effect that the contemplated action
      would not cause any REMIC to fail to qualify as a REMIC or result in the
      imposition of a tax upon any REMIC. The Trustee shall furnish the Master
      Servicer or the Servicer, upon written request from a Servicing Officer, with
      any powers of attorney empowering the Master Servicer or the Servicer to execute
      and deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with this Agreement,
      and
      the Trustee shall execute and deliver such other documents, as the Master
      Servicer may request, to enable the Master Servicer to master service and
      administer the Mortgage Loans and carry out its duties hereunder, in each case
      in accordance with Accepted Master Servicing Practices (and the Trustee shall
      have no liability for misuse of any such powers of attorney by the Master
      Servicer or the Servicer). If the Master Servicer or the Trustee has been
      advised that it is likely that the laws of the state in which action is to
      be
      taken prohibit such action if taken in the name of the Trustee or that the
      Trustee would be adversely affected under the “doing business” or tax laws of
      such state if such action is taken in its name, the Master Servicer shall join
      with the Trustee in the appointment of a co-trustee pursuant to
      Section 8.10 hereof. In the performance of its duties hereunder, the Master
      Servicer shall be an independent contractor and shall not, except in those
      instances where it is taking action in the name of the Trustee, be deemed to
      be
      the agent of the Trustee.

     

    
      	SECTION
              3A.06.  	
              Due
                on Sale Clauses; Assumption
                Agreements.

            

    

     

    To
      the
      extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
      Servicer shall cause the Servicer to enforce such clauses in accordance with
      this Agreement. If applicable law prohibits the enforcement of a due-on-sale
      clause or such clause is otherwise not enforced in accordance with this
      Agreement, and, as a consequence, a Mortgage Loan is assumed, the original
      Mortgagor may be released from liability in accordance with this
      Agreement.

     

    
      	SECTION
              3A.07.  	
              [Reserved].

            

    

     

    
      	SECTION
              3A.08.  	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                Trustee.

            

    

     

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

     

      All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer or the Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from Liquidation Proceeds
      or Insurance Proceeds, shall be held by the Servicer or the Master Servicer,
      as
      applicable, for and on behalf of the Trustee and the Certificateholders and
      shall be and remain the sole and exclusive property of the Trustee; provided,
      however, that the Master Servicer and the Servicer shall be entitled to setoff
      against, and deduct from, any such funds any amounts that are properly due
      and
      payable to the Master Servicer or the Servicer under this
      Agreement.

     

    
      	SECTION
              3A.09.  	
              Compensation
                for the Master Servicer.

            

    

     

    The
      Master Servicer shall be entitled to the Master Servicer Fee with respect to
      each Mortgage Loan payable solely from payments of interest in respect of such
      Mortgage Loan. The Master Servicer will also be entitled to all income and
      gain
      realized from any investment of funds in the Distribution Account, pursuant
      to
      Section 3A.11 and Section 3A.12, for the performance of its activities
      hereunder (the “Master Servicing Compensation”). Servicing compensation in the
      form of assumption fees, if any, late payment charges, as collected, if any,
      or
      otherwise shall be retained by the Servicer in accordance with Section 3.18.
      The
      Master Servicer shall be required to pay all expenses incurred by it in
      connection with the performance of its duties hereunder and shall not be
      entitled to reimbursement therefor except as provided in this
      Agreement.

     

    
      	SECTION
              3A.10.  	
              Obligations
                of the Master Servicer in Respect of Prepayment Interest
                Shortfalls.

            

    

     

    In
      the
      event of a Prepayment Interest Shortfall, the Master Servicer shall remit to
      the
      Trust Administrator, from its own funds and without right of reimbursement
      (except as described below), not later than the related Distribution Date,
      Compensating Interest in an amount equal to the lesser of (i) the aggregate
      amounts in respect of Compensating Interest required to be paid by the Servicer
      pursuant to Section 3.24 with respect to Prepayment Interest Shortfalls
      attributable to Principal Prepayments in full on the Mortgage Loans for the
      related Distribution Date and not so paid by the Servicer and (ii) the aggregate
      compensation payable to the Master Servicer for the related collection period
      under this Agreement. In the event the Master Servicer pays any amount in
      respect of such Compensating Interest prior to the time it shall have succeeded
      as successor servicer, the Master Servicer shall be subrogated to the Trust
      Fund’s right to receive such amount from the Servicer. In the event the Trust
      Fund receives from the Servicer all or any portion of amounts in respect of
      Compensating Interest required to be paid by the Servicer pursuant to Section
      3.24, not so paid by the Servicer when required, and paid by the Master Servicer
      pursuant to this Section 3A.10, then the Master Servicer may reimburse
      itself for the amount of Compensating Interest paid by the Master Servicer
      from
      such receipts by the Trust Fund.

     

    
      	SECTION
              3A.11.  	
              Distribution
                Account. 

            

    

     

      On
      behalf
      of the Trust Fund, the Trust Administrator shall establish and maintain one
      or
      more accounts (such account or accounts, the “Distribution Account”), held in
      trust for the benefit of the Trustee and the Certificateholders. The
      Distribution Account shall be an Eligible Account. The Master Servicer will
      deposit in the Distribution Account as identified by the Master Servicer and
      as
      received by the Master Servicer, the following amounts:

     

    (1) Any
      amounts remitted to the Master Servicer by the Servicer from the Collection
      Account;

     

    (2) Any
      Advances received from the Servicer or made by the Master Servicer or (if the
      Master Servicer is the Servicer) the Trustee (in each case in its capacity
      as
      successor servicer), and any payments of Compensating Interest received from
      the
      Servicer or made by the Master Servicer (unless, in the case of the Master
      Servicer, such amounts are deposited by the Master Servicer directly into the
      Distribution Account);

     

    (3) Any
      Insurance Proceeds or Net Liquidation Proceeds received by or on behalf of
      the
      Master Servicer or which were not deposited in the Collection
      Account;

     

    (4)
       Any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Distribution Account; and

     

    (5) Any
      other
      amounts received by or on behalf of the Master Servicer and required to be
      deposited in the Distribution Account pursuant to this Agreement.

     

      All
      amounts deposited to the Distribution Account shall be held by the Master
      Servicer in the name of the Trustee in trust for the benefit of the
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Distribution Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of (A) the Master Servicer Fee, (B)
      late payment charges or assumption, tax service, statement account or payoff,
      substitution, satisfaction, release and other like fees and charges and (C)
      the
      items enumerated in Section 3A.12(a) (with respect the clearing and
      termination of the Distribution Account and with respect to amounts deposited
      in
      error), in Section 3A.12(b) or in clauses (i), (ii), (iii) and (iv), (v) of
      Section 3A.12(c), need not be credited by the Master Servicer to the
      Distribution Account. In the event that the Master Servicer shall deposit or
      cause to be deposited to the Distribution Account any amount not required to
      be
      credited thereto, the Trustee or the Trust Administrator, upon receipt of a
      written request therefor signed by a Servicing Officer of the Master Servicer,
      shall promptly transfer such amount to the Master Servicer, any provision herein
      to the contrary notwithstanding.

     

      The
      Trust
      Administrator may direct any depository institution maintaining the Distribution
      Account to invest the funds on deposit in such account or to hold such funds
      uninvested. All investments pursuant to this Section 3A.11 shall be in one
      or more Permitted Investments bearing interest or sold at a discount, and
      maturing, unless payable on demand, (i) no later than the Business Day
      immediately preceding the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if a Person other than the Trust
      Administrator is the obligor thereon or if such investment is managed or advised
      by a Person other than the Trust Administrator or an Affiliate of the Trust
      Administrator, and (ii) no later than the date on which such funds are required
      to be withdrawn from such account pursuant to this Agreement, if the Trust
      Administrator is the obligor thereon or if such investment is managed or advised
      by the Trust Administrator or any Affiliate. All such Permitted Investments
      shall be held to maturity, unless payable on demand. Any investment of funds
      in
      the Distribution Account shall be made in the name of the Trustee, or in the
      name of a nominee of the Trust Administrator. The Trust Administrator shall
      be
      entitled to sole possession over each such investment, and any certificate
      or
      other instrument evidencing any such investment shall be delivered directly
      to
      the Trust Administrator or its agent, together with any document of transfer
      necessary to transfer title to such investment to the Trust Administrator or
      its
      nominee. In the event amounts on deposit in the Distribution Account are at
      any
      time invested in a Permitted Investment payable on demand, the Trust
      Administrator shall:

     

    (x) consistent
      with any notice required to be given thereunder, demand that payment thereon
      be
      made on the last day such Permitted Investment may otherwise mature hereunder
      in
      an amount equal to the lesser of (1) all amounts then payable thereunder and
      (2)
      the amount required to be withdrawn on such date; and

     

    (y) demand
      payment of all amounts due thereunder promptly upon determination by a
      Responsible Officer of the Trust Administrator that such Permitted Investment
      would not constitute a Permitted Investment in respect of funds thereafter
      on
      deposit in the Distribution Account.

     

      All
      income and gain realized from the investment of funds deposited in the
      Distribution Account shall be for the benefit of the Master Servicer. The Trust
      Administrator shall deposit in the Distribution Account the amount of any loss
      of principal incurred in respect of any such Permitted Investment made with
      funds in such Account immediately upon realization of such loss.

     

    
      	SECTION
              3A.12.  	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            

    

     

      The
      Trust
      Administrator will, from time to time on demand of the Master Servicer, the
      Servicer or the Trustee, make or cause to be made such withdrawals or transfers
      from the Distribution Account pursuant to this Agreement. The Trust
      Administrator may clear and terminate the Distribution Account pursuant to
      Section 9.01 and remove amounts from time to time deposited in
      error.

     

      On
      an
      ongoing basis, the Trust Administrator shall withdraw funds from the
      Distribution Account to pay (i) any Extraordinary Trust Fund Expenses including
      but not limited to amounts payable to the Servicer or the Depositor pursuant
      to
      Section 6.03(b), to the Trustee pursuant to Section 3.06, Section 7.02 or
      Section 8.05 or to the Master Servicer pursuant to Section 6.03(c), and
      (ii) any amounts expressly payable to the Master Servicer as set forth in
      Section 3A.09.

     

      The
      Trust
      Administrator may withdraw from the Distribution Account any of the following
      amounts (in the case of any such amount payable or reimbursable to the Servicer,
      only to the extent the Servicer shall not have paid or reimbursed itself such
      amount prior to making any remittance to the Master Servicer pursuant to the
      terms of this Agreement):

     

    (i) (a)
      to
      pay to the Master Servicer any unpaid Master Servicer Fees and (b) to reimburse
      the Master Servicer or (if the Master Servicer is the Servicer) the Trustee
      (to
      the extent either of them is obligated to do so as successor Servicer) for
      any
      Advance of its own funds, the right of the Master Servicer or the Trustee,
      as
      applicable, to reimbursement pursuant to this subclause (i) being limited to
      amounts received on a particular Mortgage Loan (including, for this purpose,
      the
      Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds and Subsequent
      Recoveries) which represent late payments or recoveries of the principal of
      or
      interest on such Mortgage Loan respecting which such Advance was
      made;

     

    (ii) to
      reimburse the Master Servicer from Insurance Proceeds, Liquidation Proceeds
      or
      Subsequent Recoveries relating to a particular Mortgage Loan for amounts
      expended by the Master Servicer in good faith in connection with the restoration
      of the related Mortgaged Property which was damaged by an Uninsured Cause or
      in
      connection with the liquidation of such Mortgage Loan;

     

    (iii) to
      reimburse the Master Servicer from Insurance Proceeds relating to a particular
      Mortgage Loan for insured expenses incurred with respect to such Mortgage Loan
      and to reimburse the Master Servicer from Liquidation Proceeds and Subsequent
      Recoveries from a particular Mortgage Loan for Liquidation Expenses incurred
      with respect to such Mortgage Loan;

     

    (iv) to
      reimburse the Master Servicer for advances of funds (other than Advances) made
      with respect to the Mortgage Loans, and the right to reimbursement pursuant
      to
      this subclause being limited to amounts received on the related Mortgage Loan
      (including, for this purpose, the Purchase Price therefor, Insurance Proceeds,
      Liquidation Proceeds and Subsequent Recoveries) which represent late recoveries
      of the payments for which such advances were made;

     

    (v) to
      reimburse the Master Servicer (or if the Master Servicer is the Servicer) the
      Trustee (to the extent either of them is obligated to do so as successor
      Servicer) for any Advance or Servicing Advance, after a Realized Loss has been
      allocated with respect to the related Mortgage Loan if the Advance or Servicing
      Advance has not been reimbursed pursuant to clauses (i) through
      (iv);

     

    (vi) to
      make
      distributions in accordance with Section 4.01;

     

    (vii) to
      pay
      compensation to the Trust Administrator on each Distribution Date;

     

    (viii) to
      pay
      any amounts in respect of taxes pursuant to Section 10.01(g);

     

    (ix) without
      duplication of the amount set forth in clause (iii) above, to pay any
      Extraordinary Trust Fund Expenses to the extent not paid by the Master Servicer
      from the Distribution Account;

     

    (x) without
      duplication of any of the foregoing, to reimburse or pay the Servicer any such
      amounts as are due thereto under this Agreement and have not been retained
      by or
      paid to the Servicer, to the extent provided in this Agreement and to refund
      to
      the Servicer any amount remitted by the Servicer to the Master Servicer in
      error;

     

    (xi) to
      pay to
      the Master Servicer, any interest or investment income earned on funds deposited
      in the Distribution Account;

     

    (xii) to
      pay
      the Credit Risk Manager the Credit Risk Manager Fee;

     

    (xiii) to
      withdraw any amount deposited in the Distribution Account in error;

     

    (xiv) to
      clear
      and terminate the Distribution Account pursuant to Section 9.01; and

     

    (xv) to
      make
      distributions to the Swap Account.

     

    The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of accounting for any reimbursement
      from
      the Distribution Account pursuant to clauses (i) through (v) above or with
      respect to any such amounts which would have been covered by such clauses had
      the amounts not been retained by the Master Servicer without being deposited
      in
      the Distribution Account.

     

      On
      or
      before the Business Day prior to each Distribution Date, the Master Servicer
      or
      (if the Master Servicer is the Servicer) the Trustee (to the extent either
      of
      them is obligated to do so as successor Servicer) shall remit to the Trust
      Administrator for deposit in the Distribution Account any Advances required
      to
      be made and the Master Servicer shall deposit in the Distribution Account any
      Compensating Interest required to be paid, in either such case by the Master
      Servicer or the Trustee, as applicable, with respect to the Mortgage
      Loans.

     

     

    ARTICLE
      IV

     

    PAYMENTS
      TO CERTIFICATEHOLDERS

     

    
      	SECTION
              4.01.  	
              Distributions.

            

    

     

    (a)  On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC I to REMIC II on account of the REMIC I Group
      I
      Regular Interests and distributed to the holders of the Class R Certificates
      (in
      respect of the Class R-I Interest), as the case may be: 

     

    (i)  to
      Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-1-A through
      I-60-B, pro rata, in an amount equal to (A) Uncertificated Interest for such
      REMIC I Regular Interests for such Distribution Date, plus (B) any amounts
      payable in respect thereof remaining unpaid from previous Distribution
      Dates.

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (1)
      above, payments of principal shall be allocated as follows: (A) first, to REMIC
      I Regular Interest I and then to REMIC I Regular Interests I-1-A through I-60-B
      starting with the lowest numerical denomination until the Uncertificated Balance
      of each such REMIC I Regular Interest is reduced to zero, provided that, for
      REMIC I Regular Interests with the same numerical denomination, such payments
      of
      principal shall be allocated pro rata between such REMIC I Regular Interests
      and
      (B) second, to the extent of any Overcollateralization Reduction Amounts, first
      to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC
      I
      Regular Interest is reduced to zero, then, to REMIC I Regular Interests I-1-A
      through I-60-B starting with the lowest numerical denomination until the
      Uncertificated Balance of each such REMIC I Regular Interest is reduced to
      zero,
      provided that, for REMIC I Regular Interests with the same numerical
      denomination, such Overcollateralization Reduction Amounts shall be allocated
      pro rata between such REMIC I Regular Interests. 

     

    (iii)  to
      the
      Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing
      Prepayment Charges (other
      than any Originator Prepayment Charge Payment Amount)
      in
      respect of the Mortgage Loans received during the related Prepayment Period
      and
      (B) on the Distribution Date immediately following the expiration of the latest
      Prepayment Charge as identified on the Prepayment Charge Schedule or any
      Distribution Date thereafter until $100 has been distributed pursuant to this
      clause.

     

    (b)  On
      each
      Distribution Date, the following amounts, in the following order of priority,
      shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular
      Interests or withdrawn from the Distribution Account and distributed to the
      holders of the Class R Certificates (in respect of the Class R-II Interest),
      as
      the case may be:

     

    (i)  to
      the
      Holders of REMIC II Regular Interest II-LTIO, in an amount equal to (a)
      Uncertificated Accrued Interest for such REMIC II Regular Interest for such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates.

     

    (ii)  to
      Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1,
      REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
      II
      Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
      Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
      II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
      REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
      II
      Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular
      Interest II-LTM11, REMIC II Regular Interest II-LTZZ and REMIC II Regular
      Interest II-LTP, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Interest for such Distribution Date,
      plus
      (B) any amounts in respect thereof remaining unpaid from previous Distribution
      Dates. Amounts payable as Uncertificated Interest in respect of REMIC II Regular
      Interest II-LTZZ shall be reduced and deferred when the REMIC II
      Overcollateralized Amount is less than the REMIC II Required
      Overcollateralization Amount, by the lesser of (x) the amount of such difference
      and (y) the Maximum II-LTZZ Uncertificated Interest Deferral Amount and such
      amount will be payable to the Holders of REMIC II Regular Interest II-LTA1,
      REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC
      II
      Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular
      Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest
      II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6,
      REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC
      II
      Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II
      Regular Interest II-LTM11 in the same proportion as the Overcollateralization
      Deficiency Amount is allocated to the Corresponding Certificates and the
      Uncertificated Balance of REMIC II Regular Interest II-LTZZ shall be increased
      by such amount; and

     

    (iii)  to
      the
      Holders of REMIC II Regular Interest II-LTP, (A) on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges (other than any Originator
      Prepayment Charge Payment Amount) and (B) on the Distribution Date immediately
      following the expiration of the latest Prepayment Charge as identified on the
      Prepayment Charge Schedule or any Distribution Date thereafter until $100 has
      been distributed pursuant to this clause;

     

    (iv)  to
      the
      Holders of the REMIC II Regular Interests, in an amount equal to the remainder
      of the Available Funds for such Distribution Date after the distributions made
      pursuant to clauses (i), (ii) and (iii) above, allocated as
      follows:

     

    (a) 98.00%
      of
      such remainder to the Holders of REMIC II Regular Interest II-LTAA, until the
      Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;

     

    (b) 2.00%
      of
      such remainder, first to the Holders of REMIC II Regular Interest II-LTA1,
      REMIC
      II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular
      Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest
      II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4,
      REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC
      II
      Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular
      Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular
      Interest II-LTM11, equal to 1.00% of and in the same proportion as principal
      payments are allocated to the Corresponding Certificates, until the
      Uncertificated Balances of such REMIC II Regular Interests are reduced to zero
      and second, to the Holders of REMIC II Regular Interest II-LTZZ, 1.00%, until
      the Uncertificated Balance of such REMIC II Regular Interest is reduced to
      zero;
      and

     

    (c) any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-II Interest);

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC II Regular Interest II-LTAA and REMIC II Regular Interest
      II-LTZZ, respectively; once the Uncertificated Principal Balances of REMIC
      II
      Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular
      Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest
      II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3,
      REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC
      II
      Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular
      Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest
      II-LTM10, and REMIC II Regular Interest II-LTM11 have been reduced to
      zero.

     

    On
      each
      Distribution Date, all amounts representing Prepayment Charges (other than
      any
      Originator Prepayment Charge Payment Amount) in respect of the Mortgage Loans
      during the related Prepayment Period will be distributed by REMIC II to the
      Holders of REMIC II Regular Interest II-LTP. The payment of the foregoing
      amounts to the Holders of REMIC II Regular Interest II-LTP shall not reduce
      the
      Uncertificated Balance thereof.

     

    (c)  On
      each
      Distribution Date, the Trust Administrator shall withdraw from the Distribution
      Account that portion of Available Funds for such Distribution Date consisting
      of
      the Interest Remittance Amount for such Distribution Date, and make the
      following distributions in the order of priority described below, in each case
      to the extent of the Interest Remittance Amount remaining for such Distribution
      Date:

     

    (i)  concurrently,
      to the Holders of the Class A Certificates, on a pro
      rata
      basis
      based on the entitlement of each such Class, the Monthly Interest Distributable
      Amount and the Unpaid Interest Shortfall Amount, if any, for such Certificates
      for such Distribution Date; and 

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the
      Class M-11 Certificates, in that order, the Monthly Interest Distributable
      Amount allocable to each such Class of Certificates.

     

    (d)  (I)On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, distributions in respect of principal to the extent of the
      Principal Distribution Amount shall be made in the following amounts and order
      of priority:

     

    (i)  to
      the
      Holders of the Class A Certificates (allocated among the Class A Certificates
      in
      the priority described below), until the Certificate Principal Balances thereof
      have been reduced to zero; and

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the
      Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates,
      the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8
      Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the
      Class M-11 Certificates, in that order, until the Certificate Principal Balances
      thereof have been reduced to zero. 

     

    (II) On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, distributions in respect of principal to the extent
      of
      the Principal Distribution Amount shall be made in the following amounts and
      order of priority:

     

    (iii)  to
      the
      Holders of the Class A Certificates (allocated among the Class A Certificates
      in
      the priority described below), the Senior Principal Distribution Amount until
      the Certificate Principal Balances thereof have been reduced to zero;

     

    (iv)  sequentially,
      to the Holders of the Class M-1 Certificates, the Class M-2 Certificates and
      the
      Class M-3 Certificates, the Sequential Class M Principal Distribution Amount
      until the Certificate Principal Balances thereof have been reduced to
      zero;

     

    (v)  to
      the
      Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vi)  to
      the
      Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (vii)  to
      the
      Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (viii)  to
      the
      Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (ix)  to
      the
      Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (x)  to
      the
      Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;

     

    (xi)  to
      the
      Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    (xii)  to
      the
      Holders of the Class M-11 Certificates, the Class M-11 Principal Distribution
      Amount until the Certificate Principal Balance thereof has been reduced to
      zero.

     

    With
      respect to the Class A Certificates, all principal distributions will be
      distributed sequentially to the Class A-1 Certificates, the Class A-2
      Certificates, the Class A-3 Certificates and the Class A-4 Certificates, in
      that
      order, until their respective Certificate Principal Balances have been reduced
      to zero. Notwithstanding any provisions contained in this Agreement to the
      contrary, on any Distribution Date on which the aggregate Certificate Principal
      Balance of the Subordinate Certificates has been reduced to zero, all
      distributions of principal to the Class A Certificates shall be distributed
      concurrently to the Class A-1 Certificates, the Class A-2 Certificates, the
      Class A-3 Certificates and the Class A-4 Certificates, on a pro
      rata
      basis
      based on the Certificate Principal Balance of each such Class.

     

    (e)  On
      each
      Distribution Date, the Net Monthly Excess Cashflow shall be distributed as
      follows:

     

    (i)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Cap Contract and the Interest Rate Swap Agreement, distributable to such
      Holders as part of the Principal Distribution Amount, as applicable, as
      described under Section 4.01(b) above;

     

    (ii)  sequentially,
      to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class
      M-3
      Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6
      Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9
      Certificates, Class M-10 Certificates and Class M-11 Certificates, in that
      order, in each case first, in an amount equal to the Unpaid Interest Shortfall
      Amount allocable to such Certificates and second, in an amount equal to the
      Allocated Realized Loss Amount allocable to such Certificates;

     

    (iii)  to
      the
      Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover
      Amounts, without taking into account amounts, if any, received under the Cap
      Contract and the Interest Rate Swap Agreement;

     

    (iv)  to
      the
      Swap Provider, any Swap Termination Payments resulting from a Swap Provider
      Trigger Event;

     

    (v)  to
      the
      Holders of the Class CE Certificates, (a) the Monthly Interest Distributable
      Amount and any Overcollateralization Release Amount for such Distribution Date
      and (b) on any Distribution Date on which the aggregate Certificate Principal
      Balance of the Class A Certificates and the Mezzanine Certificates has been
      reduced to zero, any remaining amounts in reduction of the Certificate Principal
      Balance of the Class CE Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero;

     

    (vi)  if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero; and

     

    (vii)  any
      remaining amounts to the Holders of the Residual Certificates (in respect of
      the
      appropriate Class R Interest).

     

    Without
      limiting the provisions of Section 9.01(b), by acceptance of the Residual
      Certificates the Holders of the Residual Certificates agree, and it is the
      understanding of the parties hereto, that for so long as any of the notes issued
      pursuant to the Indenture are outstanding or any amounts are reimbursable or
      payable to the NIMS Insurer in accordance with the terms of the Indenture,
      to
      pledge their rights to receive any amounts otherwise distributable to the
      Holders of the Class R Certificates (and such rights are hereby assigned and
      transferred) to the Holders of the Class CE Certificates.

     

    (f)  On
      each
      Distribution Date, after making the distributions of the Available Funds as
      set
      forth above, the Trust Administrator will withdraw from the Net WAC Rate
      Carryover Reserve Account, to the extent of amounts remaining on deposit
      therein, the amount of any Net WAC Rate Carryover Amount for such Distribution
      Date and distribute such amount in the following order of priority:

     

    (i)  
      concurrently, to the Class A Certificates, on a pro
      rata
      basis
      based on the remaining Net WAC Rate Carryover Amount for each such Class;
      and

     

    (ii)  sequentially,
      to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates,
      Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class
      M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10
      Certificates and Class M-11 Certificates, in that order, the Net WAC Rate
      Carryover Amount for each such Class.

     

    On
      each
      Distribution Date, the Trust Administrator shall withdraw any amounts then
      on
      deposit in the Distribution Account that represent (i) Prepayment Charges
      collected by the Servicer and remitted to the Master Servicer in connection
      with
      the Principal Prepayment of any of the Mortgage Loans, (ii) any Originator
      Prepayment Charge Payment Amounts or (iii) any Servicer Prepayment Charge
      Payment Amounts, and shall distribute such amounts to the Holders of the Class
      P
      Certificates. Such distributions shall not be applied to reduce the Certificate
      Principal Balance of the Class P Certificates.

     

    Following
      the foregoing distributions, an amount equal to the amount of Subsequent
      Recoveries remitted to the Master Servicer shall be applied to increase the
      Certificate Principal Balance of the Class of Certificates with the Highest
      Priority up to the extent of such Realized Losses previously allocated to that
      Class of Certificates pursuant to Section 4.04. An amount equal to the
      amount of any remaining Subsequent Recoveries shall be applied to increase
      the
      Certificate Principal Balance of the Class of Certificates with the next Highest
      Priority, up to the amount of such Realized Losses previously allocated to
      that
      Class of Certificates pursuant to Section 4.04. Holders of such
      Certificates will not be entitled to any distribution in respect of interest
      on
      the amount of such increases for any Accrual Period preceding the Distribution
      Date on which such increase occurs. Any such increases shall be applied to
      the
      Certificate Principal Balance of each Certificate of such Class in accordance
      with its respective Percentage Interest.

     

    (g)  On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow and amounts on deposit in the Net WAC Rate Carryover
      Reserve Account as set forth above, the Trust Administrator shall distribute
      the
      amount on deposit in the Swap Account as follows:

     

    (i)  to
      the
      Swap Provider, any Net Swap Payment owed to the Swap Provider pursuant to the
      Interest Rate Swap Agreement for such Distribution Date;

     

    (ii)  to
      the
      Swap Provider, any Swap Termination Payment owed to the Swap Provider not due
      to
      a Swap Provider Trigger Event pursuant to the Interest Rate Swap
      Agreement;

     

    (iii)  concurrently,
      to each Class of Class A Certificates, the related Monthly Interest
      Distributable Amount and Unpaid Interest Shortfall Amount remaining
      undistributed after the distributions of the Interest Remittance Amount, on
      a
      pro rata basis based on such respective remaining Monthly Interest Distributable
      Amount and Unpaid Interest Shortfall Amount;

     

    (iv)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Monthly Interest Distributable Amount and Unpaid Interest
      Shortfall Amount, to the extent remaining undistributed after the distributions
      of the Interest Remittance Amount and the Net Monthly Excess
      Cashflow;

     

    (v)  to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Principal Distribution Amount, remaining undistributed after distribution of
      the
      Net Monthly Excess Cashflow;

     

    (vi)  sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, in each case up to the related Allocated Realized Loss Amount related
      to
      such Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

     

    (vii)  concurrently,
      to each Class of Class A Certificates, the Net WAC Rate Carryover Amount, to
      the
      extent remaining undistributed after distributions are made from the Net WAC
      Rate Carryover Reserve Account, on a pro rata basis based on such respective
      Net
      WAC Rate Carryover Amounts remaining; and

     

    (viii)  sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the Net WAC Rate Carryover Amount, to the extent remaining undistributed
      after distributions are made from the Net WAC Rate Carryover Reserve
      Account.

     

    (h)  On
      each
      Distribution Date, after making the distributions of the Available Funds, Net
      Monthly Excess Cashflow, amounts on deposit in the Net WAC Rate Carryover
      Reserve Account and amounts on deposit in the Swap Account as set forth above,
      the Trust Administrator shall distribute the amount on deposit in the Cap
      Account as follows:

     

    (1) concurrently,
      to each Class of Class A Certificates, the related Monthly Interest
      Distributable Amount and Unpaid Interest Shortfall Amount remaining
      undistributed after the distributions of the Interest Remittance Amount, on
      a
pro
      rata
      basis
      based on such respective remaining Monthly Interest Distributable Amount and
      Unpaid Interest Shortfall Amount;

     

    (2) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Monthly Interest Distributable Amount and Unpaid Interest
      Shortfall Amount, to the extent remaining undistributed after the distributions
      of the Interest Remittance Amount and the Net Monthly Excess
      Cashflow;

     

    (3) to
      the
      Holders of the Class or Classes of Certificates then entitled to receive
      distributions in respect of principal, in an amount equal to any Extra Principal
      Distribution Amount, without taking into account amounts, if any, received
      under
      the Interest Rate Swap Agreement, distributable to such Holders as part of
      the
      Principal Distribution Amount, remaining undistributed after distribution of
      the
      Net Monthly Excess Cashflow;

     

    (4) sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, in each case up to the related Allocated Realized Loss Amount related
      to
      such Certificates for such Distribution Date remaining undistributed after
      distribution of the Net Monthly Excess Cashflow;

     

    (5) concurrently,
      to each Class of Class A Certificates, the related Net WAC Rate Carryover
      Amount, to the extent remaining undistributed after distributions are made
      from
      the Net WAC Rate Carryover Reserve Account, on a pro
      rata
      basis
      based on such respective Net WAC Rate Carryover Amounts remaining;

     

    (6) sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class
      M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that
      order, the related Net WAC Rate Carryover Amount, to the extent remaining
      undistributed after distributions are made from the Net WAC Rate Carryover
      Reserve Account; and

     

    (7) any
      remaining amount to the Holders of the Class CE Certificates.

     

    (i)  Distributions
      made with respect to each Class of Certificates on each Distribution Date shall
      be allocated pro
      rata
      among
      the outstanding Certificates in such Class based on their respective Percentage
      Interests. Distributions in respect of each Class of Certificates on each
      Distribution Date will be made to the Holders of the respective Class of record
      on the related Record Date (except as otherwise provided in Section 4.01(d)
      or Section 9.01 respecting the final distribution on such Class), based on
      the aggregate Percentage Interest represented by their respective Certificates,
      and shall be made by wire transfer of immediately available funds to the account
      of any such Holder at a bank or other entity having appropriate facilities
      therefor, if such Holder shall have so notified the Trust Administrator in
      writing at least five Business Days prior to the Record Date immediately prior
      to such Distribution Date and is the registered owner of Certificates having
      an
      initial aggregate Certificate Principal Balance or Notional Amount that is
      in
      excess of the lesser of (i) $5,000,000 or (ii) two-thirds of the initial
      Certificate Principal Balance or Notional Amount of such Class of Certificates,
      or otherwise by check mailed by first class mail to the address of such Holder
      appearing in the Certificate Register. The final distribution on each
      Certificate will be made in like manner, but only upon presentment and surrender
      of such Certificate at the Corporate Trust Office of the Trust Administrator
      or
      such other location specified in the notice to Certificateholders of such final
      distribution.

     

    Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, as Holder thereof, and the Depository shall be responsible for
      crediting the amount of such distribution to the accounts of its Depository
      Participants in accordance with its normal procedures. Each Depository
      Participant shall be responsible for disbursing such distribution to the
      Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. None of the Trustee, the Trust
      Administrator, the Depositor or the Master Servicer shall have any
      responsibility therefor except as otherwise provided by this Agreement or
      applicable law.

     

    (j)  The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. None of the Holders of any Class of
      Certificates, the Trustee, the Trust Administrator or the Master Servicer shall
      in any way be responsible or liable to the Holders of any other Class of
      Certificates in respect of amounts properly previously distributed on the
      Certificates.

     

    (k)  Except
      as
      otherwise provided in Section 9.01, whenever the Trust Administrator
      expects that the final distribution with respect to any Class of Certificates
      will be made on the next Distribution Date, the Trust Administrator shall,
      no
      later than three (3) days before the related Distribution Date, mail to each
      Holder on such date of such Class of Certificates a notice to the effect
      that:

     

    (i)  the
      Trust
      Administrator expects that the final distribution with respect to such Class
      of
      Certificates will be made on such Distribution Date but only upon presentation
      and surrender of such Certificates at the office of the Trust Administrator
      therein specified, and

     

    (ii)  no
      interest shall accrue on such Certificates from and after the end of the related
      Accrual Period.

     

    Any
      funds
      not distributed to any Holder or Holders of Certificates of such Class on such
      Distribution Date because of the failure of such Holder or Holders to tender
      their Certificates shall, on such date, be set aside and held in trust by the
      Trust Administrator and credited to the account of the appropriate non-tendering
      Holder or Holders. If any Certificates as to which notice has been given
      pursuant to this Section 4.01(e) shall not have been surrendered for
      cancellation within six months after the time specified in such notice, the
      Trust Administrator shall mail a second notice to the remaining non-tendering
      Certificateholders to surrender their Certificates for cancellation in order
      to
      receive the final distribution with respect thereto. If within one year after
      the second notice all such Certificates shall not have been surrendered for
      cancellation, the Trust Administrator shall, directly or through an agent,
      mail
      a final notice to the remaining non-tendering Certificateholders concerning
      surrender of their Certificates but shall continue to hold any remaining funds
      for the benefit of non-tendering Certificateholders. The costs and expenses
      of
      maintaining the funds in trust and of contacting such Certificateholders shall
      be paid out of the assets remaining in the Trust Fund. If within one year after
      the final notice any such Certificates shall not have been surrendered for
      cancellation, the Trust Administrator shall pay to UBS Securities LLC all such
      amounts, and all rights of non-tendering Certificateholders in or to such
      amounts shall thereupon cease. No interest shall accrue or be payable to any
      Certificateholder on any amount held in trust by the Trust Administrator as
      a
      result of such Certificateholder’s failure to surrender its Certificate(s) for
      final payment thereof in accordance with this Section 4.01(d). Any such
      amounts held in trust by the Trust Administrator shall be held in an Eligible
      Account and the Trust Administrator may direct any depository institution
      maintaining such account to invest the funds in one or more Permitted
      Investments. All income and gain realized from the investment of funds deposited
      in such accounts held in trust by the Trust Administrator shall be for the
      benefit of the Trust Administrator; provided, however, that the Trust
      Administrator shall deposit in such account the amount of any loss of principal
      incurred in respect of any such Permitted Investment made with funds in such
      accounts immediately upon the realization of such loss.

     

    (l)  Notwithstanding
      anything to the contrary herein, (i) in no event shall the Certificate Principal
      Balance of a Class A Certificate or a Mezzanine Certificate be reduced more
      than
      once in respect of any particular amount both (a) allocated to such Certificate
      in respect of Realized Losses pursuant to Section 4.04 and (b) distributed
      to the Holder of such Certificate in reduction of the Certificate Principal
      Balance thereof pursuant to this Section 4.01 from Net Monthly Excess
      Cashflow and (ii) in no event shall the Uncertificated Balance of a REMIC I
      Regular Interest be reduced more than once in respect of any particular amount
      both (a) allocated to such REMIC I Regular Interest in respect of Realized
      Losses pursuant to Section 4.04 and (b) distributed on such REMIC I Regular
      Interest in reduction of the Uncertificated Balance thereof pursuant to this
      Section 4.01.

     

    
      	SECTION
              4.02.  	
              Statements
                to Certificateholders.

            

    

     

    On
      each
      Distribution Date, based (in part), as applicable, on information provided
      to
      the Trust Administrator by the Master Servicer (which in turn shall be based
      (in
      part), as applicable, on information provided to the Master Servicer by the
      Servicer), the Trust Administrator shall prepare and make available to each
      Holder of the Regular Certificates, the Credit Risk Manager, the other parties
      hereto and the Rating Agencies, a statement as to the distributions to be made
      on such Distribution Date containing the following information:

     

    (i)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to principal, and the amount of the
      distribution made on such Distribution Date to the Holders of the Class P
      Certificates allocable to Prepayment Charges, Originator Prepayment Charge
      Payment Amounts and Servicer Prepayment Charge Payment Amounts;

     

    (ii)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Certificates of each Class allocable to interest;

     

    (iii)  the
      fees
      and expenses of the Trust accrued and paid on such Distribution Date and to
      whom
      such fees and expenses were paid;

     

    (iv)  the
      aggregate amount of Advances for such Distribution Date (including the general
      purpose of such Advances);

     

    (v)  the
      aggregate Stated Principal Balance of the Mortgage Loans and any REO Properties
      as of the last day of the related Due Period;

     

    (vi)  the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Due Date;

     

    (vii)  the
      number and aggregate unpaid Principal Balance of Mortgage Loans (a) delinquent
      30 to 59 days, (b) delinquent 60 to 89 days, (c) delinquent 90 or more days,
      in
      each case, as of the last day of the preceding calendar month, not including
      Liquidated Mortgage Loans as of the end of the related Prepayment Period, (d)
      as
      to which foreclosure proceedings have been commenced and (e) with respect to
      which the related Mortgagor has filed for protection under applicable bankruptcy
      laws, with respect to whom bankruptcy proceedings are pending or with respect
      to
      whom bankruptcy protection is in force and with respect to (a), (b) and (c)
      above, delinquencies shall be determined by and reported utilizing the OTS
      methodology;

     

    (viii)  the
      total
      number and cumulative principal balance of all REO Properties as of the close
      of
      business on the last day of the preceding Prepayment Period;

     

    (ix)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period;

     

    (x)  the
      Delinquency Percentage;

     

    (xi)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period, which will include the aggregate amount of Subsequent Recoveries
      received during the related Prepayment Period and the aggregate amount of
      Realized Losses incurred since the Closing Date, which will include the
      cumulative amount of Subsequent Recoveries received since the Closing
      Date;

     

    (xii)  the
      aggregate amount of Extraordinary Trust Fund Expenses withdrawn from the
      Collection Account or the Distribution Account for such Distribution
      Date;

     

    (xiii)  the
      aggregate Certificate Principal Balance and Notional Amount, as applicable,
      of
      each Class of Certificates, before and after giving effect to the distributions,
      and allocations of Realized Losses, made on such Distribution Date, separately
      identifying any reduction thereof due to allocations of Realized
      Losses;

     

    (xiv)  the
      Certificate Factor for each such Class of Certificates applicable to such
      Distribution Date;

     

    (xv)  the
      Monthly Interest Distributable Amount in respect of the Class A Certificates,
      the Mezzanine Certificates and the Class CE Certificates for such Distribution
      Date and the Unpaid Interest Shortfall Amount, if any, with respect to the
      Class
      A Certificates and the Mezzanine Certificates on such Distribution Date,
      separately identifying any reduction thereof due to allocations of Realized
      Losses, Prepayment Interest Shortfalls and Relief Act Interest
      Shortfalls;

     

    (xvi)  the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the Servicer or the Master
      Servicer;

     

    (xvii)  the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xviii)  the
      Net
      Monthly Excess Cashflow, the Overcollateralization Target Amount, the
      Overcollateralized Amount, the Overcollateralization Deficiency Amount and
      the
      Credit Enhancement Percentage for such Distribution Date;

     

    (xix)  the
      respective Pass-Through Rates applicable to the Class A Certificates, the
      Mezzanine Certificates and the Class CE Certificates for such Distribution
      Date
      (and whether such Pass-Through Rate was limited by the Net WAC
      Rate);

     

    (xx)  the
      Aggregate Loss Severity Percentage;

     

    (xxi)  whether
      the Stepdown Date or a Trigger Event is in effect;

     

    (xxii)  the
      total
      cashflows received and the general sources thereof;

     

    (xxiii)  the
      Available Funds;

     

    (xxiv)  the
      Net
      WAC Rate Carryover Amount for the Class A Certificates and the Mezzanine
      Certificates, if any, for such Distribution Date, the amount remaining unpaid
      after reimbursements therefor on such Distribution Date;

     

    (xxv)  payments,
      if any, made under the Cap Contract and the amount of any Net Swap Payments
      or
      Swap Termination Payments; and

     

    (xxvi)  unless
      otherwise set forth in the Form 10-D relating to such Distribution Date,
      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 and the aggregate number of Mortgage Loans which have been
      modified, waived or amended since the Closing Date; and

     

    (xxvii)  the
      applicable Record Dates, Accrual Periods and Determination Dates for calculating
      distributions for such Distribution Date.

     

    The
      Trust
      Administrator will make such statement (and, at its option, any additional
      files
      containing the same information in an alternative format) available each month
      to Certificateholders, the Master Servicer, the Servicer, the Depositor and
      the
      Rating Agencies via the Trust Administrator’s internet website. The Trust
      Administrator’s internet website shall initially be located at
“www.ctslink.com”. Assistance in using the website can be obtained by calling
      the Trust Administrator’s customer service desk at (301) 815-6600. Parties that
      are unable to use the above distribution options are entitled to have a paper
      copy mailed to them via first class mail by calling the customer service desk
      and indicating such. The Trust Administrator shall have the right to change
      the
      way such statements are distributed in order to make such distribution more
      convenient and/or more accessible to the above parties and the Trust
      Administrator shall provide timely and adequate notification to all above
      parties regarding any such changes. As a condition to access the Trust
      Administrator’s internet website, the Trust Administrator may require
      registration and the acceptance of a disclaimer. The Trust Administrator will
      not be liable for the dissemination of information in accordance with this
      Agreement. The Trust Administrator shall also be entitled to rely on but shall
      not be responsible for the content or accuracy of any information provided
      by
      third parties for purposes of preparing the distribution date statement and
      may
      affix thereto any disclaimer it deems appropriate in its reasonable discretion
      (without suggesting liability on the part of any other party
      thereto).

     

    In
      the
      case of information furnished pursuant to subclauses (i) through (iii) above,
      the amounts shall be expressed as a dollar amount per Single Certificate of
      the
      relevant Class.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trust
      Administrator shall, upon written request, forward to each Person who at any
      time during the calendar year was a Holder of a Regular Certificate and the
      NIMS
      Insurer a statement containing the information set forth in subclauses (i)
      through (iii) above, aggregated for such calendar year or applicable portion
      thereof during which such Person was a Certificateholder. Such obligation of
      the
      Trust Administrator shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be provided by the Trust
      Administrator pursuant to any requirements of the Code as from time to time
      are
      in force.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trust
      Administrator shall furnish to each Person who at any time during the calendar
      year was a Holder of a Residual Certificate and the NIMS Insurer a statement
      setting forth the amount, if any, actually distributed with respect to the
      Residual Certificates, as appropriate, aggregated for such calendar year or
      applicable portion thereof during which such Person was a
      Certificateholder.

     

    The
      Trust
      Administrator shall, upon request, furnish to each Certificateholder and the
      NIMS Insurer, during the term of this Agreement, such periodic, special, or
      other reports or information, whether or not provided for herein, as shall
      be
      reasonable with respect to the Certificateholder, or otherwise with respect
      to
      the purposes of this Agreement, all such reports or information to be provided
      at the expense of the Certificateholder in accordance with such reasonable
      and
      explicit instructions and directions as the Certificateholder may provide.
      For
      purposes of this Section 4.02, the Trust Administrator’s duties are limited
      to the extent that the Master Servicer receives timely reports as required
      from
      the Servicer.

     

    On
      each
      Distribution Date the Trust Administrator shall provide Intex Solutions, Inc.
      and Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP level factors for each
      class of Certificates as of such Distribution Date, using a format and media
      mutually acceptable to the Trust Administrator and Bloomberg.

     

    (b) For
      each
      Distribution Date, through and including the Distribution Date in December
      2006,
      the Trust Administrator shall calculate on each Significance Percentage
      Calculation Date the Significance Percentage of the Interest Rate Swap
      Agreement. If on any such Distribution Date, the Significance Percentage is
      equal to or greater than 9%, the Trust Administrator shall promptly notify
      the
      Depositor and the Depositor shall obtain the financial information required
      to
      be delivered by the Swap Provider pursuant to the terms of the Interest Rate
      Swap Agreement. If, on any succeeding Distribution Date through and including
      the Distribution Date in December 2006, the Significance Percentage is equal
      to
      or greater than 10%, the Trust Administrator shall promptly notify the Depositor
      and the Depositor shall, within 5 Business Days of such Distribution Date,
      deliver to the Trust Administrator the financial information provided to it
      by
      the Swap Provider for inclusion in the Form 10-D relating to such Distribution
      Date. If on any Distribution Date after December 2006, the Significance
      Percentage is greater than 10%, the Trust Administrator shall include the
      Significance Percentage on the statement to Certificateholders for the related
      Distribution Date.

     

    The
      Trust
      Administrator shall calculate the Significance Percentage in accordance with
      the
      definition of “Significance Percentage” as set forth herein.

     

    
      	SECTION
              4.03.  	
              Remittance
                Reports, Advances.

            

    

     

    (a)  On
      the
      2nd Business Day following the Determination Date, but in no event later than
      noon on the 18th calendar day (or, if such 18th day is not a Business Day (other
      than a Saturday), then on the next succeeding Business Day, or, if such 18th
      day
      is a Saturday, then on the preceding Business Day), the Servicer shall furnish
      to the Trust Administrator, the NIMS Insurer and the Credit Risk Manager a
      monthly remittance advice (which together with any supplemental reports is
      known
      as the “Remittance Report”) in a format attached as Exhibit R-2 or in any other
      format as mutually agreed to between the Servicer and the Trust Administrator,
      containing such information regarding the Mortgage Loans as is needed by the
      Trust Administrator to perform its duties as set forth in Section 4.01 and
      4.02
      hereof. Such Remittance Report will also include a delinquency report
      substantially in the form set forth in Exhibit R-1 and a realized loss report
      substantially in the form set forth in Exhibit R-3 (or in either case, such
      other format as mutually agreed to between the Servicer and the Trust
      Administrator). No later than 3 Business Days after the 15th day of each
      calendar month, the Servicer shall furnish to the Trust Administrator a monthly
      report containing such information regarding prepayments in full on Mortgage
      Loans during the applicable Prepayment Period in a format as mutually agreed
      to
      between the Servicer and the Trust Administrator..

     

    (b)  With
      respect to any Mortgage Loan on which a Monthly Payment was due during the
      related Due Period and delinquent on the related Determination Date, the amount
      of the Servicer’s Advance will be equal to the Monthly Payment (net of the
      related Servicing Fee) that would have been due on the related Due Date in
      respect of the related Mortgage Loan. With respect to each REO Property, which
      REO Property was acquired during or prior to the related Prepayment Period
      and
      as to which such REO Property an REO Disposition did not occur during the
      related Prepayment Period, an amount equal to the excess, if any, of the Monthly
      Payment (net of the related Servicing Fee) that would have been due on the
      related Due Date in respect of the related Mortgage Loan, over the net income
      from such REO Property deposited in the Collection Account pursuant to Section
      3.23 for distribution on such Distribution Date.

     

    On
      the
      Servicer Remittance Date, the Servicer shall remit in immediately available
      funds to the Trust Administrator for deposit in the Distribution Account an
      amount equal to the aggregate amount of Advances, if any, to be made in respect
      of the Mortgage Loans for the related Distribution Date either (i) from its
      own
      funds or (ii) from the Collection Account, to the extent of funds held therein
      for future distribution (in which case it will cause to be made an appropriate
      entry in the records of the Collection Account that amounts held for future
      distribution have been, as permitted by this Section 4.03, used by the Servicer
      in discharge of any such Advance) or (iii) in the form of any combination of
      (i)
      and (ii) aggregating the total amount of Advances to be made by the Servicer
      with respect to the Mortgage Loans. Any amounts held for future distribution
      used by the Servicer to make a Advance as permitted in the preceding sentence
      shall be appropriately reflected in the Servicer’s records and replaced by the
      Servicer by deposit in the Collection Account on or before any future Servicer
      Remittance Date to the extent that the Available Funds for the related
      Distribution Date (determined without regard to Advances to be made on the
      Servicer Remittance Date) shall be less than the total amount that would be
      distributed to the Certificateholders pursuant to Section 4.01 on such
      Distribution Date if such amounts held for future distributions had not been
      so
      used to make Advances. The Trust Administrator will provide notice to the
      Servicer and the NIMS Insurer by telecopy by the close of business on the
      Servicer Remittance Date in the event that the amount remitted by the Servicer
      to the Trust Administrator on such date is less than the Advances required
      to be
      made by the Servicer for the related Distribution Date.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan or REO Property, shall continue until a Final
      Recovery Determination in connection therewith or the removal thereof from
      the
      Trust Fund pursuant to any applicable provision of this Agreement, except as
      otherwise provided in this Section. With respect however to Balloon Mortgage
      Loans, the Servicer shall not be required to make any Advances covering the
      Balloon Payment.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance or Nonrecoverable
      Servicing Advance, respectively. The determination by the Servicer that it
      has
      made a Nonrecoverable Advance or a Nonrecoverable Servicing Advance or that
      any
      proposed Advance or Servicing Advance, if made, would constitute a
      Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively, shall
      be evidenced by a certification of a Servicing Officer delivered to the Trust
      Administrator (whereupon, upon receipt of such certification, the Trust
      Administrator shall forward a copy of such certification to the Depositor,
      the
      Trustee, the NIMS Insurer and the Credit Risk Manager). Notwithstanding the
      foregoing, if following the application of Liquidation Proceeds on any Mortgage
      Loan that was the subject of a Final Recovery Determination, any Servicing
      Advance with respect to such Mortgage Loan shall remain unreimbursed to the
      Servicer, then without limiting the provisions of Section 3.11(a), a
      certification of a Servicing Officer regarding such Nonrecoverable Servicing
      Advance shall not be required to be delivered by the Servicer to the Trust
      Administrator. 

     

    (e)  In
      the
      event the Servicer fails to make any Advance required to be made by it pursuant
      to this Section 4.03 and such failure is not remedied within the applicable
      cure
      period pursuant to Section 7.01(a), then, pursuant to Section 7.01(a), the
      Servicer will be terminated, and, in accordance with Sections 7.01(a) and 7.02,
      the Master Servicer or (if the Master Servicer is the Servicer) the Trustee
      (in
      its respective capacity as successor servicer) or another successor servicer
      shall be required to make such Advance on the Distribution Date with respect
      to
      which the Servicer was required to make such Advance, subject to the Master
      Servicer’s or the Trustee’s (or other successor servicer’s) determination of
      recoverability. The Servicer, the Master Servicer or the Trustee, as applicable
      (or other successor servicer) shall not be required to make any Advance to
      cover
      any Relief Act Interest Shortfall on any Mortgage Loan or shortfalls relating
      to
      bankruptcy proceedings. If the Master Servicer or the Trustee, as applicable
      (or
      other successor servicer) is required to make any Advances, such advances may
      be
      made by it in the manner set forth under subsection 4.03(b) above.

     

    
      	SECTION
              4.04.  	
              Allocation
                of Realized Losses.

            

    

     

    (a)  Prior
      to
      each Distribution Date, the Servicer shall determine as to each Mortgage Loan
      and REO Property: (i) the total amount of Realized Losses, if any, incurred
      in
      connection with any Final Recovery Determinations made during the related
      Prepayment Period; (ii) whether and the extent to which such Realized Losses
      constituted Bankruptcy Losses; and (iii) the respective portions of such
      Realized Losses allocable to interest and allocable to principal. Prior to
      each
      Distribution Date, the Servicer shall also determine as to each Mortgage Loan:
      (A) the total amount of Realized Losses, if any, incurred in connection with
      any
      Deficient Valuations made during the related Prepayment Period; and (B) the
      total amount of Realized Losses, if any, incurred in connection with Debt
      Service Reductions in respect of Monthly Payments due during the related Due
      Period. The information described in the two preceding sentences that is to
      be
      supplied by the Servicer shall be either included in the related Remittance
      Report or evidenced by an Officers’ Certificate delivered to the Trust
      Administrator by the Servicer not later than the 18th of the calendar month
      in
      which such Distribution Date occurs (or, if such 18th day is not a Business
      Day
      (other than a Saturday), then on the next succeeding Business Day, or, if such
      18th day is a Saturday, then on the preceding Business Day), immediately
      following the end of (x) in the case of Bankruptcy Losses allocable to interest,
      the Due Period during which any such Realized Loss was incurred, and (y) in
      the
      case of all other Realized Losses, the Prepayment Period during which any such
      Realized Loss was incurred.

     

    (b)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Trust
      Administrator on each Distribution Date as follows: first, to Net Monthly Excess
      Cashflow; second, to Net Swap Payments received under the Interest Rate Swap
      Agreement, third, to payments received under the Cap Contract, fourth, to the
      Class CE Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; fifth, to the Class M-11 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; sixth, to the Class M-10
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; seventh, to the Class M-9 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; eighth, to the Class M-8 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; ninth,
      to the Class M-7 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; tenth, to the Class M-6 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; eleventh, to
      the
      Class M-5 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; twelfth, to the Class M-4 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; thirteenth, to the Class
      M-3
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; fourteenth, to the Class M-2 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; and fifteenth, to the Class
      M-1 Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero. All Realized Losses to be allocated to the Certificate
      Principal Balances of all Classes on any Distribution Date shall be so allocated
      after the actual distributions to be made on such date as provided above. All
      references above to the Certificate Principal Balance of any Class of
      Certificates shall be to the Certificate Principal Balance of such Class
      immediately prior to the relevant Distribution Date, before reduction thereof
      by
      any Realized Losses, in each case to be allocated to such Class of Certificates,
      on such Distribution Date.

     

    Any
      allocation of Realized Losses to a Mezzanine Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated; any allocation of Realized Losses to a Class CE Certificate
      shall be made by reducing the amount otherwise payable in respect thereof
      pursuant to Section 4.01(a)(5)(iv). No allocations of any Realized Losses
      shall be made to the Certificate Principal Balances of the Class A Certificates
      or the Class P Certificates.

     

    As
      used
      herein, an allocation of a Realized Loss on a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a
pro
      rata
      basis,
      among the various Classes so specified, to each such Class of Certificates
      on
      the basis of their then outstanding Certificate Principal Balances prior to
      giving effect to distributions to be made on such Distribution Date. All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    (c)  With
      respect to the REMIC I Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trust Administrator on each Distribution Date
      first, to REMIC I Regular Interest I until the Uncertificated Balance has been
      reduced to zero and then to REMIC I Regular Interest I-1-A through I-60-B,
      starting with the lowest numerical denomination until the Uncertificated Balance
      of each such REMIC I Regular Interest is reduced to zero, provided that, for
      REMIC I Regular Interests with the same numerical denomination, such Realized
      Losses shall be allocated pro rata between such REMIC I Regular
      Interests.

     

    (d)  With
      respect to the REMIC II Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated by the Trust Administrator on each Distribution Date
      to
      the following REMIC II Regular Interests in the specified percentages, as
      follows: first, to Uncertificated Interest payable to the REMIC II Regular
      Interest II-LTAA and REMIC II Regular Interest II-LTZZ up to an aggregate amount
      equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively;
      second, to the Uncertificated Balances of the REMIC II Regular Interest II-LTAA
      and REMIC II Regular Interest II-LTZZ up to an aggregate amount equal to the
      REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third,
      to
      the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II
      Regular Interest II-LTM11 and REMIC II Regular Interest II-LTZZ, 98%, 1% and
      1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM11 has been reduced to zero; fourth, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM10 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM10 has been reduced
      to
      zero; fifth, to the Uncertificated Balances of REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest
      II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
      REMIC
      II Regular Interest II-LTM9 has been reduced to zero; sixth, to the
      Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
      Interest II-LTM8 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM8 has been reduced to zero; seventh, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM7 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM7 has been reduced
      to
      zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest
      II-LTAA, REMIC II Regular Interest II-LTM6 and REMIC II Regular Interest
      II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of
      REMIC
      II Regular Interest II-LTM6 has been reduced to zero; ninth, to the
      Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC II Regular
      Interest II-LTM5 and REMIC II Regular Interest II-LTZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of
      REMIC
      II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM4 and REMIC II
      Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Balance of REMIC II Regular Interest II-LTM4 has been reduced to zero; eleventh,
      to the Uncertificated Balances of REMIC II Regular Interest II-LTAA, REMIC
      II
      Regular Interest II-LTM3 and REMIC II Regular Interest II-LTZZ, 98%, 1% and
      1%,
      respectively, until the Uncertificated Balance of REMIC II Regular Interest
      II-LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of
      REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTM2 and REMIC
      II Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Balance of REMIC II Regular Interest II-LTM2 has been reduced
      to
      zero; and thirteenth, to the Uncertificated Balances of REMIC II Regular
      Interest II-LTAA, REMIC II Regular Interest II-LTM1 and REMIC II Regular
      Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance
      of REMIC II Regular Interest II-LTM1 has been reduced to zero.

     

    
      	SECTION
              4.05.  	
              Compliance
                with Withholding Requirements.

            

    

     

    Notwithstanding
      any other provision of this Agreement, the Trust Administrator shall comply
      with
      all federal withholding requirements respecting payments to Certificateholders
      of interest or original issue discount that the Trust Administrator reasonably
      believes are applicable under the Code. The consent of Certificateholders shall
      not be required for such withholding. In the event the Trust Administrator
      does
      withhold any amount from interest or original issue discount payments or
      advances thereof to any Certificateholder pursuant to federal withholding
      requirements, the Trust Administrator shall indicate the amount withheld to
      such
      Certificateholders.

     

    
      	SECTION
              4.06.  	
              Exchange
                Commission Filings; Additional
                Information.

            

    

     

    (a)  (i)
      Within 15 days after each Distribution Date (subject to permitted extensions
      under the Exchange Act), the Trust Administrator shall, in accordance with
      industry standards, prepare and 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 Trust Administrator to the Certificateholders for such
      Distribution Date attached thereto. Any disclosure in addition to the Monthly
      Statement that is required to be included on Form 10-D (“Additional Form 10-D
      Disclosure”) shall be reported by the parties set forth on Exhibit P to the
      Depositor and the Trust Administrator and directed and approved by the Depositor
      pursuant to the following paragraph, and the Trust Administrator will have
      no
      duty or liability for any failure hereunder to determine or prepare any
      Additional Form 10-D Disclosure, except as set forth in the next
      paragraph.

     

    (ii) As
      set
      forth on Exhibit P hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties described on Exhibit P shall be required to provide to
      the
      Trust Administrator and to the Depositor, to the extent known by a Responsible
      Officer thereof, in EDGAR-compatible format, or in such other format as
      otherwise agreed upon by the Trust Administrator and such party, the form and
      substance of any Additional Form 10-D Disclosure, if applicable, together with
      an Additional Disclosure Notification in the form of Exhibit Q hereto and (ii)
      the Depositor will approve, as to form and substance, or disapprove, as the
      case
      may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
      The
      Trust Administrator has no duty under this Agreement to monitor or enforce
      the
      performance by the other parties listed on Exhibit P of their duties under
      this
      paragraph or proactively solicit or procure from such other parties any
      Additional Form 10-D Disclosure information. The Depositor will be responsible
      for any reasonable fees and expenses assessed or incurred by the Trust
      Administrator in connection with including any Additional Form 10-D Disclosure
      on Form 10-D pursuant to this paragraph. 

     

    Form
      10-D
      requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.” The Depositor hereby represents to
      the Trust Administrator that the Depositor has filed all such required reports
      during the preceding 12 months and that it has been subject to such filing
      requirement for the past 90 days. The Depositor shall notify the Trust
      Administrator in writing, no later than the fifth calendar day after the related
      Distribution Date with respect to the filing of a report on Form 10-D, if the
      answer to either question should be “no.” The Trust Administrator shall be
      entitled to rely on such representations in preparing, executing and/or filing
      any such report.

     

    After
      preparing the Form 10-D, the Trust Administrator shall forward electronically
      a
      copy of the Form 10-D to the Depositor (provided that such Form 10-D includes
      any Additional Form 10-D Disclosure). Within two Business Days after receipt
      of
      such copy, but no later than the 12th
      calendar
      day after the Distribution Date, the Depositor shall notify the Trust
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval, the Trust Administrator shall be entitled to assume that
      such Form 10-D is in final form and the Trust Administrator may proceed with
      the
      process for execution and filing of the Form 10-D. A duly authorized
      representative of the Master Servicer shall sign each Form 10-D. If a Form
      10-D
      cannot be filed on time or if a previously filed Form 10-D needs to be amended,
      the Trust Administrator will follow the procedures set forth in Section
      4.06(a)(vi). Promptly (but no later than one Business Day) after filing with
      the
      Commission, the Trust Administrator will make available on its internet website
      a final executed copy of each Form 10-D filed by the Trust Administrator. Each
      party to this Agreement acknowledges that the performance by each of the Master
      Servicer and the Trust Administrator of its duties under this Section
      4.06(a)(ii) related to the timely preparation, execution and filing of Form
      10-D
      is contingent upon such parties strictly observing all applicable deadlines
      in
      the performance of their duties under this Section 4.06(a)(ii). The Depositor
      acknowledges that the performance by each of the Master Servicer and the Trust
      Administrator of its respective duties under this Section 4.06(a)(ii) related
      to
      the preparation and execution of Form 10-D is also contingent upon the Servicer,
      the Custodian and any Servicing Function Participant strictly observing
      deadlines no later than those set forth in this paragraph that are applicable
      to
      the parties to this Agreement in the delivery to the Trust Administrator of
      any
      necessary Additional Form 10-D Disclosure. Neither the Master Servicer nor
      the
      Trust Administrator shall have any liability for any loss, expense, damage
      or
      claim arising out of or with respect to any failure to properly prepare or
      execute and/or timely file such Form 10-D, where such failure results from
      the
      Trust Administrator’s inability or failure to obtain or receive, on a timely
      basis, any information from any other party hereto or any Servicing Function
      Participant needed to prepare, arrange for execution or file such Form 10-D,
      not
      resulting from its own negligence, bad faith or willful misconduct.
      Notwithstanding anything contained herein, the Trust Administrator shall
      promptly notify the Depositor if a Form 10-D cannot be timely filed prior to
      the
      related filing deadline.

     

    (iii) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), and if requested by the
      Depositor, the Trust Administrator shall prepare and file on behalf of the
      Trust
      a Form 8-K, as required by the Exchange Act, provided that the Depositor shall
      file the initial Form 8-K in connection with the issuance of the Certificates.
      Any disclosure or information related to a Reportable Event or that is otherwise
      required to be included on Form 8-K (other than the initial Form 8-K) (“Form 8-K
      Disclosure Information”) shall be reported by the parties set forth on Exhibit P
      and, pursuant to the following paragraph, directed and approved by the
      Depositor, and the Trust Administrator will have no duty or liability for any
      failure hereunder to determine or prepare any Form 8-K Disclosure Information
      or
      Form 8-K, except as set forth in the next paragraph.

     

    As
      set
      forth on Exhibit P hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than close of business (New York City
      time)
      on the 2nd Business Day after the occurrence of a Reportable Event (i) the
      parties set forth on Exhibit P shall be required pursuant to Section 4.06(a)(v)
      below to provide to the Trust Administrator and the Depositor, to the extent
      known by a Responsible Officer thereof, in EDGAR-compatible format, or in such
      other format as otherwise agreed upon by the Trust Administrator, the Depositor
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, together with an Additional Disclosure Notification and (ii)
      the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Form 8-K Disclosure Information on Form 8-K. The
      Depositor will be responsible for any reasonable fees and expenses assessed
      or
      incurred by the Trust Administrator in connection with including any Form 8-K
      Disclosure Information on Form 8-K pursuant to this Section.

     

    After
      preparing the Form 8-K, the Trust Administrator shall forward electronically
      a
      copy of the Form 8-K to the Depositor. Promptly, but no later than the close
      of
      business on the third Business Day after the Reportable Event, the Depositor
      shall notify the Trust Administrator in writing (which may be furnished
      electronically) of any changes to or approval of such Form 8-K. In the absence
      of receipt of any written changes or approval, the Trust Administrator shall
      be
      entitled to assume that such Form 8-K is in final form and the Trust
      Administrator may proceed with the process for execution and filing of the
      Form
      8-K. A duly authorized representative of the Master Servicer shall sign each
      Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K needs to be amended, the Trust Administrator will follow the procedures
      set
      forth in Section 4.06(a)(vi). Promptly (but no later than one Business Day)
      after filing with the Commission, the Trust Administrator will make available
      on
      its internet website a final executed copy of each Form 8-K filed by the Trust
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      each of the Master Servicer and the Trust Administrator of its duties under
      this
      Section 4.06(a)(iii) related to the timely preparation, execution and filing
      of
      Form 8-K is contingent upon such parties strictly observing all applicable
      deadlines in the performance of their duties under this Section 4.06(a)(iii).
      The Depositor acknowledges that the performance by each of the Master Servicer
      and the Trust Administrator of its duties under this Section 4.06(a)(iii)
      related to the preparation, execution and filing of Form 8-K is also contingent
      upon the Servicer, the Custodian and any Servicing Function Participant strictly
      observing deadlines no later than those set forth in this paragraph that are
      applicable to the parties to this Agreement in the delivery to the Trust
      Administrator of any necessary Form 8-K Disclosure Information. Neither the
      Master Servicer nor the Trust Administrator shall have any liability for any
      loss, expense, damage or claim arising out of or with respect to any failure
      to
      properly prepare, execute or timely file such Form 8-K, where such failure
      results from the Trust Administrator’s inability or failure to obtain or
      receive, on a timely basis, any information from the Servicer, the Custodian
      or
      any Servicing Function Participant (other than any Servicing Function
      Participant engaged by the Master Servicer or Trust Administrator) needed to
      prepare, arrange for execution or file such Form 8-K, not resulting from its own
      negligence, bad faith or willful misconduct. Notwithstanding anything contained
      herein, the Trust Administrator shall promptly notify the Depositor if a Form
      8-K cannot be timely filed prior to the related filing deadline.

     

    (iv)
       On
      or
      prior to the 90th day after the end of each fiscal year of the Trust or such
      earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust ends on December 31st
      of
      each year), commencing in March 2007, the Trust Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Trust Administrator within
      the applicable time frames set forth in this Agreement:

     

    (a) an
      annual
      compliance statement for the Servicer, the Master Servicer, the Trust
      Administrator and any Servicing Function Participant engaged by such parties
      (each, a “Reporting
      Servicer”)
      as
      described under Section 3.20 of this Agreement, provided,
      however,
      that
      the Trust Administrator, at its discretion, may omit from the Form 10-K any
      annual compliance statement that is not required to be filed with such Form
      10-K
      pursuant to Regulation AB; 

     

    (b) (A)
      the
      annual reports on assessment of compliance with Servicing Criteria for each
      Reporting Servicer, as described under Section 3.21 of this Agreement and (B)
      if
      each Reporting Servicer’s report on assessment of compliance with Servicing
      Criteria identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if each Reporting Servicer’s
      report on assessment of compliance with Servicing Criteria is not included
      as an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, provided,
      however,
      that
      the Trust Administrator, at its discretion, may omit from the Form 10-K any
      assessment of compliance or attestation report described in clause (c) below
      that is not required to be filed with such Form 10-K pursuant to Regulation
      AB;

     

    (c) (A)
      the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 3.21 of this Agreement and (B) if any
      registered public accounting firm attestation report identifies any material
      instance of noncompliance, disclosure identifying such instance of
      noncompliance, or if any such registered public accounting firm attestation
      report is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included;
      and

     

    (d) a
      Sarbanes-Oxley Certification as described in this Section 4.06(a)(iv).

     

    Any
      disclosure or information in addition to (a) through (d) above that is required
      to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be reported by the parties set forth on Exhibit P to the Depositor and the
      Trust
      Administrator and directed and approved by the Depositor pursuant to the
      following paragraph, and the Trust Administrator will have no duty or liability
      for any failure hereunder to determine or prepare any Additional Form 10-K
      Disclosure, except as set forth in the next paragraph. 

     

    As
      set
      forth on Exhibit P hereto, no later than March 15th
      (with no
      cure period) of each year that the Trust is subject to the Exchange Act
      reporting requirements, commencing in 2007, (i) the parties described on Exhibit
      P shall be required to provide to the Trust Administrator and to the Depositor,
      to the extent known by a Responsible Officer thereof, in EDGAR-compatible
      format, or in such other format as otherwise agreed upon by the Trust
      Administrator and such party, the form and substance of any Additional Form
      10-K
      Disclosure, if applicable, together with an Additional Disclosure Notification,
      and (ii) the Depositor will approve, as to form and substance, or disapprove,
      as
      the case may be, the inclusion of the Additional Form 10-K Disclosure on Form
      10-K. The Trust Administrator has no duty under this Agreement to monitor or
      enforce the performance by the other parties listed on Exhibit P of their duties
      under this paragraph or proactively solicit or procure from such other parties
      any Additional Form 10-K Disclosure information. The Depositor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trust Administrator in connection with including any Additional Form 10-K
      Disclosure on Form 10-K pursuant to this paragraph.

     

    Form
      10-K
      requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.” The Depositor hereby represents to
      the Trust Administrator that the Depositor has filed all such required reports
      during the preceding 12 months and that it has been subject to such filing
      requirement for the past 90 days. The Depositor shall notify the Trust
      Administrator in writing, no later than March 15th with respect to the filing
      of
      a report on Form 10-K, if the answer to either question should be “no.” The
      Trust Administrator shall be entitled to rely on such representations in
      preparing, executing and/or filing any such report.

     

    After
      preparing the Form 10-K, the Trust Administrator shall forward electronically
      a
      copy of the Form 10-K to the Depositor. Within three Business Days after receipt
      of such copy, but no later than March 25th, the Depositor shall notify the
      Trust
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-K. In the absence of receipt of any written
      changes or approval, the Trust Administrator shall be entitled to assume that
      such Form 10-K is in final form, and the Trust Administrator may proceed with
      the process for execution and filing of the Form 10-K. A senior officer of
      the
      Master Servicer in charge of the master servicing function shall sign the Form
      10-K. If a Form 10-K cannot be filed on time or if a previously filed Form
      10-K
      needs to be amended, the Trust Administrator will follow the procedures set
      forth in Section 4.06(a)(vi). Promptly (but no later than one Business Day)
      after filing with the Commission, the Trust Administrator will make available
      on
      its internet website a final executed copy of each Form 10-K filed by the Trust
      Administrator. The parties to this Agreement acknowledge that the performance
      by
      each of the Master Servicer and the Trust Administrator of its duties under
      this
      Section 4.04(a)(iv) related to the timely preparation, execution and filing
      of
      Form 10-K is contingent upon such parties strictly observing all applicable
      deadlines in the performance of their duties under this Section 4.04(a)(iv),
      Section 3.20 and Section 3.21. The Depositor acknowledges that the performance
      by each of the Master Servicer and the Trust Administrator of its duties under
      this Section 4.04(a)(iv) related to the timely preparation and execution of
      Form
      10-K is also contingent upon the Servicer, the Custodian and any Servicing
      Function Participant strictly observing deadlines no later than those set forth
      in this paragraph that are applicable to the parties to this Agreement in the
      delivery to the Trust Administrator of any necessary Additional Form 10-K
      Disclosure, any annual statement of compliance and any assessment of compliance
      and attestation pursuant to the related Servicing Agreement, the custodial
      agreement or any other applicable agreement. Neither the Master Servicer nor
      the
      Trust Administrator shall have any liability for any loss, expense, damage
      or
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 10-K, where such failure results from the Trust
      Administrator’s inability or failure to obtain or receive, on a timely basis,
      any information from the Servicer, the Custodian or any Servicing Function
      Participant needed to prepare, arrange for execution or file such Form 10-K,
      not
      resulting from its own negligence, bad faith or willful misconduct.
      Notwithstanding anything contained herein, the Trust Administrator shall
      promptly notify the Depositor if a Form 10-K cannot be timely filed prior to
      the
      related filing deadline.

     

    Each
      Form
      10-K shall include a Sarbanes-Oxley Certification, exactly as set forth in
      Exhibit J-1 attached hereto, required to be included therewith pursuant to
      the
      Sarbanes-Oxley Act. The Servicer and the Trust Administrator shall provide,
      and
      each such party shall cause any Servicing Function Participant engaged by it
      to
      provide, to the Person who signs the Sarbanes-Oxley Certification (the
“Certifying
      Person”),
      by
      March 15th (with no cure period) of each year in which the Trust is subject
      to
      the reporting requirements of the Exchange Act and otherwise within a reasonable
      period of time upon request, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit J-2, upon which the Certifying Person,
      the
      entity for which the Certifying Person acts as an officer, and such entity’s
      officers, directors and Affiliates (collectively with the Certifying Person,
      “Certification
      Parties”)
      can
      reasonably rely. The senior officer of the Master Servicer in charge of the
      master servicing function shall serve as the Certifying Person on behalf of
      the
      Trust. Such officer of the Certifying Person can be contacted by e-mail at
      cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In the
      event any such party or any Servicing Function Participant engaged by such
      party
      is terminated or resigns pursuant to the terms of this Agreement, or any
      applicable sub-servicing agreement, as the case may be, such party shall provide
      a Back-Up Certification to the Certifying Person pursuant to this Section 4.06
      (a)(iv) with respect to the period of time it was subject to this Agreement
      or
      any applicable sub-servicing agreement, as the case may be. Notwithstanding
      the
      foregoing, (i) the Master Servicer and the Trust Administrator shall not be
      required to deliver a Back-Up Certification to each other if both are the same
      Person and the Master Servicer is the Certifying Person and (ii) the Master
      Servicer shall not be obligated to sign the Sarbanes-Oxley Certification in
      the
      event that it does not receive any Back-Up Certification required to be
      furnished to it pursuant to this section or any Servicing Agreement or custodial
      agreement. 

     

    (v) With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the Trust Administrator’s obligation to
      include such Additional Information in the applicable Exchange Act report is
      subject to its receipt of such information from the entity that is indicated
      in
      Exhibit P as the responsible party for providing such information, if other
      than
      the Trust Administrator, as and when required as described in Section
      4.06(a)(ii) through (iv) above. Each of the Master Servicer, the Servicer and
      Depositor hereby agree to notify and to provide, to the extent known, to the
      Trust Administrator and the Depositor, all Additional Disclosure relating to
      the
      Trust Fund, with respect to which such party is the responsible party for
      providing that information, as indicated in Exhibit P hereof. The Swap Provider
      will be obligated pursuant to the Swap Agreement to provide to the Trust
      Administrator and the Depositor any information that may be required to be
      included in any Form 10-D, Form 8-K or Form 10-K. The Servicer shall be
      responsible for determining the pool concentration applicable to any
      Sub-Servicer or Originator at any time, for purposes of disclosure as required
      by Items 1108 and 1110 of Regulation AB.

     

    (vi) On
      or
      prior to January 30 of the first year in which the Trust Administrator is able
      to do so under applicable law, the Trust Administrator shall prepare and file
      a
      Form 15 Suspension Notification relating to the automatic suspension of
      reporting in respect of the Trust under the Exchange Act. 

     

    In
      the
      event that the Trust Administrator is unable to timely file with the Commission
      all or any required portion of any Form 8-K, Form 10-D or Form 10-K required
      to
      be filed pursuant to this Agreement because required disclosure information
      was
      either not delivered to it or was delivered to it after the delivery deadlines
      set forth in this Agreement or for any other reason, the Trust Administrator
      will promptly electronically notify the Depositor. In the case of Form 10-D
      and
      Form 10-K, the parties to this Agreement will cooperate to prepare and file
      a
      Form 12b-25 and a Form 10-D/A and Form 10-K/A as applicable, pursuant to Rule
      12b-25 of the Exchange Act. In the case of Form 8-K, the Trust Administrator
      will, upon receipt of all required Form 8-K Disclosure Information and upon
      the
      approval and direction of the Depositor, include such disclosure information
      on
      the next Form 10-D. In the event that any previously filed Form 8-K, Form 10-D
      or Form 10-K needs to be amended in connection with any Additional Form 10-D
      Disclosure (other than, in the case of Form 10-D, for the purpose of restating
      any Monthly Statement), Additional Form 10-K Disclosure or Form 8-K Disclosure
      Information, the Trust Administrator will electronically notify the Depositor
      and such other parties to the transaction as are affected by such amendment,
      and
      such parties will cooperate to prepare any necessary Form 8-K/A, Form 10-D/A
      or
      Form 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, Form 10-D
      or
      Form 10-K shall be signed by a duly authorized representative, or senior officer
      in charge of master servicing, as applicable, of the Master Servicer. The
      parties to this Agreement acknowledge that the performance by each of the Master
      Servicer and the Trust Administrator of its duties under this Section
      4.06(a)(vi) related to the timely preparation, execution and filing of Form
      15,
      a Form 12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K is contingent
      upon each such party performing its duties under this Section. Neither the
      Master Servicer nor the Trust Administrator shall have any liability for any
      loss, expense, damage or claim arising out of or with respect to any failure
      to
      properly prepare, execute and/or timely file any such Form 15, Form 12b-25
      or
      any amendments to Form 8-K, Form 10-D or Form 10-K, where such failure results
      from the Trust Administrator’s inability or failure to obtain or receive, on a
      timely basis, any information from the Servicer, the Custodian or any Servicing
      Function Participant needed to prepare, arrange for execution or file such
      Form
      15, Form 12b-25 or any amendments to Form 8-K, Form 10-D or Form 10-K, not
      resulting from its own negligence, bad faith or willful misconduct.

     

    The
      Depositor agrees to promptly furnish to the Trust Administrator, from time
      to
      time upon request, such further information, reports and financial statements
      within its control related to this Agreement, and the Mortgage Loans as the
      Trust Administrator reasonably deems appropriate to prepare and file all
      necessary reports with the Commission. The Trust Administrator shall have no
      responsibility to file any items other than those specified in this Section
      4.06; provided, however, the Trust Administrator will cooperate with the
      Depositor in connection with any additional filings with respect to the Trust
      Fund as the Depositor deems necessary under the Exchange Act. Fees and expenses
      incurred by the Trust Administrator in connection with this Section 4.06 shall
      not be reimbursable from the Trust Fund.

     

    (b)  The
      Trust
      Administrator 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 (i) a breach of the
      Trust Administrator’s obligations under this Section 4.06 or the Trust
      Administrator’s negligence, bad faith or willful misconduct in connection
      therewith or (ii) any material misstatement or omission in the Annual Statement
      of Compliance and the Assessment of Compliance delivered by the Trust
      Administrator pursuant to Section 3.20 and Section 3.21.

     

    The
      Depositor shall indemnify and hold harmless the Trust Administrator and the
      Master Servicer 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 Depositor under
      this Section 4.06 or the Depositor’s negligence, bad faith or willful misconduct
      in connection therewith.

     

    The
      Master Servicer shall indemnify and hold harmless the Trust Administrator 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 (i) a breach of the obligations of the Master
      Servicer under this Section 4.06 or the Master Servicer’s negligence, bad faith
      or willful misconduct in connection therewith or (ii) any material misstatement
      or omission in the Statement as to Compliance delivered by the Master Servicer
      pursuant to Section 3.20 or the Assessment of Compliance delivered by the Master
      Servicer pursuant to Section 3.21.

     

    The
      Servicer shall indemnify and hold harmless the Master Servicer, Trust
      Administrator 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 (i) a breach of the obligations of
      the
      Servicer under this Section 4.06 and (ii) any material misstatement or omission
      in the Annual Statement of Compliance delivered by the Servicer pursuant to
      Section 3.20 or the Assessment of Compliance delivered by the Servicer pursuant
      to Section 3.21.

     

    Notwithstanding
      the provisions set forth in this Agreement, the Servicer shall not be obligated
      to provide any indemnification or reimbursement hereunder to any other party
      for
      any losses, damages, penalties, fines, forfeitures, legal fees and expenses
      and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain which are indirect, consequential, punitive or special in
      nature.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Depositor, the Master Servicer or the Trust Administrator, as
      applicable, then the defaulting party, in connection with a breach of its
      respective obligations under this Section 4.06 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
      respective parties.

     

    (c)  Nothing
      shall be construed from the foregoing subsections (a) and (b) to require the
      Trust Administrator or any officer, director or Affiliate thereof to sign any
      Form 10-K or any certification contained therein. Furthermore, the inability
      of
      the Trust Administrator to file a Form 10-K as a result of the lack of required
      information as set forth in Section 4.06(a) or required signatures on such
      Form
      10-K or any certification contained therein shall not be regarded as a breach
      by
      the Trust Administrator of any obligation under this Agreement.

     

    (d)  Notwithstanding
      the provisions of Section 11.01, this Section 4.06 may be amended without the
      consent of the Certificateholders.

     

    
      	SECTION
              4.07.  	
              Net
                WAC Rate Carryover Reserve Account.

            

    

     

    No
      later
      than the Closing Date, the Trust Administrator shall establish and maintain
      with
      itself a separate, segregated trust account titled, “Wells Fargo Bank, N.A. as
      Trust Administrator, in trust for the registered holders of MASTR Asset Backed
      Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series
      2006-HE3—Net WAC Rate Carryover Reserve Account.” All amounts deposited in the
      Net WAC Rate Carryover Reserve Account shall be distributed to the Holders
      of
      the Class A Certificates and/or the Mezzanine Certificates in the manner set
      forth in Section 4.01.

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount payable
      to the Class A Certificates and/or the Mezzanine Certificates, the Trust
      Administrator has been directed by the Class CE Certificateholders to, and
      therefore will, deposit into the Net WAC Rate Carryover Reserve Account the
      amounts described in Section 4.01(e)(v), rather than distributing such
      amounts to the Class CE Certificateholders. On each such Distribution Date,
      the
      Trust Administrator shall hold all such amounts for the benefit of the Holders
      of the Class A Certificates and the Mezzanine Certificates, and will distribute
      such amounts to the Holders of the Class A Certificates and/or the Mezzanine
      Certificates in the amounts and priorities set forth in
      Section 4.01(a).

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be
      disregarded as an entity separate from the Holder of the Class CE Certificates
      unless and until the date when either (a) there is more than one Class CE
      Certificateholder or (b) any Class of Certificates in addition to the Class
      CE
      Certificates is recharacterized as an equity interest in the Net WAC Rate
      Carryover Reserve Account for federal income tax purposes, in which case it
      is
      the intention of the parties hereto that, for federal and state income and
      state
      and local franchise tax purposes, the Supplemental Interest Trust be treated
      as
      a grantor trust. All
      amounts deposited into the Net WAC Rate Carryover Reserve Account shall be
      treated as amounts distributed by REMIC III to the Holder of the Class CE
      Interest and by REMIC IV to the Holder of the Class CE Certificates. The Net
      WAC
      Rate Carryover Reserve Account will be an “outside reserve fund” within the
      meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of
      the
      Trust, or the payment in full of the Class A and the Mezzanine Certificates,
      all
      amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account
      will
      be released by the Trust and distributed to the Seller or its designee. The
      Net
      WAC Rate Carryover Reserve Account will be part of the Trust but not part of
      any
      REMIC and any payments to the Holders of the Class A and the Mezzanine
      Certificates of Net WAC Rate Carryover Amounts will not be payments with respect
      to a “regular interest” in a REMIC within the meaning of Code Section
      860(G)(a)(1).

     

    By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trust Administrator, and the Trust Administrator hereby is
      directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts
      described above on each Distribution Date as to which there is any Net WAC
      Rate
      Carryover Amount rather than distributing such amounts to the Class CE
      Certificateholders. By accepting a Class CE Certificate, each Class CE
      Certificateholder further agrees that such direction is given for good and
      valuable consideration, the receipt and sufficiency of which is acknowledged
      by
      such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve
      Account shall remain uninvested.

     

    
      	SECTION
              4.08.  	
              Swap
                Account.

            

    

     

    (a)  On
      the
      Closing Date, there is hereby established a separate trust (the “Supplemental
      Interest Trust”), into which the Depositor shall deposit: (i) the Interest Rate
      Swap Agreement and (ii) the Swap Administration Agreement. The Supplemental
      Interest Trust shall be maintained by the Supplemental
      Interest Trust Trustee.
      No
      later than the Closing Date, the Supplemental Interest Trust Trustee shall
      establish and maintain with itself a separate, segregated trust account titled,
      “Wells Fargo Bank, N.A. as Supplemental Interest Trust Trustee, in trust for
      the
      registered holders of MASTR Asset Backed Securities Trust 2006-HE3, Mortgage
      Pass-Through Certificates, Series 2006-HE3—Swap Account.” Such account shall be
      an Eligible Account and funds on deposit therein shall be held separate and
      apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Supplemental Interest Trust Trustee
      held
      pursuant to this Agreement. Amounts therein shall be held
      uninvested.

     

    (b)  On
      each
      Distribution Date, prior to any distribution to any Certificate, the
      Supplemental Interest Trust Trustee shall deposit into the Swap Account: (i)
      the
      amount of any Net Swap Payment or Swap Termination Payment (other than any
      Swap
      Termination Payment resulting from a Swap Provider Trigger Event) owed to the
      Swap Provider (after taking into account any upfront payment received from
      the
      counterparty to a replacement interest rate swap agreement) from funds collected
      and received with respect to the Mortgage Loans prior to the determination
      of
      Available Funds and (ii) amounts received by the Supplemental Interest Trust
      Trustee from the Swap Provider, for distribution pursuant to the Swap
      Administration Agreement, dated as of the Closing Date (the “Swap Administration
      Agreement”), among Wells Fargo Bank, N.A. in its capacity as Supplemental
      Interest Trust Trustee, Wells Fargo Bank, N.A. in its capacity as Swap
      Administrator, Wells Fargo Bank, N.A. in its capacity as Trust Administrator
      and
      the Seller.

     

    (c)  The
      Supplemental Interest Trust will be an “outside reserve fund” within the meaning
      of Treasury Regulation Section 1.860G-2(h). It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Supplemental Interest Trust be disregarded
      as
      an entity separate from the Holder of the Class CE Certificates unless and
      until
      the date when either (a) there is more than one Class CE Certificateholder
      or
      (b) any Class of Certificates in addition to the Class CE Certificates is
      recharacterized as an equity interest in the Supplemental Interest Trust for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Supplemental Interest Trust be treated as a grantor
      trust.

     

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

     

    (e)  The
      Trust
      Administrator shall treat the Holders of Certificates (other than the Class
      P,
      Class CE, Class R and Class R-X Certificates) as having entered into a notional
      principal contract with respect to the Holders of the Class CE Certificates.
      Pursuant to each such notional principal contract, all Holders of Certificates
      (other than the Class P, Class CE, Class R and Class R-X Certificates) shall
      be
      treated as having agreed to pay, on each Distribution Date, to the Holder of
      the
      Class CE Certificates an aggregate amount equal to the excess, if any, of (i)
      the amount payable on such Distribution Date on the REMIC III Regular Interest
      corresponding to such Class of Certificates over (ii) the amount payable on
      such
      Class of Certificates on such Distribution Date (such excess, a “Class IO
      Distribution Amount”). A Class IO Distribution Amount payable from interest
      collections shall be allocated pro
      rata
      among
      such Certificates based on the excess of (a) the amount of interest otherwise
      payable to such Certificates over (ii) the amount of interest payable to such
      Certificates at a per annum rate equal to the Net WAC Pass-Through Rate, and
      a
      Class IO Distribution Amount payable from principal collections shall be
      allocated to the most subordinate Class of Certificates with an outstanding
      principal balance to the extent of such balance. In addition, pursuant to such
      notional principal contract, the Holder of the Class CE Certificates shall
      be
      treated as having agreed to pay Net WAC Rate Carryover Amounts to the Holders
      of
      the Certificates (other than the Class CE, Class P, Class R and Class R-X
      Certificates) in accordance with the terms of this Agreement. Any payments
      to
      the Certificates from amounts deemed received in respect of this notional
      principal contract shall not be payments with respect to a Regular Interest
      in a
      REMIC within the meaning of Code Section 860G(a)(1). However, any payment from
      the Certificates (other than the Class CE, Class P, Class R and Class R-X
      Certificates) of a Class IO Distribution Amount shall be treated for tax
      purposes as having been received by the Holders of such Certificates in respect
      of their interests in REMIC III and as having been paid by such Holders to
      the
      Trust Administrator pursuant to the notional principal contract. Thus, each
      Certificate (other than the Class P, Class R and Class R-X Certificates) shall
      be treated as representing not only ownership of Regular Interests in REMIC
      III
      or REMIC IV, but also ownership of an interest in, and obligations with respect
      to, a notional principal contract.

     

    (f)  In
      connection with paragraph 7(i) of the credit support annex, upon the Swap
      Provider’s failure to post collateral with the Supplemental Interest Trust
      Trustee, the Supplemental Interest Trust Trustee (to the extent it has actual
      knowledge) shall provide, no later than the next Business Day after the date
      such collateral was required to be posted, to the Interest Rate Swap Provider
      a
      written notice of such failure.

     

    
      	SECTION
              4.09.  	
              Tax
                Treatment of Swap Payments and Swap Termination
                Payments.

            

    

     

    For
      federal income tax purposes, each holder of a Class A or Mezzanine Certificate
      is deemed to own an undivided beneficial ownership interest in a REMIC regular
      interest and the right to receive payments from either the Net WAC Rate
      Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate
      Carryover Amount or the obligation to make payments to the Swap Account. For
      federal income tax purposes, the Trust Administrator will account for payments
      to each Class A and Mezzanine Certificates as follows: each Class A and
      Mezzanine Certificate will be treated as receiving their entire payment from
      REMIC III (regardless of any Swap Termination Payment or obligation under the
      Interest Rate Swap Agreement) and subsequently paying their portion of any
      Swap
      Termination Payments in respect of each such Class’ obligation under the
      Interest Rate Swap Agreement. In the event that any such Class is resecuritized
      in a REMIC, the obligation under the Interest Rate Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in Swap Provider Fee), will
      be
      made by one or more of the REMIC Regular Interests issued by the
      resecuritization REMIC subsequent to such REMIC Regular Interest receiving
      its
      full payment from any such Class A or Mezzanine Certificate. Resecuritization
      of
      any Class A or Mezzanine Certificate in a REMIC will be permissible only if
      the
      Trust Administrator hereunder is the trustee in such
      resecuritization.

     

    The
      REMIC
      regular interest corresponding to a Class A or Mezzanine Certificate will be
      entitled to receive interest and principal payments at the times and in the
      amounts equal to those made on the certificate to which it corresponds, except
      that (i) the maximum interest rate of that REMIC regular interest will equal
      the
      Net WAC Pass-Through Rate computed for this purpose by limiting the Base
      Calculation Amount of the Interest Rate Swap Agreement to the aggregate Stated
      Principal Balance of the Mortgage Loans and (ii) any Swap Termination Payment
      will be treated as being payable solely from Net Monthly Excess Cashflow. As
      a
      result of the foregoing, the amount of distributions and taxable income on
      the
      REMIC regular interest corresponding to a Class A or Mezzanine Certificate
      may
      exceed the actual amount of distributions on the Class A or Mezzanine
      Certificate.

     

    
      	SECTION
              4.10.  	
              Cap
                Account.

            

    

     

    (a)  No
      later
      than the Closing Date, the Trust Administrator shall establish and maintain
      with
      itself, a separate, segregated trust account titled, “Wells Fargo Bank, N.A. as
      Supplemental Interest Trust Trustee, in trust for the registered holders of
      MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through
      Certificates, Series 2006-HE3—Cap Account.” Such account shall be an Eligible
      Account and amounts therein shall be held uninvested.

     

    (b)  On
      each
      Distribution Date, prior to any distribution to any Certificate, the Trust
      Administrator shall deposit into the Cap Account amounts received by the Trust
      Administrator under the Cap Contract for distribution in accordance with Section
      4.01(h) above. 

     

    (c)  It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Cap Account be disregarded as an entity
      separate from the Holder of the Class CE Certificates unless and until the
      date
      when either (a) there is more than one Class CE Certificateholder or (b) any
      Class of Certificates in addition to the Class CE Certificates is
      recharacterized as an equity interest in the Cap Account for federal income
      tax
      purposes, in which case it is the intention of the parties hereto that, for
      federal and state income and state and local franchise tax purposes, the Cap
      Account be treated as a grantor trust. The
      Cap
      Account will be an “outside reserve fund” within the meaning of Treasury
      Regulation Section 1.860G-2(h). Upon the termination of the Trust Fund, or
      the
      payment in full of the Class A Certificates and the Mezzanine Certificates,
      all
      amounts remaining on deposit in the Cap Account shall be released by the Trust
      Fund and distributed to the Class CE Certificateholders or their designees.
      The
      Cap Account shall be part of the Trust Fund but not part of any Trust REMIC
      and
      any payments to the Holders of the Floating Rate Certificates of Net WAC Rate
      Carryover Amounts will not be payments with respect to a “regular interest” in a
      REMIC within the meaning of Code Section 860(G)(a)(1).

     

    (d)  By
      accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees
      to direct the Trust Administrator, and the Trust Administrator is hereby
      directed, to deposit into the Cap Account the amounts described above on each
      Distribution Date.

     

    (e)  For
      federal income tax purposes, the Depositor shall provide the Trust
      Administrator, no later than September 1, 2006, the value of the right of the
      Class A and Mezzanine Certificates to receive Net WAC Rate Carryover Amounts
      from the Net WAC Rate Carryover Reserve Account and the Swap
      Account.

     

    

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    
      	SECTION
              5.01.  	
              The
                Certificates.

            

    

     

    (a)  The
      Certificates in the aggregate will represent the entire beneficial ownership
      interest in the Mortgage Loans and all other assets included in REMIC
      I.

     

    The
      Certificates will be substantially in the forms annexed hereto as Exhibits
      A-1
      through A-20. The Certificates of each Class will be issuable in registered
      form
      only, in denominations of authorized Percentage Interests as described in the
      definition thereof. Each Certificate will share ratably in all rights of the
      related Class.

     

    Upon
      original issue, the Certificates shall be executed by the Trust Administrator
      and authenticated and delivered by the Trust Administrator to or upon the order
      of the Depositor. The Certificates shall be executed by manual or facsimile
      signature on behalf of the Trust Administrator by an authorized signatory.
      Certificates bearing the manual or facsimile signatures of individuals who
      were
      at any time the proper officers of the Trust Administrator shall bind the Trust
      Administrator 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 herein executed by the Trust
      Administrator by manual signature, and such certificate of authentication shall
      be conclusive evidence, and the only evidence, that such Certificate has been
      duly authenticated and delivered hereunder. All Certificates shall be dated
      the
      date of their authentication.

     

    (b)  The
      Class
      A Certificates and the Mezzanine Certificates shall initially be issued as
      one
      or more Certificates held by the Book-Entry Custodian or, if appointed to hold
      such Certificates as provided below, the Depository and registered in the name
      of the Depository or its nominee and, except as provided below, registration
      of
      such Certificates may not be transferred by the Trust Administrator except
      to
      another Depository that agrees to hold such Certificates for the respective
      Certificate Owners with Ownership Interests therein. The Certificate Owners
      shall hold their respective Ownership Interests in and to such Certificates
      through the book-entry facilities of the Depository and, except as provided
      below, shall not be entitled to definitive, fully registered Certificates
      (“Definitive Certificates”) in respect of such Ownership Interests. All
      transfers by Certificate Owners of their respective Ownership Interests in
      the
      Book-Entry Certificates shall be made in accordance with the procedures
      established by the Depository Participant or brokerage firm representing such
      Certificate Owner. Each Depository Participant shall only transfer the Ownership
      Interests in the Book-Entry Certificates of Certificate Owners it represents
      or
      of brokerage firms for which it acts as agent in accordance with the
      Depository’s normal procedures. The Trust Administrator is hereby initially
      appointed as the Book-Entry Custodian and hereby agrees to act as such in
      accordance herewith and in accordance with the agreement that it has with the
      Depository authorizing it to act as such. The Book-Entry Custodian may, and,
      if
      it is no longer qualified to act as such, the Book-Entry Custodian shall,
      appoint, by a written instrument delivered to the Depositor, the Master Servicer
      and the Trust Administrator, any other transfer agent (including the Depository
      or any successor Depository) to act as Book-Entry Custodian under such
      conditions as the predecessor Book-Entry Custodian and the Depository or any
      successor Depository may prescribe, provided that the predecessor Book-Entry
      Custodian shall not be relieved of any of its duties or responsibilities by
      reason of any such appointment of other than the Depository. If the Trust
      Administrator resigns or is removed in accordance with the terms hereof, the
      successor trust administrator or, if it so elects, the Depository shall
      immediately succeed to its predecessor’s duties as Book-Entry Custodian. The
      Depositor shall have the right to inspect, and to obtain copies of, any
      Certificates held as Book-Entry Certificates by the Book-Entry
      Custodian.

     

    The
      Trustee, the Trust Administrator, the Master Servicer and the Depositor may
      for
      all purposes (including the making of payments due on the Book-Entry
      Certificates) deal with the Depository as the authorized representative of
      the
      Certificate Owners with respect to the Book-Entry Certificates for the purposes
      of exercising the rights of Certificateholders hereunder. The rights of
      Certificate Owners with respect to the Book-Entry Certificates shall be limited
      to those established by law and agreements between such Certificate Owners
      and
      the Depository Participants and brokerage firms representing such Certificate
      Owners. Multiple requests and directions from, and votes of, the Depository
      as
      Holder of the Book-Entry Certificates with respect to any particular matter
      shall not be deemed inconsistent if they are made with respect to different
      Certificate Owners. The Trust Administrator may establish a reasonable record
      date in connection with solicitations of consents from or voting by
      Certificateholders and shall give notice to the Depository of such record
      date.

     

    If
      (i)(A)
      the Depositor advises the Trust Administrator in writing that the Depository
      is
      no longer willing or able to properly discharge its responsibilities as
      Depository, and (B) the Depositor is unable to locate a qualified successor
      or
      (ii) after the occurrence of a Servicer Event of Default or a Master Servicer
      Event of Default, Certificate Owners representing in the aggregate not less
      than
      51% of the Ownership Interests of the Book-Entry Certificates advise the Trust
      Administrator through the Depository, in writing, that the continuation of
      a
      book-entry system through the Depository is no longer in the best interests
      of
      the Certificate Owners, the Trust Administrator shall notify all Certificate
      Owners, through the Depository, of the occurrence of any such event and of
      the
      availability of Definitive Certificates to Certificate Owners requesting the
      same. Upon surrender to the Trust Administrator of the Book-Entry Certificates
      by the Book-Entry Custodian or the Depository, as applicable, accompanied by
      registration instructions from the Depository for registration of transfer,
      the
      Trust Administrator shall cause the Definitive Certificates to be issued. Such
      Definitive Certificates will be issued in minimum denominations of $25,000,
      except that any beneficial ownership that was represented by a Book-Entry
      Certificate in an amount less than $25,000 immediately prior to the issuance
      of
      a Definitive Certificate shall be issued in a minimum denomination equal to
      the
      amount represented by such Book-Entry Certificate. None of the Depositor, the
      Master Servicer, the Servicer, the Trustee or the Trust Administrator shall
      be
      liable for any delay in the delivery of such instructions and may conclusively
      rely on, and shall be protected in relying on, such instructions. Upon the
      issuance of Definitive Certificates all references herein to obligations imposed
      upon or to be performed by the Depository shall be deemed to be imposed upon
      and
      performed by the Trust Administrator, to the extent applicable with respect
      to
      such Definitive Certificates, and the Trustee and the Trust Administrator shall
      recognize the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    
      	SECTION
              5.02.  	
              Registration
                of Transfer and Exchange of
                Certificates.

            

    

     

    (a)  The
      Trust
      Administrator shall cause to be kept at one of the offices or agencies to be
      appointed by the Trust Administrator in accordance with the provisions of
      Section 8.11, a Certificate Register for the Certificates 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.

     

    (b)  No
      transfer of any Class CE Certificate, Class P Certificate or Residual
      Certificate (collectively, the “Private Certificates”) shall be made unless that
      transfer is made pursuant to an effective registration statement under the
      Securities Act of 1933, as amended (the “1933 Act”), and an effective
      registration or qualification under applicable state securities laws, or is
      made
      in a transaction that does not require such registration or qualification.
      In
      the event that such a transfer of a Private Certificate is to be made without
      registration or qualification (other than in connection with (i) the initial
      transfer of any such Certificate by the Depositor to an Affiliate of the
      Depositor or,
      in
      the case of the Class R-X Certificates, the first transfer by an Affiliate
      of
      the Depositor or the first transfer by the initial transferee of an Affiliate
      of
      the Depositor,
      (ii)
      the transfer of any such Class CE, Class P or Residual Certificate to the issuer
      under the Indenture or the indenture trustee under the Indenture or (iii) a
      transfer of any such Certificate from the issuer under the Indenture or the
      indenture trustee under the Indenture to the Depositor or an Affiliate of the
      Depositor), the Trustee and the Certificate Registrar shall each require receipt
      of: (i) if such transfer is purportedly being made in reliance upon Rule 144A
      under the 1933 Act, written certifications from the Certificateholder desiring
      to effect the transfer and from such Certificateholder’s prospective transferee,
      substantially in the forms attached hereto as Exhibit F-1; and (ii) in all
      other
      cases, an Opinion of Counsel satisfactory to it that such transfer may be made
      without such registration (which Opinion of Counsel shall not be an expense
      of
      the Depositor, the Trustee, the Trust Administrator, the Master Servicer in
      its
      capacity as such, the Servicer, any Sub-Servicer or the Trust Fund), together
      with copies of the written certification(s) of the Certificateholder desiring
      to
      effect the transfer and/or such Certificateholder’s prospective transferee upon
      which such Opinion of Counsel is based, if any. None of the Depositor, the
      Master Servicer, the Servicer, the Trust Administrator, the Certificate
      Registrar or the Trustee is obligated to register or qualify the Private
      Certificates under the 1933 Act or any other securities laws or to take any
      action not otherwise required under this Agreement to permit the transfer of
      such Certificates without registration or qualification.

     

    Any
      Certificateholder desiring to effect the transfer of any such Certificate shall,
      and does hereby agree to, indemnify the Trustee, the Trust Administrator, the
      Depositor and the Master Servicer against any liability that may result if
      the
      transfer is not so exempt or is not made in accordance with such federal and
      state laws.

     

    In
      addition, no transfer of any Class CE Certificate shall be made unless the
      transferee of such Class CE Certificate provides to the Trust Administrator
      the
      appropriate tax certification form (i.e., IRS Form W-9 or IRS Form W-8BEN,
      W-8IMY, or W-8ECI, as applicable (or
      any
      successor thereto))
      as a
      condition to such transfer and agrees to update
      such forms (i) upon expiration of any such form, (ii) as required under then
      applicable U.S. Treasury Regulations and (iii) promptly upon learning that
      any
      IRS Form W-9
      or
      IRS Form W-8BEN, W-8IMY, or W-8ECI, as applicable
      (or any
      successor thereto), has become obsolete or incorrect. Upon
      receipt of any such tax certification form from a transferee of any Class CE
      Certificate, the Trust Administrator shall provide a copy of such tax
      certification form to the Supplemental Interest Trust Trustee. The Supplemental
      Interest Trust Trustee shall provide a copy of any such tax certification form
      to the Swap Provider. 

    

    (c)  No
      transfer of a Private Certificate or any interest therein shall be made to
      any
      Plan, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any Person acquiring such Certificates with “Plan Assets” of a Plan within the
      meaning of the Department of Labor regulation promulgated at 29 C. F. R. §
2510.3-101 (“Plan Assets”), as certified by such transferee in the form of
      Exhibit G, unless the Trust Administrator is provided with an Opinion of Counsel
      for the benefit of the Trustee, the Trust Administrator, the Depositor, the
      Master Servicer and the Servicer and on which they may rely which establishes
      to
      the satisfaction of the Depositor, the Trustee, the Trust Administrator, the
      Servicer and the Master Servicer that the purchase of such Certificates is
      permissible under applicable law, will not constitute or result in any
      prohibited transaction under ERISA or Section 4975 of the Code and will not
      subject the Depositor, the Master Servicer, the Servicer, the NIMS Insurer,
      the
      Trust Administrator, the Trustee or the Trust Fund to any obligation or
      liability (including obligations or liabilities under ERISA or Section 4975
      of the Code) in addition to those undertaken in this Agreement, which Opinion
      of
      Counsel shall not be an expense of the Depositor, the Master Servicer, the
      Servicer, the Trust Administrator, the Trustee or the Trust Fund. Neither an
      Opinion of Counsel nor any certification will be required in connection with
      the
      (i) the initial transfer of any Private Certificate by the Depositor to an
      Affiliate of the Depositor, (ii) the transfer of any Private Certificate to
      the
      issuer under the Indenture or the indenture trustee under the Indenture or
      (iii)
      a transfer of any Private Certificate from the issuer under the Indenture or
      the
      indenture trustee under the Indenture to the Depositor or an Affiliate of the
      Depositor (in which case, the Transferee thereof shall have deemed to have
      represented that it is not a Plan or a Person investing Plan Assets) and the
      Trust Administrator shall be entitled to conclusively rely upon a representation
      (which, upon the request of the Trust Administrator, shall be a written
      representation) from the Transferor of the status of such transferee as an
      affiliate of the Depositor.

     

    Any
      transferee of a Class A Certificate or Mezzanine Certificate acquired prior
      to
      the termination of the Supplemental Interest Trust shall be deemed to represent
      that either (i) it is not a Plan or purchasing with assets of a Plan or (ii)(A)
      such Plan is an accredited investor within the meaning of the Exemption and
      (B)
      such acquisition or holding is eligible for the exemptive relief available
      under
      Department of Labor Prohibited Transaction Class Exemption (“PTE”) 84-14, PTE
      91-38, PTE 90-1, PTE 95-60 or PTE 96-23 or in the case of a Class M-10
      Certificate or Class M-11 Certificate, PTE 95-60.

     

    Subsequent
      to the termination of the Supplemental Interest Trust, each beneficial owner
      of
      such Mezzanine Certificate or any interest therein shall be deemed to have
      represented, by virtue of its acquisition or holding of that certificate or
      interest therein, that either (i) it is not a Plan or investing with “Plan
      Assets,” (ii) other than in the case of a Class
      M-10 Certificate or Class M-11 Certificate,
      it has
      acquired and is holding such Mezzanine Certificate in reliance on the Exemption,
      and that it understands that there are certain conditions to the availability
      of
      the Exemption, including that the Mezzanine Certificate must be rated, at the
      time of purchase not lower than “BBB-” (or its equivalent) by S&P, Moody’s
      or Fitch or (iii)(1) it is an insurance company, (2) the source of funds used
      to
      acquire or hold the certificate or interest therein is an “insurance company
      general account,” as such term is defined in PTE 95-60, and (3) the conditions
      in Sections I and III of PTE 95-60 have been satisfied.

     

    If
      any
      Certificate or any interest therein is acquired or held in violation of the
      provisions of the preceding three paragraphs, the next preceding permitted
      beneficial owner will be treated as the beneficial owner of that Certificate
      retroactive to the date of transfer to the purported beneficial owner. Any
      purported beneficial owner whose acquisition or holding of any such Certificate
      or interest therein was effected in violation of the provisions of the preceding
      two paragraphs shall indemnify and hold harmless the Depositor, the Master
      Servicer, the Servicer, the NIMS Insurer, the Trust Administrator, the Trustee
      and the Trust Fund from and against any and all liabilities, claims, costs
      or
      expenses incurred by those parties as a result of that acquisition or
      holding.

     

    (d)  (i)Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      authorized the Trust Administrator or its designee under clause (iii)(A) below
      to deliver payments to a Person other than such Person and to negotiate the
      terms of any mandatory sale under clause (iii)(B) below and to execute all
      instruments of Transfer and to do all other things necessary in connection
      with
      any such sale. The rights of each Person acquiring any Ownership Interest in
      a
      Residual Certificate are expressly subject to the following
      provisions:

     

      (A)Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Trust
      Administrator of any change or impending change in its status as a Permitted
      Transferee.

     

      (B)In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Trust Administrator shall require delivery to it, and shall
      not
      register the Transfer of any Residual Certificate until its receipt of, an
      affidavit and agreement (a “Transfer Affidavit and Agreement,” in the form
      attached hereto as Exhibit F-2) from the proposed Transferee, in form and
      substance satisfactory to the Trust Administrator, representing and warranting,
      among other things, that such Transferee is a Permitted Transferee, that it
      is
      not acquiring its Ownership Interest in the Residual Certificate that is the
      subject of the proposed Transfer as a nominee, trustee or agent for any Person
      that is not a Permitted Transferee, that for so long as it retains its Ownership
      Interest in a Residual Certificate, it will endeavor to remain a Permitted
      Transferee, and that it has reviewed the provisions of this Section 5.02(d)
      and agrees to be bound by them.

     

      (C)Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if a Responsible Officer of the Trust Administrator
      who
      is assigned to this transaction has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
      in a Residual Certificate to such proposed Transferee shall be
      effected.

     

      (ii)Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement in the form
      attached hereto as Exhibit F-2 from any other Person to whom such Person
      attempts to transfer its Ownership Interest in a Residual Certificate and (y)
      not to transfer its Ownership Interest unless it provides a Transferor Affidavit
      (in the form attached hereto as Exhibit F-2) to the Trust Administrator stating
      that, among other things, it has no actual knowledge that such other Person
      is
      not a Permitted Transferee.

     

      Each
      Person holding or acquiring an Ownership Interest in a Residual Certificate,
      by
      purchasing an Ownership Interest in such Certificate, agrees to give the Trust
      Administrator written notice that it is a “pass-through interest holder” within
      the meaning of temporary Treasury regulation Section 1.67-3T(a)(2)(i)(A)
      immediately upon acquiring an Ownership Interest in a Residual Certificate,
      if
      it is, or is holding an Ownership Interest in a Residual Certificate on behalf
      of, a “pass-through interest holder.”

     

    (iii) The
      Trust
      Administrator will register the Transfer of any Residual Certificate only if
      it
      shall have received the Transfer Affidavit and Agreement and all of such other
      documents as shall have been reasonably required by the Trust Administrator
      as a
      condition to such registration. In addition, no Transfer of a Residual
      Certificate shall be made unless the Trust Administrator shall have received
      a
      representation letter from the Transferee of such Certificate to the effect
      that
      such Transferee is a Permitted Transferee.

     

    (A) If
      any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 5.02(d), then the last
      preceding Permitted Transferee shall be restored, to the extent permitted by
      law, to all rights as holder thereof retroactive to the date of registration
      of
      such Transfer of such Residual Certificate. The Trust Administrator shall be
      under no liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by this Section 5.02(d) or for
      making any payments due on such Certificate to the holder thereof or for taking
      any other action with respect to such holder under the provisions of this
      Agreement.

     

      (B)If
      any
      purported Transferee shall become a holder of a Residual Certificate in
      violation of the restrictions in this Section 5.02(d) and to the extent
      that the retroactive restoration of the rights of the holder of such Residual
      Certificate as described in clause (iii)(A) above shall be invalid, illegal
      or
      unenforceable, then the Trust Administrator shall have the right, without notice
      to the holder or any prior holder of such Residual Certificate, to sell such
      Residual Certificate to a purchaser selected by the Trust Administrator on
      such
      terms as the Trust Administrator may choose. Such purported Transferee shall
      promptly endorse and deliver each Residual Certificate in accordance with the
      instructions of the Trust Administrator. Such purchaser may be the Trust
      Administrator itself or any Affiliate of the Trust Administrator. The proceeds
      of such sale, net of the commissions (which may include commissions payable
      to
      the Trustee or its Affiliates), expenses and taxes due, if any, will be remitted
      by the Trust Administrator to such purported Transferee. The terms and
      conditions of any sale under this clause (iii)(B) shall be determined in the
      sole discretion of the Trust Administrator, and the Trust Administrator shall
      not be liable to any Person having an Ownership Interest in a Residual
      Certificate as a result of its exercise of such discretion.

     

    (iv) The
      Trust
      Administrator shall make available to the Internal Revenue Service and those
      Persons specified by the REMIC Provisions all information necessary to compute
      any tax imposed (A) as a result of the Transfer of an Ownership Interest in
      a
      Residual Certificate to any Person who is a Disqualified Organization, including
      the information described in Treasury regulations sections 1.860D-1(b)(5) and
      1.860E-2(a)(5) with respect to the “excess inclusions” of such Residual
      Certificate and (B) as a result of any regulated investment company, real estate
      investment trust, common Trust, partnership, trust, estate or organization
      described in Section 1381 of the Code that holds an Ownership Interest in a
      Residual Certificate having as among its record holders at any time any Person
      which is a Disqualified Organization. Reasonable compensation for providing
      such
      information may be accepted by the Trust Administrator.

     

    (v) The
      provisions of this Section 5.02(d) set forth prior to this subsection (v)
      may be modified, added to or eliminated, provided that there shall have been
      delivered to the Trust Administrator and the NIMS Insurer at the expense of
      the
      party seeking to modify, add to or eliminate any such provision the
      following:

     

      (A)written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings of any Class of Certificates;
      and

     

      (B)an
      Opinion of Counsel, in form and substance satisfactory to the Trust
      Administrator and the NIMS Insurer, to the effect that such modification of,
      addition to or elimination of such provisions will not cause any Trust REMIC
      to
      cease to qualify as a REMIC and will not cause any Trust REMIC to be subject
      to
      an entity-level tax caused by the Transfer of any Residual Certificate to a
      Person that is not a Permitted Transferee or a Person other than the prospective
      transferee to be subject to a REMIC-tax caused by the Transfer of a Residual
      Certificate to a Person that is not a Permitted Transferee.

     

    The
      Trust
      Administrator shall forward to the NIMS Insurer a copy of the items delivered
      to
      it pursuant to (A) and (B) above.

     

    (e)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Trust Administrator maintained for
      such purpose pursuant to Section 8.11, the Trust Administrator shall
      execute, authenticate and deliver, in the name of the designated Transferee
      or
      Transferees, one or more new Certificates of the same Class of a like aggregate
      Percentage Interest.

     

    (f)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Trust Administrator maintained for
      such
      purpose pursuant to Section 8.11. Whenever any Certificates are so
      surrendered for exchange, the Trust Administrator 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 Trust Administrator) be duly endorsed
      by,
      or be accompanied by a written instrument of transfer in the form satisfactory
      to the Trust Administrator duly executed by, the Holder thereof or his attorney
      duly authorized in writing. In addition, (i) with respect to each Class R
      Certificate, the holder thereof may exchange, in the manner described above,
      such Class R Certificate for three separate certificates, each representing
      such
      holder’s respective Percentage Interest in the Class R-I Interest, the Class
      R-II Interest and the Class R-III Interest, respectively, in each case that
      was
      evidenced by the Class R Certificate being exchanged and (ii) with respect
      to
      each Class R-X Certificate, the holder thereof may exchange, in the manner
      described above, such Class R-X Certificate for four separate certificates,
      each
      representing such holder’s respective Percentage Interest in the Class R-IV
      Interest, the Class R-V Interest and the Class R-VI Interest, respectively,
      in
      each case that was evidenced by the Class R-X Certificate being
      exchanged.

     

    (g)  No
      service charge to the Certificateholders shall be made for any transfer or
      exchange of Certificates, but the Trust Administrator 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.

     

    (h)  All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Trust Administrator in accordance with its customary
      procedures.

     

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

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Trust Administrator, or the
      Trust Administrator receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate, and (ii) there is delivered to the Trust
      Administrator, the Trustee and the NIMS Insurer such security or indemnity
      as
      may be required by it to save it harmless, then, in the absence of actual
      knowledge by the Trust Administrator that such Certificate has been acquired
      by
      a bona fide purchaser or the Trust Administrator 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 Class and of like denomination
      and Percentage Interest. Upon the issuance of any new Certificate under this
      Section, the Trust Administrator may require the payment of a sum sufficient
      to
      cover any tax or other governmental charge that may be imposed in relation
      thereto and any other expenses (including the fees and expenses of the Trust
      Administrator) connected therewith. Any replacement Certificate issued pursuant
      to this Section shall constitute complete and indefeasible evidence of
      ownership in the applicable REMIC created hereunder, 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 Servicer, the NIMS Insurer, the Trust
      Administrator, 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 none of the Depositor, the Master Servicer,
      the
      Servicer, the NIMS Insurer, the Trust Administrator, the Trustee or any agent
      of
      any of them shall be affected by notice to the contrary.

     

    
      	SECTION
              5.05.  	
              Certain
                Available Information.

            

    

     

    On
      or
      prior to the date of the first sale of any Private Certificate to an Independent
      third party, the Depositor shall provide to the Trust Administrator ten copies
      of any private placement memorandum or other disclosure document used by the
      Depositor in connection with the offer and sale of such Certificates. In
      addition, if any such private placement memorandum or disclosure document is
      revised, amended or supplemented at any time following the delivery thereof
      to
      the Trust Administrator, the Depositor promptly shall inform the Trust
      Administrator of such event and shall deliver to the Trust Administrator ten
      copies of the private placement memorandum or disclosure document, as revised,
      amended or supplemented. The Trust Administrator shall maintain at its Corporate
      Trust Office and shall make available free of charge during normal business
      hours for review by any Holder of a Certificate or any Person identified to
      the
      Trust Administrator as a prospective transferee of a Certificate, originals
      or
      copies of the following items: (i) in the case of a Holder or prospective
      transferee of a Private Certificate, the related private placement memorandum
      or
      other disclosure document relating to such Class of Certificates, in the form
      most recently provided to the Trust Administrator; and (ii) in all cases, (A)
      this Agreement and any amendments hereof entered into pursuant to
      Section 11.01, (B) all Monthly Statements required to be delivered to
      Certificateholders of the relevant Class pursuant to Section 4.02 since the
      Closing Date, and all other notices, reports, statements and written
      communications delivered to the Certificateholders of the relevant Class
      pursuant to this Agreement since the Closing Date, (C) all certifications
      delivered by a Responsible Officer of the Trust Administrator since the Closing
      Date, (D) any and all Officers’ Certificates delivered to the Trust
      Administrator by the Servicer since the Closing Date to evidence the Servicer’s
      determination that any Advance or Servicing Advance was, or if made, would
      be a
      Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively, and
      (E) any and all Officers’ Certificates delivered to the Trust Administrator by
      the Servicer since the Closing Date pursuant to Section 4.04(a). Copies and
      mailing of any and all of the foregoing items will be available from the Trust
      Administrator upon request at the expense of the Person requesting the
      same.

     

     

    ARTICLE
      VI

     

    THE
      DEPOSITOR, THE SERVICER AND THE MASTER SERVICER

     

    
      	SECTION
              6.01.  	
              Liability
                of the Depositor, the Servicer and the Master
                Servicer.

            

    

     

    The
      Depositor, the Servicer and the Master Servicer each shall be liable in
      accordance herewith only to the extent of the obligations specifically imposed
      by this Agreement upon them in their respective capacities as Depositor,
      Servicer and Master Servicer and undertaken hereunder by the Depositor, the
      Servicer and the Master Servicer herein.

     

    
      	SECTION
              6.02.  	
              Merger
                or Consolidation of the Depositor, the Servicer or the Master
                Servicer.

            

    

     

    Subject
      to the following paragraph, the Depositor will keep in full effect its
      existence, rights and franchises as a corporation under the laws of the
      jurisdiction of its incorporation. Subject to the following paragraph, the
      Servicer will keep in full effect its existence, rights and franchises as a
      limited liability company under the laws of the State of Delaware. Subject
      to
      the following paragraph, the Master Servicer will keep in full effect its
      existence, rights and franchises as a national banking association and shall
      ensure that it (or an Affiliate) maintains its qualification as an approved
      conventional seller/servicer for Fannie Mae or Freddie Mac in good standing.
      The
      Depositor, the Servicer and the Master Servicer 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.

     

    The
      Depositor, the Servicer or the Master Servicer may be merged or consolidated
      with or into any Person, or transfer all or substantially all of its assets
      to
      any Person, in which case any Person resulting from any merger or consolidation
      to which the Depositor, the Servicer or the Master Servicer shall be a party,
      or
      any Person succeeding to the business of the Depositor, the Servicer 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 Servicer shall be qualified to service mortgage loans on behalf
      of
      Fannie Mae or Freddie Mac; and provided further that the Rating Agencies’
ratings of the Class A Certificates and the Mezzanine Certificates in effect
      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).

     

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

            

    

     

    (a)  The
      Servicer (but not the Trustee if it is required to succeed the Servicer after
      becoming Master Servicer hereunder) indemnifies and holds the NIMS Insurer,
      the
      Trustee, the Trust Administrator, the Master Servicer and the Depositor harmless
      against any and all claims, losses, penalties, fines, forfeitures, reasonable
      legal fees and related costs, judgments, and any other costs, fees and expenses
      that the NIMS Insurer, the Trustee, the Trust Administrator, the Master Servicer
      and the Depositor may sustain in any way related to the failure of the Servicer
      to perform its duties and service the Mortgage Loans in compliance with the
      terms of this Agreement.

     

    The
      Servicer shall immediately notify the NIMS Insurer, the Trustee, the Trust
      Administrator, the Master Servicer and the Depositor if a claim is made that
      may
      result in such claims, losses, penalties, fines, forfeitures, legal fees or
      related costs, judgments, or any other costs, fees and expenses, and the
      Servicer shall assume (with the consent of the Trust Administrator, the
      Depositor, the Master Servicer and the Trustee, as applicable) the defense
      of
      any such claim and pay all expenses in connection therewith, including
      reasonable counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against the NIMS Insurer, the Trustee, the Trust
      Administrator, the Master Servicer and/or the Depositor in respect of such
      claim. The provisions of this Section 6.03 shall survive the termination of
      this
      Agreement and the payment of the outstanding Certificates.

     

    (b)  The
      Master Servicer agrees to indemnify the Indemnified Persons for, and to hold
      them harmless against, any loss, liability or expense (including reasonable
      legal fees and disbursements of counsel) incurred on their part that may be
      sustained in connection with, arising out of, or relating to, any claim or
      legal
      action (including any pending or threatened claim or legal action) relating
      to
      this Agreement or the Certificates or the powers of attorney delivered by the
      Trustee hereunder (i) related to the Master Servicer’s failure to perform its
      duties in compliance with this Agreement (except as any such loss, liability
      or
      expense shall be otherwise reimbursable pursuant to this Agreement) or (ii)
      incurred by reason of the Master Servicer’s willful misfeasance, bad faith or
      gross negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder, provided, in each case, that
      with
      respect to any such claim or legal action (or pending or threatened claim or
      legal action), the Trustee shall have given the Master Servicer and the
      Depositor written notice thereof promptly after the Trustee shall have with
      respect to such claim or legal action knowledge thereof. The Master Servicer’s
      failure to receive any such notice shall not affect any Indemnified Person’s
      right to indemnification under this Section 6.03(b), except to the extent
      the Master Servicer is materially prejudiced by such failure to give notice.
      This indemnity shall survive the resignation or removal of the Trustee, Master
      Servicer or the Trust Administrator and the termination of this Agreement.
      For
      purposes of this Section 6.03(b), “Indemnified Persons” means each of the
      Trustee, the Servicer, the NIMS Insurer and their respective officers,
      directors, agents and employees and, with respect to the Trustee, any separate
      co-trustee and its officers, directors, agents and employees.

     

    (c)  None
      of
      the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator,
      the Servicer or any of the directors, officers, employees or agents of the
      Depositor, the Master Servicer, the Trust Administrator or the Servicer shall
      be
      under any liability to the Trust Fund or the Certificateholders for any action
      taken or for refraining from the taking of any action in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Depositor, the Master Servicer, the Trust
      Administrator, the Servicer or any such person against any breach of warranties,
      representations or covenants made herein, or against any specific liability
      imposed on the Master Servicer or Servicer pursuant hereto, or 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, in the case of the Master
      Servicer, a breach of the servicing standard set forth in Section 3A.01 or
      in
      the case of the Servicer, a breach of the servicing standard set forth in
      Section 3.01. The Depositor, the NIMS Insurer, the Master Servicer, the Trust
      Administrator and the Servicer and any director, officer, employee or agent
      of
      the Depositor, the NIMS Insurer, the
      Master Servicer, the Trust Administrator or
      the
      Servicer may rely in good faith on any document of any kind which is,
prima
      facie,
      is
      properly executed and submitted by any Person respecting any matters arising
      hereunder. The Depositor, the NIMS Insurer, the Master Servicer, the Trust
      Administrator, or the Servicer and any director, officer, employee or agent
      of
      the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator,
      or the Servicer shall be indemnified and held harmless by the Trust Fund against
      any loss, liability or expense incurred in connection with (i) any legal action
      relating to this Agreement or the Certificates, other than any loss, liability
      or expense relating 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 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 its reckless disregard of obligations and duties hereunder or
      (ii)
      any breach of a representation or warranty by the Originator or any other party
      regarding the Mortgage Loans. None of the Depositor, the NIMS Insurer, the
      Master Servicer, the Trust Administrator or the Servicer shall be under any
      obligation to appear in, prosecute or defend any legal action unless such action
      is related to its respective duties under this Agreement and, in its opinion,
      does not involve it in any expense or liability; provided, however, that each
      of
      the Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator
      and the Servicer may in its 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 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) shall be expenses, costs and liabilities of the Trust Fund, and
      the
      Depositor, the NIMS Insurer, the Master Servicer, the Trust Administrator and
      the Servicer shall be entitled to be reimbursed therefor from the Collection
      Account or Distribution Account, as applicable, as and to the extent provided
      in
      Section 3.11 or Section 3A.12, any such right of reimbursement being prior
      to
      the rights of the Certificateholders to receive any amount in the Collection
      Account or Distribution Account. The
      Master Servicer’s, the Trust Administrator’s or Servicer’s right to indemnity or
      reimbursement pursuant to this Section shall survive any termination of this
      Agreement, any resignation or termination of the Master Servicer, the Trust
      Administrator or 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.  	
              Limitation
                on Resignation of the Servicer; Assignment of Master
                Servicing.

            

    

     

    (a)  Except
      as
      otherwise provided herein, the Servicer shall not resign from the obligations
      and duties hereby imposed on it except upon determination that its duties
      hereunder are no longer permissible under applicable law. Any such determination
      pursuant to the preceding sentence permitting the resignation of the Servicer
      shall be evidenced by an Opinion of Counsel to such effect obtained at the
      expense of the Servicer and delivered to the Trustee, the Trust Administrator,
      the Master Servicer and the NIMS Insurer. No resignation of the Servicer shall
      become effective until the Master Servicer or (if the Master Servicer is the
      Servicer) the Trustee or a successor servicer acceptable to the NIMS Insurer
      shall have assumed the Servicer’s responsibilities, duties, liabilities (other
      than those liabilities arising prior to the appointment of such successor)
      and
      obligations under this Agreement. 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.

     

    Except
      as
      expressly provided herein, the Servicer shall not assign or transfer any of
      its
      rights, benefits, privileges or obligations hereunder to any other Person,
      or
      delegate to or subcontract with, or authorize or appoint any other Person to
      perform any of the duties, covenants or obligations to be performed by the
      Servicer hereunder; provided, however, that that parties hereto consent to
      the
      assignment or transfer of the Servicer’s rights, benefits, privileges or
      obligations hereunder to Barclays Capital Real Estate Inc. d/b/a HomEq
      Servicing. The foregoing prohibition on assignment shall not prohibit the
      Servicer from designating a Sub-Servicer as payee of any indemnification amount
      payable to the Servicer hereunder; provided, however, that as provided in
      Section 3.06 hereof, no Sub-Servicer shall be a third-party beneficiary
      hereunder and the parties hereto shall not be required to recognize any
      Sub-Servicer as an indemnitee under this Agreement. If, pursuant to any
      provision hereof, the duties of the Servicer are transferred to a successor
      servicer, the entire amount of the Servicing Fee and other compensation payable
      to the Servicer pursuant hereto shall thereafter be payable to such successor
      servicer.

     

    (b)  The
      Master Servicer may sell, assign or delegate its rights, duties and obligations
      as Master Servicer under this Agreement in their entirety; provided, however,
      that: (i) the purchaser or transferee accepting such sale, assignment and
      delegation (a) shall be a Person qualified to service mortgage loans for Fannie
      Mae or Freddie Mac; (b) shall have a net worth of not less than $50,000,000
      (unless otherwise approved by each Rating Agency pursuant to clause (ii) below);
      (c) shall be reasonably satisfactory to the NIMS Insurer and the Trustee (as
      evidenced in a writing signed by each of the NIMS Insurer and the Trustee);
      and
      (d) shall execute and deliver to the Trustee and the NIMS Insurer an agreement,
      in form and substance reasonably satisfactory to the Trustee and the NIMS
      Insurer, 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 it as master servicer under this Agreement from and after the
      effective date of such assumption agreement; (ii) each Rating Agency shall
      be
      given prior written notice of the identity of the proposed successor to the
      Master Servicer and shall confirm in writing to the Master Servicer, the NIMS
      Insurer and the Trustee that any such sale, assignment or delegation would
      not
      result in a withdrawal or a downgrading of the rating on any Class of
      Certificates in effect immediately prior to such sale, assignment or delegation;
      and (iii) the Master Servicer shall deliver to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions
      precedent to such action under this Agreement have been fulfilled and such
      action is permitted by and complies with the terms of this Agreement. No such
      sale, assignment or delegation shall affect any liability of the Master Servicer
      arising prior to the effective date thereof.

     

    
      	SECTION
              6.05.  	
              Successor
                Master Servicer.

            

    

     

    In
      connection with the appointment of any successor Master Servicer or the
      assumption of the duties of the Master Servicer, the Depositor, the NIMS
      Insurer, the Trust Administrator or the Trustee may make such arrangements
      for
      the compensation of such successor Master Servicer out of payments on the
      Mortgage Loans as the Depositor, the NIMS Insurer or the Trustee and such
      successor Master Servicer shall agree. If the successor Master Servicer does
      not
      agree that such market value is a fair price, such successor Master Servicer
      shall obtain two quotations of market value from third parties actively engaged
      in the master servicing of single-family mortgage loans. Notwithstanding the
      foregoing, the compensation payable to a successor Master Servicer may not
      exceed the compensation which the Master Servicer would have been entitled
      to
      retain if the Master Servicer had continued to act as Master Servicer
      hereunder.

     

    
      	SECTION
              6.06.  	
              Rights
                of the Depositor in Respect of the
                Servicer.

            

    

     

    The
      Servicer shall afford (and any Sub-Servicing Agreement shall provide that each
      Sub-Servicer shall afford) the Depositor, the NIMS Insurer, the Master Servicer,
      the Trust Administrator and the Trustee, upon reasonable notice, during normal
      business hours, reasonable access to all records maintained by the Servicer
      (and
      any such Sub-Servicer) in respect of the Servicer’s rights and obligations
      hereunder and access to officers of the Servicer (and those of any such
      Sub-Servicer) responsible for such obligations. Upon request, the Servicer
      shall
      furnish to the Depositor, the NIMS Insurer, the Master Servicer, the Trust
      Administrator and the Trustee its (and any such Sub-Servicer’s) most recent
      financial statements and such other information relating to the Servicer’s
      capacity to perform its obligations under this Agreement as it possesses (and
      that any such Sub-Servicer possesses). To the extent such information is not
      otherwise available to the public, the Depositor, the NIMS Insurer, the Master
      Servicer, the Trust Administrator and the Trustee shall not disseminate any
      information obtained pursuant to the preceding two sentences without the
      Servicer’s written consent, except as required pursuant to this Agreement or to
      the extent that it is appropriate to do so (i) in working with legal counsel,
      auditors, taxing authorities or other governmental agencies or (ii) pursuant
      to
      any law, rule, regulation, order, judgment, writ, injunction or decree of any
      court or governmental authority having jurisdiction over the Depositor and
      the
      Trustee or the Trust Fund, and in any case, the Depositor, the NIMS Insurer,
      the
      Master Servicer, the Trust Administrator or the Trustee, as the case may be,
      shall use its best efforts to assure the confidentiality of any such
      disseminated non-public information. 

     

    The
      Depositor may, but is not obligated to, enforce the obligations of the Servicer
      under this Agreement and may, but is not obligated to, perform, or cause a
      designee to perform, any defaulted obligation of the Servicer under this
      Agreement or exercise the rights of the Servicer under this Agreement; provided
      that the Servicer shall not be relieved of any of its obligations under this
      Agreement 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 Servicer and is not obligated to supervise the performance
      of the Servicer under this Agreement or otherwise. 

     

    
      	SECTION
              6.07.  	
              [Reserved].

            

    

     

    
      	SECTION
              6.08.  	
              Duties
                of the Credit Risk Manager.

            

    

     

    For
      and
      on behalf of the Depositor, the Credit Risk Manager will provide reports and
      recommendations concerning certain delinquent and defaulted Mortgage Loans,
      and
      as to the collection of any Prepayment
      Charges with respect to the Mortgage Loans. Such reports and recommendations
      will be
      based
      upon
      information provided to the Credit Risk Manager pursuant to the respective
      Credit Risk Management Agreement, and the Credit Risk Manager shall look solely
      to the Servicer and/or Master Servicer, as applicable, for all information
      and
      data (including loss and delinquency information and data) relating to the
      servicing of the Mortgage Loans. Upon any termination of the Credit Risk Manager
      or the appointment of a successor Credit Risk Manager, the Depositor shall
      give
      written notice thereof to the Servicer, the Trustee, the Master Servicer, the
      Trust Administrator, the NIMS Insurer and each Rating Agency. Notwithstanding
      the foregoing, the termination of the Credit Risk Manager pursuant to this
      Section shall not become effective until the appointment of a successor
      Credit Risk Manager.

     

    
      	SECTION
              6.09.  	
              Limitation
                Upon Liability of the Credit Risk
                Manager.

            

    

     

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

     

    
      	SECTION
              6.10.  	
              Removal
                of the Credit Risk Manager.

            

    

     

    The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than 66 2/3% of the Voting Rights in the Trust Fund, in the
      exercise of its or their sole discretion. The Certificateholders shall provide
      written notice of the Credit Risk Manager’s removal to the Trust Administrator.
      Upon receipt of such notice, the Trust Administrator shall provide written
      notice to the Credit Risk Manager of its removal, which shall be effective
      upon
      receipt of such notice by the Credit Risk Manager. 

     

     

    ARTICLE
      VII

     

    DEFAULT

     

    
      	SECTION
              7.01.  	
              Servicer
                Events of Default and Master Servicer Events of
                Termination.

            

    

     

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

     

    (i)  any
      failure by the Servicer to remit to the Trust Administrator for distribution
      to
      the Certificateholders any payment (other than an Advance required to be made
      from its own funds on any Servicer Remittance Date pursuant to Section 4.03)
      required to be made under the terms of the Certificates and this Agreement
      which
      continues unremedied for a period of one Business Day after the date upon which
      written notice of such failure, requiring the same to be remedied, shall have
      been given to the Servicer by the Depositor or the Trust Administrator (in
      which
      case notice shall be provided by telecopy), or to the Servicer, the Depositor
      and the Trust Administrator by the NIMS Insurer or the Holders of Certificates
      entitled to at least 25% of the Voting Rights; or

     

    (ii)  other
      than with respect to clause (vi) below, any failure on the part of the Servicer
      duly to observe or perform in any material respect any other of the covenants
      or
      agreements on the part of the Servicer contained in this Agreement, or the
      breach by the Servicer of any representation and warranty contained in Section
      2.05, which continues unremedied for a period of 30 days (or if such failure
      or
      breach cannot be remedied within 30 days, then such remedy shall have been
      commenced within 30 days and diligently pursued thereafter; provided, however,
      that in no event shall such failure or breach be allowed to exist for a period
      of greater than 90 days) after the earlier of (i) the date on which written
      notice of such failure, requiring the same to be remedied, shall have been
      given
      to the Servicer by the Depositor or the Trust
      Administrator or
      to the
      Servicer, the Depositor and the Trust Administrator by the NIMS Insurer or
      the
      Holders of Certificates entitled to at least 25% of the Voting Rights and (ii)
      actual knowledge of such failure by a Servicing Officer of the Servicer;
      or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Servicer and
      such decree or order shall have remained in force undischarged or unstayed
      for a
      period of 90 days; or

     

    (iv)  the
      Servicer shall consent to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

    (v)  the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors,
      or
      voluntarily suspend payment of its obligations; or

     

    (vi)  any
      failure by the Servicer to timely comply with its obligations pursuant to
      Section 3.20, Section 3.21 or Section 4.06 hereof (in each case, taking into
      account any applicable cure periods);

     

    (vii)  any
      failure of the Servicer to make any Advance on any Servicer Remittance Date
      required to be made from its own funds pursuant to Section 4.03 which continues
      unremedied until 3:00 p.m. New York time on the Business Day following the
      Servicer Remittance Date.

     

    If
      (a) a
      Servicer Event of Default described in clauses (i) through (vi) of this Section
      shall occur, then, and in each and every such case, so long as such Servicer
      Event of Default shall not have been remedied, the Depositor, the Master
      Servicer, the Trustee or the Trust Administrator may, and at the written
      direction of the Holders of Certificates entitled to at least 51% of Voting
      Rights, or at the direction of the NIMS Insurer, the Trustee shall or (b) a
      Servicer Event of Default described in clause (vii) of this Section shall occur
      and the Trustee or the Master Servicer has, at the direction of the Depositor,
      determined to terminate the Servicer, then the Trustee, shall, by notice in
      writing to the Servicer, the Master Servicer and the Depositor, terminate all
      of
      the rights and obligations of the Servicer in its capacity as Servicer under
      this Agreement, to the extent permitted by law, and in and to the Mortgage
      Loans
      and the proceeds thereof. If a Servicer Event of Default described in clause
      (vii) hereof shall occur, the Trustee shall, by notice in writing to the
      Servicer, the Depositor, the Master Servicer and the NIMS Insurer, terminate
      all
      of the rights and obligations of the Servicer in its capacity as Servicer under
      this Agreement and in and to the Mortgage Loans and the proceeds thereof.
      Subject to Section 7.02 hereof, on or after the receipt by the Servicer of
      such
      written notice, all authority and power of the Servicer under this Agreement,
      whether with respect to the Certificates (other than as a Holder of any
      Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested
      in
      the Master Servicer or (if the Master Servicer is the Servicer) the Trustee
      pursuant to and under this Section, and, without limitation, the Master Servicer
      or the Trustee, as applicable, is hereby authorized and empowered, as
      attorney-in-fact or otherwise, to execute and deliver, on behalf of and at
      the
      expense of the Servicer, any and all documents and other instruments and to
      do
      or accomplish all other acts or things necessary or appropriate to effect the
      purposes of such notice of termination, whether to complete the transfer and
      endorsement or assignment of the Mortgage Loans and related documents, or
      otherwise. The Servicer agrees to promptly (and in any event no later than
      ten
      Business Days subsequent to such notice) provide the Master Servicer or the
      Trustee, as applicable, with all documents and records requested by it to enable
      it to assume the Servicer’s functions under this Agreement, and to cooperate
      with the Master Servicer or the Trustee, as applicable, in effecting the
      termination of the Servicer’s responsibilities and rights under this Agreement,
      including, without limitation, the transfer within one Business Day to the
      Master Servicer or the Trustee, as applicable, for administration by it of
      all
      cash amounts which at the time shall be or should have been credited by the
      Servicer to the Collection Account held by or on behalf of the Servicer, the
      Distribution Account or any REO Account or Servicing Account held by or on
      behalf of the Servicer or thereafter be received with respect to the Mortgage
      Loans or any REO Property serviced by the Servicer; provided, however, that
      the
      Servicer shall continue to be entitled to receive all amounts accrued or owing
      to it under this Agreement on or prior to the date of such termination, whether
      in respect of Advances or otherwise, and shall continue to be entitled to the
      benefits of Section 6.03, notwithstanding any such termination, with respect
      to
      events occurring prior to such termination.

     

    (b)  “Master
      Servicer Event of Default,” wherever used herein, means any one of the following
      events:

     

    (i)  the
      Master Servicer fails to cause to be deposited in the Distribution Account
      any
      amount so required to be deposited pursuant to this Agreement (other than an
      Advance), and such failure continues unremedied for a period of three Business
      Days after the date upon which written notice of such failure, requiring the
      same to be remedied, shall have been given to the Master Servicer;
      or

     

    (ii)  the
      Master Servicer fails to observe or perform in any material respect any other
      material covenants and agreements set forth in this Agreement to be performed
      by
      it, which covenants and agreements materially affect the rights of
      Certificateholders, and such failure continues unremedied for a period of 60
      days after the date on which written notice of such failure, properly requiring
      the same to be remedied, shall have been given to the Master Servicer by the
      Trustee or the NIMS Insurer or to the Master Servicer and the Trustee by the
      Holders of Certificates evidencing not less than 25% of the Voting Rights;
      or

     

    (iii)  there
      is
      entered against the Master Servicer a decree or order by a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver or liquidator in any insolvency, readjustment of debt,
      marshaling 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 is unstayed and in effect for a period of 60 consecutive days, or an
      involuntary case is commenced against the Master Servicer under any applicable
      insolvency or reorganization statute and the petition is not dismissed within
      60
      days after the commencement of the case; or

     

    (iv)  the
      Master Servicer consents to the appointment of a conservator or receiver or
      liquidator in any insolvency, readjustment of debt, marshaling of assets and
      liabilities or similar proceedings of or relating to the Master Servicer or
      substantially all of its property; or the Master Servicer admits in writing
      its
      inability to pay its debts generally as they become due, files a petition to
      take advantage of any applicable insolvency or reorganization statute, makes
      an
      assignment for the benefit of its creditors, or voluntarily suspends payment
      of
      its obligations; or

     

    (v)  the
      Master Servicer assigns or delegates its duties or rights under this Agreement
      in contravention of the provisions permitting such assignment or delegation
      under Section 6.05; or

     

    (vi)  any
      failure of the Master Servicer to make any Advance (other than a Nonrecoverable
      Advance) required to be made from its own funds pursuant to Section 4.03 by
      5:00 p.m. New York time on the Business Day prior to the applicable Distribution
      Date.

     

    In
      each
      and every such case, so long as such Master Servicer Event of Default with
      respect to the Master Servicer shall not have been remedied, either the Trustee,
      the NIMS Insurer or the Holders of Certificates evidencing not less than 51%
      of
      the Voting Rights, by notice in writing to the Depositor, the Master Servicer
      (and to the Trustee if given by such Certificateholders), with a copy to the
      NIMS Insurer and the Rating Agencies, may terminate all of the rights and
      obligations (but not the liabilities) of the Master Servicer under this
      Agreement and in and to the Mortgage Loans and/or the REO Property master
      serviced by the Master Servicer and the proceeds thereof. Upon the receipt
      by
      the Master Servicer of the written notice, all authority and power of the Master
      Servicer under this Agreement, whether with respect to the Certificates, the
      Mortgage Loans, REO Property or under any other related agreements (but only
      to
      the extent that such other agreements relate to the Mortgage Loans or related
      REO Property) shall, subject to Section 7.03, automatically and without
      further action pass to and be vested in the Trustee pursuant to this
      Section 7.01(b); 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 rights and obligations hereunder,
      including, without limitation, the transfer to the Trustee of (i) the property
      and amounts which are then or should be part of the Trust Fund or which
      thereafter become part of the Trust Fund; and (ii) originals or copies of all
      documents of the Master Servicer reasonably requested by the Trustee to enable
      it to assume the Master Servicer’s duties thereunder. In addition to any other
      amounts which are then, or, notwithstanding the termination of its activities
      under this Agreement, may become payable to the Master Servicer under this
      Agreement, the Master Servicer shall be entitled to receive, out of any amount
      received on account of a Mortgage Loan or related REO Property, that portion
      of
      such payments which it would have received as reimbursement under this Agreement
      if notice of termination had not been given. The termination of the rights
      and
      obligations of the Master Servicer shall not affect any obligations incurred
      by
      the Master Servicer prior to such termination.

     

    Notwithstanding
      the foregoing, if a Master Servicer Event of Default described in clause (vi)
      of
      this Section 7.01(b) shall occur, the Trustee shall, by notice in writing
      to the Master Servicer, which may be delivered by telecopy, immediately
      terminate all of the rights and obligations of the Master Servicer thereafter
      arising under this Agreement, but without prejudice to any rights it may have
      as
      a Certificateholder or to reimbursement of Advances and other advances of its
      own funds, and the Trustee shall act as provided in Section 7.03 to carry
      out the duties of the Master Servicer, including the obligation to make any
      Advance the nonpayment of which was a Master Servicer Event of Default described
      in clause (vi) of this Section 7.01(b). Any such action taken by the
      Trustee must be prior to the distribution on the relevant Distribution
      Date.

     

    
      	SECTION
              7.02.  	
              Master
                Servicer or Trustee to Act; Appointment of Successor
                Servicer.

            

    

     

    (a)  From
      the
      time the Servicer receives a notice of termination, the Master
      Servicer
      or (if
      the Master Servicer is the Servicer) the Trustee (or such other successor
      servicer as is acceptable to the NIMS Insurer) shall be the successor in all
      respects to the Servicer in its capacity as Servicer under this Agreement and
      the transactions set forth or provided for herein, and all the responsibilities,
      duties and liabilities relating thereto and arising thereafter shall be assumed
      by the Master Servicer or the Trustee, as applicable, (except for any
      representations or warranties of the Servicer under this Agreement, the
      responsibilities, duties and liabilities contained in Section 2.05 and the
      obligation to deposit amounts in respect of losses pursuant to Section 3.12)
      by
      the terms and provisions hereof; provided, however, the Master Servicer or
      the
      Trustee, as applicable, shall immediately assume the Servicer’s obligations to
      make Advances pursuant to Section 4.03; provided, further, however, that if
      the
      Master Servicer or the Trustee, as applicable, is prohibited by law or
      regulation from obligating itself to make advances regarding delinquent mortgage
      loans, then the Master Servicer or the Trustee, as applicable, shall not be
      obligated to make Advances pursuant to Section 4.03; and provided further,
      that
      any failure to perform such duties or responsibilities caused by the Servicer’s
      failure to provide information required by Section 7.01(a) shall not be
      considered a default by the Master Servicer or the Trustee, as applicable,
      as
      successor to the Servicer hereunder. It is understood and acknowledged by the
      parties hereto that there will be a period of transition (not to exceed 90
      days)
      before the transition of servicing obligations is fully effective. As
      compensation therefor, the Master Servicer or the Trustee, as applicable, shall
      be entitled to the Servicing Fee and all funds relating to the Mortgage Loans
      to
      which the Servicer would have been entitled if it had continued to act
      hereunder. Notwithstanding the above and subject to Section 7.02(b) below,
      the
      Master Servicer or the Trustee, as applicable, if it shall be unwilling to
      so
      act, or shall, if it is unable to so act or if it is prohibited by law from
      making advances regarding delinquent mortgage loans or if the Holders of
      Certificates entitled to at least 51% of the Voting Rights or the NIMS Insurer
      so request in writing to the Trustee, promptly appoint or petition a court
      of
      competent jurisdiction to appoint, an established mortgage loan servicing
      institution acceptable to each Rating Agency and the NIMS Insurer and having
      a
      net worth of not less than $15,000,000, as the successor to the Servicer under
      this Agreement in the assumption of all or any part of the responsibilities,
      duties or liabilities of the Servicer under this Agreement.

     

    Pending
      appointment of a successor to the Servicer hereunder, unless the Master Servicer
      or the Trustee, as applicable, is prohibited by law from so acting, the Master
      Servicer or the Trustee, as applicable, 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 3.18 (or such other compensation as the Master
      Servicer or the Trustee, as applicable, and such successor shall agree, not
      to
      exceed the Servicing Fee). The appointment of a successor servicer shall not
      affect any liability of the predecessor Servicer which may have arisen under
      this Agreement prior to its termination as Servicer to pay any deductible under
      an insurance policy pursuant to Section 3.14 or to indemnify the NIMS Insurer
      pursuant to Section 6.03, 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 Master Servicer or the Trustee, as applicable, and
      such successor shall take such action, consistent with this Agreement, as shall
      be necessary to effectuate any such succession. All reasonable Servicing
      Transfer Costs shall be paid by the predecessor servicer upon presentation
      of
      reasonable documentation of such costs, and if such predecessor servicer
      defaults in its obligation to pay such costs, such costs shall be paid by the
      successor servicer or the Master Servicer or the Trustee, as applicable (in
      which case the successor servicer or the Master Servicer or the Trustee, as
      applicable, shall be entitled to reimbursement therefor from the assets of
      the
      Trust Fund).

     

    (b)  No
      appointment of a successor to the Servicer under this Agreement shall be
      effective until the assumption by the successor of all of the Servicer’s
      responsibilities, duties and liabilities hereunder. In connection with such
      appointment and assumption described herein, the Master Servicer or the Trustee,
      as applicable, 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 Servicer as such hereunder. The Depositor, the Trustee, the Trust
      Administrator, the Master Servicer and such successor shall take such action,
      consistent with this Agreement, as shall be necessary to effectuate any such
      succession. Pending appointment of a successor to the Servicer under this
      Agreement the Master Servicer or the Trustee, as applicable, shall act in such
      capacity as hereinabove provided. 

     

    Any
      successor to the Servicer, including the Master Servicer or the Trustee, as
      applicable, shall during the term of its service as servicer continue to service
      and administer the Mortgage Loans for the benefit of Certificateholders, and
      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 3.14.

     

    (c)  Notwithstanding
      any provision in this Agreement to the contrary, for a period of 30 days
      following the date on which the Servicer shall have received a notice of a
      Servicer Event of Default pursuant to Section 7.01, or a default under a loan
      agreement pursuant to Section 6.04 or the Servicer resignation pursuant to
      Section 6.04, the terminated Servicer or its designee may, with the consent
      of
      the NIMS Insurer, appoint a successor servicer that satisfies the eligibility
      criteria of a successor servicer set forth above; provided that such successor
      servicer agrees to fully effect the servicing transfer within 90 days following
      the termination of the Servicer and to make all Advances that would otherwise
      be
      made by the Master Servicer or the Trustee, as applicable, under Section 7.01
      as
      of the date of such appointment. Any proceeds received in connection with the
      appointment of such successor servicer (after deduction of any expenses incurred
      in connection with the servicing transfer) shall be the property of the
      terminated Servicer or its designee. Notwithstanding the foregoing, in the
      event
      of a Servicer Event of Default pursuant to Section 7.01(a)(vii), either (i)
      the
      Servicer shall remit the amount of the required Advance by 3:00 p.m.
      New York
      time on the Business Day following the Servicer Remittance Date or (ii) by
      3:00
      p.m. New York time on the Business Day following the Servicer Remittance Date,
      the Servicer shall have appointed a successor servicer that satisfies the
      eligibility criteria of a successor servicer set forth above and that has
      remitted the amount of the required Advance to the Trust Administrator. If the
      Servicer fails to adhere to the requirements set forth in the immediately
      preceding sentence, the Master Servicer or the Trustee, as applicable, shall
      be
      the successor in all respects to the Servicer in its capacity as Servicer under
      this Agreement and shall immediately assume the Servicer’s obligations to make
      Advances. In no event shall the termination of the Servicer under this Agreement
      result in any diminution of the Servicer’s right to reimbursement for any
      outstanding Advances or Servicing Advances or accrued and unpaid Servicing
      Fees
      due to the Servicer at the time of termination. Reimbursement of unreimbursed
      Advances and Servicing Advances and accrued and unpaid Servicing Fees shall
      be
      made on a FIFO, loan-by-loan basis. The Servicer shall continue to be entitled
      to the benefits of Section 6.03 hereof related to indemnification,
      notwithstanding any termination hereunder. 

     

    (d)  In
      connection with the termination or resignation of the Servicer hereunder, either
      (i) the successor servicer, including the Master Servicer or the Trustee, as
      applicable, if the Master Servicer or the Trustee, as applicable, is acting
      as
      successor servicer, shall represent and warrant that it is a member of MERS
      in
      good standing and shall agree to comply in all material respects with the rules
      and procedures of MERS in connection with the servicing of the Mortgage Loans
      that are registered with MERS, in which case the predecessor servicer shall
      cooperate with the successor servicer in causing MERS to revise its records
      to
      reflect the transfer of servicing to the successor servicer as necessary under
      MERS’ rules and regulations, or (ii) the predecessor servicer shall cooperate
      with the successor servicer in causing MERS to execute and deliver an assignment
      of Mortgage in recordable form to transfer the Mortgage from MERS to the Master
      Servicer or the Trustee, as applicable, and to execute and deliver such other
      notices, documents and other instruments as may be necessary or desirable to
      effect a transfer of such Mortgage Loan or servicing of such Mortgage Loan
      on
      the MERS® System to the successor servicer. The predecessor servicer shall file
      or cause to be filed any such assignment in the appropriate recording office.
      The predecessor servicer shall bear any and all fees of MERS, costs of preparing
      any assignments of Mortgage, and fees and costs of filing any assignments of
      Mortgage that may be required under this Section 7.02(d).

     

    
      	SECTION
              7.03.  	
              Trustee
                to Act; Appointment of Successor Master
                Servicer.

            

    

     

    (a)  Upon
      the
      receipt by the Master Servicer of a notice of termination pursuant to
      Section 7.01(b) or an Opinion of Counsel rendered by Independent counsel
      pursuant to Section 6.05(b) to the effect that the Master Servicer is
      legally unable to act or to delegate its duties to a Person which is legally
      able to act, the Trustee shall automatically become the successor in all
      respects to the Master Servicer in its capacity under this Agreement and the
      transactions set forth or provided for herein and shall thereafter be subject
      to
      all the responsibilities, duties, liabilities and limitations on liabilities
      relating thereto placed on the Master Servicer by the terms and provisions
      hereof; provided, however, that the Trustee (i) shall have no obligation
      whatsoever with respect to any liability (other than Advances deemed recoverable
      and not previously made) incurred by the Master Servicer at or prior to the
      time
      of termination and (ii) shall not be obligated to perform any obligation of
      the
      Master Servicer under Section 3.20 or 3.21 with respect to any period of time
      during which the Trustee was not the Master Servicer. As compensation therefor,
      but subject to Section 6.05, the Trustee shall be entitled to compensation
      which the Master Servicer would have been entitled to retain if the Master
      Servicer had continued to act hereunder, except for those amounts due the Master
      Servicer as reimbursement permitted under this Agreement for advances previously
      made or expenses previously incurred. Notwithstanding the above, the Trustee
      may, if it shall be unwilling so to act, or shall, if it is legally unable
      so to
      act, appoint or petition a court of competent jurisdiction to appoint, any
      established housing and home finance institution which is a Fannie Mae- or
      Freddie Mac-approved servicer, acceptable to the NIMS Insurer and with respect
      to a successor to the Master Servicer only, having a net worth of not less
      than
      $50,000,000, 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; provided, that the Trustee shall obtain consent from the
      NIMS Insurer and a letter or other evidence each Rating Agency that the ratings,
      if any, on each of the Certificates will not be lowered as a result of the
      selection of the successor to the Master Servicer. 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 the Mortgage Loans as it and such successor shall
      agree; provided, however, that the provisions of Section 6.05 shall apply,
      the compensation shall not be in excess of that which the Master Servicer would
      have been entitled to if the Master Servicer had continued to act hereunder,
      and
      that such successor shall undertake and assume the obligations of the Trustee
      to
      pay compensation to any third Person acting as an agent or independent
      contractor in the performance of master servicing responsibilities hereunder.
      The Trustee and such successor shall take such action, consistent with this
      Agreement, as shall be necessary to effectuate any such succession.

     

    If
      the
      Master Servicer and the Trust Administrator are the same entity, then at any
      time the Master Servicer resigns or is removed as Master Servicer, the Trust
      Administrator shall also be removed hereunder. All reasonable Master Servicing
      Transfer Costs shall be paid by the predecessor Master Servicer upon
      presentation of reasonable documentation of such costs, and if such predecessor
      Master Servicer defaults in its obligation to pay such costs, such costs shall
      be paid by the successor Master Servicer or the Trustee (in which case the
      successor Master Servicer or the Trustee, as applicable, shall be entitled
      to
      reimbursement therefor from the assets of the Trust Fund).

     

    (b)  If
      the
      Trustee shall succeed to any duties of the Master Servicer respecting the
      Mortgage Loans as provided herein, it shall do so in a separate capacity and
      not
      in its capacity as Trustee and, accordingly, the provisions of Article VIII
      shall be inapplicable to the Trustee in its duties as the successor to the
      Master Servicer in the master servicing of the Mortgage Loans (although such
      provisions shall continue to apply to the Trustee in its capacity as Trustee);
      the provisions of Article VI, however, shall apply to it in its capacity as
      successor Master Servicer.

     

    
      	SECTION
              7.04.  	
              Notification
                to Certificateholders.

            

    

     

    (a)  Upon
      any
      termination of the Servicer or the Master Servicer pursuant to Section 7.01
      above or any appointment of a successor to the Servicer or Master Servicer
      pursuant to Section 7.02 or Section 7.03 above, the Trust Administrator, or
      in the event of the termination of the Master Servicer, the Trustee (or such
      other successor Trust Administrator) shall give prompt written notice thereof
      to
      the Servicer, the Credit Risk Manager, the NIMS Insurer, the Master Servicer
      and
      the Certificateholders at their respective addresses appearing in the
      Certificate Register.

     

    (b)  Not
      later
      than the later of 60 days after the occurrence of any event, which constitutes
      or which, with notice or lapse of time or both, would constitute a Servicer
      Event of Default or a Master Servicer Event of Default or five days after a
      Responsible Officer of the Trust Administrator (in the case of a Servicer Event
      of Default) or the Trustee (in the case of a Master Servicer Event of Default)
      becomes aware of the occurrence of such an event, the Trust Administrator or
      Trustee, as applicable, shall transmit by mail to the Credit Risk Manager,
      the
      NIMS Insurer and to all Holders of Certificates notice of each such occurrence,
      unless such Servicer Event of Default or Master Servicer Event of Default shall
      have been cured or waived.

     

    
      	SECTION
              7.05.  	
              Waiver
                of Servicer Events of Default and Master Servicer Events of
                Termination.

            

    

     

    The
      Holders representing at least 66% of the Voting Rights (with the consent of
      the
      NIMS Insurer) evidenced by all Classes of Certificates affected by any default,
      Servicer Event of Default or Master Servicer Event of Default hereunder may
      waive such default, Servicer Event of Default or Master Servicer Event of
      Default; provided, however, that a Servicer Event of Default under clause (i)
      or
      (vii) of Section 7.01(a) or Master Servicer Event of Default under clause (i)
      or
      (vi) of Section 7.01(b) may be waived only by all of the Holders of the Regular
      Certificates (with the consent of the NIMS Insurer). Upon any such waiver of
      a
      default, Servicer Event of Default or Master Servicer Event of Default, such
      default, Servicer Event of Default or Master Servicer 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,
      Servicer Event of Default or Master Servicer Event of Default or impair any
      right consequent thereon except to the extent expressly so waived. Notice of
      any
      such waiver shall be given by the Trust Administrator or the Trustee as
      applicable, to the Rating Agencies and the NIMS Insurer.

     

    
      	SECTION
              7.06.  	
              Survivability
                of Servicer and Master Servicer
                Liabilities.

            

    

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer or the Master
      Servicer hereunder, any liabilities
      of
      the Servicer or the Master Servicer, as applicable, which accrued prior to
      such
      termination shall survive such termination.

     

     

    ARTICLE
      VIII

     

    CONCERNING
      THE TRUSTEE AND THE TRUST ADMINISTRATOR

     

    
      	SECTION
              8.01.  	
              Duties
                of Trustee and Trust Administrator.

            

    

     

    The
      Trustee and the Trust Administrator, prior to the occurrence of a Servicer
      Event
      of Default or Master Servicer Event of Default and after the curing of all
      Servicer Events of Default or Master Servicer Events of Termination which may
      have occurred, undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement. If a Servicer Event of Default or
      Master Servicer Event of Default has occurred (which has not been cured) of
      which a Responsible Officer has knowledge, each of the Trustee and the Trust
      Administrator 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.

     

    Each
      of
      the Trustee and the Trust Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to it 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; provided, however,
      that neither the Trustee nor the Trust Administrator will be responsible for
      the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner the Trustee
      or the Trust Administrator, as applicable, shall take such action as it deems
      appropriate to have the instrument corrected, and if the instrument is not
      corrected to the Trustee’s or the Trust Administrator’s satisfaction, the
      Trustee or the Trust Administrator, as applicable, will provide notice thereof
      to the Certificateholders and the NIMS Insurer.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Trust Administrator 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 a Servicer Event of Default or Master Servicer Event of
      Default, and after the curing of all such Servicer Events of Default or Master
      Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee and the Trust Administrator shall be determined
      solely by the express provisions of this Agreement, the Trustee and the Trust
      Administrator 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
      or the Trust Administrator and, in the absence of bad faith on the part of
      the
      Trustee or the Trust Administrator, as applicable, the Trustee or the Trust
      Administrator, as applicable, may conclusively rely, as to the truth of the
      statements and the correctness of the opinions expressed therein, upon any
      certificates or opinions furnished to the Trustee or the Trust Administrator,
      as
      the case may be, and conforming to the requirements of this
      Agreement;

     

    (ii)  Neither
      the Trustee nor the Trust Administrator shall be personally liable for an error
      of judgment made in good faith by a Responsible Officer of the Trustee or the
      Trust Administrator, as applicable, unless it shall be proved that the Trustee
      or the Trust Administrator, as the case may be, was negligent in ascertaining
      the pertinent facts;

     

    (iii)  Neither
      the Trustee nor the Trust Administrator shall 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 the NIMS Insurer or the Holders of Certificates
      evidencing not less than 51% of the Voting Rights relating to the time, method
      and place of conducting any proceeding for any remedy available to the Trustee
      or the Trust Administrator, as applicable, or exercising or omitting to exercise
      any trust or power conferred upon the Trustee, under this Agreement;
      and

     

    (iv)  The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default, Servicer Event of Default or Master Servicer Event
      of
      Default unless a Responsible Officer of the Trustee at the Corporate Trust
      Office obtains actual knowledge of such failure or the Trustee receives written
      notice of such failure from the Depositor, the Servicer or the Holders of
      Certificates evidencing not less than 51% of the Voting Rights.

     

    Neither
      the Trustee nor the Trust Administrator shall be required to expend or risk
      its
      own funds or otherwise incur financial liability in the performance of any
      of
      its duties hereunder, or in the exercise of any of its rights or powers, if
      there is reasonable ground for believing that the repayment of such funds or
      adequate indemnity against such risk or liability is not reasonably assured
      to
      it, and none of the provisions contained in this Agreement shall in any event
      require the Trustee to perform, or be responsible for the manner of performance
      of, any of the obligations of the Master Servicer under this Agreement, except
      during such time, if any, as the Trustee shall be the successor to, and be
      vested with the rights, duties, powers and privileges of, the Master Servicer
      in
      accordance with the terms of this Agreement.

     

    
      	SECTION
              8.02.  	
              Certain
                Matters Affecting the Trustee and the Trust
                Administrator

            

    

     

    (a)  Except
      as
      otherwise provided in Section 8.01:

     

    (i)  Either
      the Trustee or the Trust Administrator may request and rely upon, and shall
      be
      protected in acting or refraining from acting upon, any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document reasonably believed by it to be genuine and to have
      been
      signed or presented by the proper party or parties, and the manner of obtaining
      consents and of evidencing the authorization of the execution thereof by
      Certificateholders shall be subject to such reasonable regulations as the
      Trustee or the Trust Administrator may prescribe;

     

    (ii)  Either
      the Trustee or the Trust Administrator 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 with such Opinion of Counsel;

     

    (iii)  Neither
      the Trustee nor the Trust Administrator shall be under any obligation to
      exercise any of the rights or powers vested in it by this Agreement, or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      at
      the request, order or direction of any of the Certificateholders or the NIMS
      Insurer, pursuant to the provisions of this Agreement, unless such
      Certificateholders or the NIMS Insurer, as applicable, shall have offered to
      the
      Trustee or the Trust Administrator, as applicable, reasonable security or
      indemnity against the costs, expenses and liabilities which may be incurred
      therein or thereby; the right of the Trustee or the Trust Administrator to
      perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and neither the Trustee nor the Trust Administrator shall
      be answerable for other than its negligence or willful misconduct in the
      performance of any such act; nothing contained herein shall, however, relieve
      the Trustee of the obligation, upon the occurrence of a Master Servicer Event
      of
      Default of which the Trustee has received written notice or of which a
      Responsible Officer of the Trustee has actual knowledge (which has not been
      cured or waived), 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 person would exercise under the circumstances in the conduct of his
      own
      affairs;

     

    (iv)  Prior
      to
      the occurrence of a Servicer Event of Default or Master Servicer Event of
      Default hereunder and after the curing or waiver of all Servicer Events of
      Default or Master Servicer Events of Termination which may have occurred,
      neither the Trustee nor the Trust Administrator shall 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;

     

    (v)  Prior
      to
      the occurrence of a Servicer Event of Default or Master Servicer Event of
      Default and after the curing of all Servicer Events of Default or Master
      Servicer Events of Termination which may have occurred, neither the Trustee
      nor
      the Trust Administrator shall be bound to make any investigation into the facts
      or matters stated in any resolution, certificate, statement, instrument,
      opinion, report, notice, request, consent, order, approval, bond or other paper
      or documents, unless requested in writing to do so by the NIMS Insurer or the
      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 or the
      Trust Administrator, as applicable, of the costs, expenses or liabilities likely
      to be incurred by it in the making of such investigation is, in the opinion
      of
      the Trustee or the Trust Administrator, as applicable, not reasonably assured
      to
      the Trustee or the Trust Administrator, as applicable, by the security afforded
      to it by the terms of this Agreement, the Trustee or the Trust Administrator,
      as
      applicable, may require reasonable indemnity against such cost, expense or
      liability as a condition to such proceeding; and

     

    (vi)  Either
      the Trustee or the Trust Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents or attorneys, custodians or nominees.

     

    (b)  All
      rights of action under this Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by it without the possession of
      any
      of the Certificates, or the production thereof at the trial or other proceeding
      relating thereto, and any such suit, action or proceeding instituted by the
      Trustee shall be brought in its name for the benefit of all the Holders of
      such
      Certificates, subject to the provisions of this Agreement.

     

    
      	SECTION
              8.03.  	
              Neither
                Trustee nor Trust Administrator Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Trust Administrator, the authentication of the Trust Administrator on the
      Certificates, the acknowledgments of the Trustee contained in Article II and
      the
      representations and warranties of the Trustee and the Trust Administrator in
      Section 8.13) shall be taken as the statements of the Depositor and neither
      the Trustee nor the Trust Administrator assumes any responsibility for their
      correctness. Neither the Trustee nor the Trust Administrator makes any
      representations or warranties as to the validity or sufficiency of this
      Agreement (other than as specifically set forth in Section 8.12) or of the
      Certificates (other than the signature of the Trust Administrator and
      authentication of the Trust Administrator on the Certificates) or of any
      Mortgage Loan or related document. Neither the Trustee nor the Trust
      Administrator shall be accountable for the use or application by the Depositor
      of any of the Certificates or of the proceeds of such Certificates, or for
      the
      use or application of any funds paid to the Depositor, the Servicer or the
      Master Servicer in respect of the Mortgage Loans or deposited in or withdrawn
      from the Collection Account by the Servicer or the Distribution Account by
      the
      Master Servicer.

     

    
      	SECTION
              8.04.  	
              Trustee
                and Trust Administrator May Own
                Certificates.

            

    

     

    Each
      of
      the Trustee and the Trust Administrator in its individual capacity or any other
      capacity may become the owner or pledgee of Certificates with the same rights
      it
      would have if it were not Trustee or Trust Administrator, as applicable. Each
      of
      the Trustee and the Trust Administrator in its individual capacity or any other
      capacity may transact any banking and trust business with the Originator, the
      Servicer, the Depositor or their Affiliates.

     

    
      	SECTION
              8.05.  	
              Trust
                Administrator’s and Trustee’s Fees and
                Expenses.

            

    

     

    On
      each
      Distribution Date, the Trust Administrator shall be entitled to compensation
      as
      separately agreed with the Master Servicer. The annual fees of the Trustee
      hereunder and of the Custodian shall be paid in accordance with side letter
      agreements with the Trust Administrator and at the sole expense of the Trust
      Administrator. The Trustee, the Trust Administrator or any director, officer,
      employee or agent of any of them, shall be indemnified by the Trust Fund and
      held harmless against any loss, liability or expense (not including expenses
      and
      disbursements incurred or made by the Trustee or the Trust Administrator,
      including the compensation and the expenses and disbursements of its agents
      and
      counsel, in the ordinary course of the Trustee’s or the Trust Administrator’s
      performance in accordance with the provisions of this Agreement) incurred by
      the
      Trustee or by the Trust Administrator arising out of or in connection with
      the
      acceptance or administration of the obligations and duties of the Trustee or
      the
      Trust Administrator under this Agreement, other than any loss, liability or
      expense (i) resulting from a breach of the Servicer’s or the Master Servicer’s
      obligations and duties under this Agreement for which the Trustee or the Trust
      Administrator, as applicable, is indemnified under this Agreement or (ii) any
      loss, liability or expense incurred by reason of willful misfeasance, bad faith
      or negligence of the Trustee or of the Trust Administrator, as applicable,
      in
      the performance of its duties hereunder or by reason of the Trustee’s or the
      Trust Administrator’s, as applicable, reckless disregard of obligations and
      duties hereunder or as a result of a breach of the Trustee’s or the Trust
      Administrator’s, as applicable, obligations under Article X hereof. Any amounts
      payable to the Trustee, the Trust Administrator or any director, officer,
      employee or agent of the Trustee or the Trust Administrator, in respect of
      the
      indemnification provided by this Section 8.05, or pursuant to any other
      right of reimbursement from the Trust Fund that the Trustee, the Trust
      Administrator or any director, officer, employee or agent of the Trustee or
      the
      Trust Administrator, may have hereunder in its capacity as such, may be
      withdrawn by the Trust Administrator for payment to the applicable indemnified
      Person from the Distribution Account at any time. The foregoing indemnity shall
      survive the resignation or removal of the Trustee or the Trust
      Administrator.

     

    
      	SECTION
              8.06.  	
              Eligibility
                Requirements for Trustee and Trust
                Administrator.

            

    

     

    Each
      of
      the Trustee and the Trust Administrator hereunder shall at all times be an
      entity duly organized and validly existing under the laws of the United States
      of America or any state thereof, 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. If such entity publishes reports of condition at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then for the purposes of this Section 8.06, the combined capital
      and surplus of such entity shall be deemed to be its combined capital and
      surplus as set forth in its most recent report of condition so published. The
      principal offices of each of the Trustee and the Trust Administrator (other
      than
      the initial Trustee and initial Trust Administrator) shall be in a state with
      respect to which an Opinion of Counsel has been delivered to such Trustee or
      Trust Administrator, as applicable, at the time such Trustee or Trust
      Administrator, as applicable, is appointed Trustee or Trust Administrator,
      as
      applicable, to the effect that the Trust will not be a taxable entity under
      the
      laws of such state. In case at any time the Trustee or the Trust Administrator
      shall cease to be eligible in accordance with the provisions of this
      Section 8.06, the Trustee or the Trust Administrator, as applicable, shall
      resign immediately in the manner and with the effect specified in
      Section 8.07.

     

    
      	SECTION
              8.07.  	
              Resignation
                and Removal of the Trustee or Trust
                Administrator.

            

    

     

    The
      Trustee or the Trust Administrator may at any time resign and be discharged
      from
      the trusts hereby created by giving written notice thereof to the Depositor,
      the
      NIMS Insurer, the Servicer, the Master Servicer, each Rating Agency and, if
      the
      Trustee is resigning, to the Trust Administrator, or, if the Trust Administrator
      is resigning, to the Trustee. Upon receiving such notice of resignation, the
      Depositor shall promptly appoint a successor Trustee or Trust Administrator,
      (which may be the same Person in the event both the Trustee and the Trust
      Administrator resign or are removed) acceptable to the NIMS Insurer by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      resigning Trustee or Trust Administrator, as applicable, and one copy to the
      successor Trustee or Trust Administrator. If no successor Trustee or Trust
      Administrator, as applicable, shall have been so appointed and having accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee or Trust Administrator may petition any court of competent
      jurisdiction for the appointment of a successor Trustee or Trust Administrator,
      as applicable.

     

    If
      the
      Trust Administrator and the Master Servicer are the same entity, then at any
      time the Trust Administrator resigns or is removed as Trust Administrator,
      the
      Master Servicer shall also be removed hereunder.

     

    If
      at any
      time the Trustee or the Trust Administrator 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 NIMS Insurer (or in
      the
      case of the Trust Administrator, the Trustee), or if at any time the Trustee
      or
      the Trust Administrator shall be legally unable to act, or shall be adjudged
      bankrupt or insolvent, or a receiver of the Trustee or the Trust Administrator
      or of its property shall be appointed, or any public officer shall take charge
      or control of the Trustee or the Trust Administrator or of its property or
      affairs for the purpose of rehabilitation, conservation or liquidation, then
      the
      Depositor, the NIMS Insurer, the Servicer or the Master Servicer may remove
      the
      Trustee or the Trust Administrator, as applicable. If the Depositor, a Servicer
      or the Master Servicer removes the Trustee or the Trust Administrator under
      the
      authority of the immediately preceding sentence, the Depositor shall promptly
      appoint a successor Trustee or Trust Administrator, as applicable, acceptable
      to
      the NIMS Insurer, by written instrument, in duplicate, one copy of which
      instrument shall be delivered to the Trustee or Trust Administrator so removed
      and one copy to the successor Trustee or Trust Administrator.

     

    The
      Holders of Certificates entitled to at least 51% of the Voting Rights (or the
      NIMS Insurer upon failure of the Trustee to perform its obligations hereunder)
      may at any time remove the Trustee or the Trust Administrator and appoint a
      successor trustee acceptable to the NIMS Insurer, 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
      Depositor, one complete set to the Trustee or Trust Administrator so removed
      and
      one complete set to the successor so appointed. A copy of such instrument shall
      be delivered to the Certificateholders, the Servicer and the Master Servicer
      by
      the Depositor.

     

    The
      Trust
      Administrator (i) may not be the Originator, the Servicer, the Depositor or
      an
      affiliate of the Depositor unless the Trust Administrator is an institutional
      trust department, (ii) must be authorized to exercise corporate trust powers
      under the laws of its jurisdiction of organization, and (iii) must be rated
      at
      least “A/F1” by Fitch Ratings Inc. (“Fitch”), if Fitch is a Rating Agency, or
      the equivalent rating by S&P or Moody’s, or such other rating as is
      acceptable to Fitch as evidenced by a Rating Agency confirmation. If no
      successor Trust Administrator shall have been appointed and shall have accepted
      appointment within 60 days after the Trust Administrator ceases to be the Trust
      Administrator pursuant to this Section 8.07, then the Trustee shall perform
      the duties of the Trust Administrator pursuant to this Agreement. The Trustee
      shall notify the Rating Agencies of any change of Trust
      Administrator.

     

    Any
      resignation or removal of the Trustee or Trust Administrator and appointment
      of
      a successor Trustee or Trust Administrator 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.

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the Trust
      Administrator shall at all times be the same Person.

     

    
      	SECTION
              8.08.  	
              Successor
                Trustee or Trust Administrator.

            

    

     

    Any
      successor Trustee or Trust Administrator appointed as provided in
      Section 8.07 shall execute, acknowledge and deliver to the Depositor, the
      NIMS Insurer, the Servicer, the Master Servicer and to its predecessor Trustee
      or Trust Administrator an instrument accepting such appointment hereunder,
      and
      thereupon the resignation or removal of the predecessor Trustee or Trust
      Administrator shall become effective, and such successor Trustee or Trust
      Administrator, without any further act, deed or conveyance, shall become fully
      vested with all the rights, powers, duties and obligations of its predecessor
      hereunder, with like effect as if originally named as Trustee or Trust
      Administrator. The Depositor and the predecessor Trustee or Trust Administrator
      shall execute and deliver such instruments and do such other things as may
      reasonably be required for fully and certainly vesting and confirming in the
      successor Trustee or Trust Administrator all such rights, powers, duties and
      obligations.

     

    No
      successor Trustee or Trust Administrator shall accept appointment as provided
      in
      this Section 8.08 unless at the time of such acceptance such successor
      Trustee or Trust Administrator shall be eligible under the provisions of
      Section 8.06 and the appointment of such successor Trustee or Trust
      Administrator shall not result in a downgrading of the Regular Certificates
      by
      any Rating Agency, as evidenced by a letter from each Rating
      Agency.

     

    Upon
      acceptance of appointment by a successor Trustee or Trust Administrator as
      provided in this Section 8.08, the successor Trustee or Trust Administrator
      shall mail notice of the appointment of a successor Trustee or Trust
      Administrator hereunder to all Holders of Certificates at their addresses as
      shown in the Certificate Register and to each Rating Agency.

     

    
      	SECTION
              8.09.  	
              Merger
                or Consolidation of Trustee or Trust
                Administrator.

            

    

     

    Any
      entity into which the Trustee or the Trust Administrator may be merged or
      converted or with which it may be consolidated, or any entity resulting from
      any
      merger, conversion or consolidation to which the Trustee or the Trust
      Administrator shall be a party, or any entity succeeding to the business of
      the
      Trustee or Trust Administrator, shall be the successor of the Trustee or the
      Trust Administrator hereunder, as applicable, provided such entity shall be
      eligible under the provisions of Section 8.06 and 8.08, 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 REMIC I or property
      securing the same may at the time be located, the Trustee shall have the power
      and shall execute and deliver all instruments to appoint one or more Persons
      approved by the Trustee and the NIMS Insurer to act as co-trustee or
      co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
      of all or any part of REMIC I, and to vest in such Person or Persons, in such
      capacity, such title to REMIC I, or any part thereof, and, subject to the other
      provisions of this Section 8.10, such powers, duties, obligations, rights
      and trusts as the Trustee may consider necessary or desirable. Any such
      co-trustee or separate trustee shall be subject to the written approval of
      the
      NIMS Insurer. If the NIMS Insurer shall not have joined in such appointment
      within 15 days after the receipt by it of a request to do so, 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 by the Trustee (whether as Trustee hereunder or
      as
      successor to a defaulting 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 REMIC
      I 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 trust
      conferred, shall be vested with the estates or property specified in its
      instrument of appointment, either jointly with the Trustee, or separately,
      as
      may be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy thereof given to
      the
      NIMS Insurer.

     

    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 or co-trustee.

     

    
      	SECTION
              8.11.  	
              Appointment
                of Office or Agency; Appointment of
                Custodian.

            

    

     

    The
      Trust
      Administrator will appoint an office or agency in the City of Minneapolis,
      Minnesota where the Certificates may be surrendered for registration of transfer
      or exchange, and presented for final distribution, and where notices and demands
      to or upon the Trust Administrator in respect of the Certificates and this
      Agreement may be served.

     

    The
      Trustee may, with the consent of the Depositor, the Servicer, the Master
      Servicer and the NIMS Insurer, appoint a Custodian to hold all or a portion
      of
      the Mortgage Files as agent for the Trustee. The appointment of the Custodian
      may at any time be terminated and a substitute Custodian appointed therefor
      upon
      the reasonable request of the Servicer, the Master Servicer or the NIMS Insurer
      to the Trustee, the consent to which shall not be unreasonably withheld. Wells
      Fargo Bank, N.A. is hereby appointed as Custodian, and the Depositor, the
      Servicer and the Master Servicer each consent to such appointment. Subject
      to
      Article VIII hereof, the Trustee agrees to comply with the terms of this
      Agreement and to enforce the terms and provisions hereof against the Custodian,
      if applicable, for the benefit of the Certificateholders having an interest
      in
      any Mortgage File held by the Custodian. The Custodian shall be a depository
      institution or trust company subject to supervision by federal or state
      authority, shall have combined capital and surplus of at least $10,000,000
      and
      shall be qualified to do business in the jurisdiction in which it holds any
      Mortgage File. Subject to Section 8.02(a) and Section 2.02, in no event
      shall the appointment of the Custodian pursuant to this Agreement diminish
      the
      obligations of the Trustee hereunder.

     

    
      	SECTION
              8.12.  	
              Representations
                and Warranties.

            

    

     

    Each
      of
      the Trustee, the Custodian and the Trust Administrator hereby represents and
      warrants to the Servicer, the Master Servicer and the Depositor, as of the
      Closing Date, that:

     

    (i)  It
      is a
      national banking association duly organized, validly existing and in good
      standing under the laws of the United States of America.

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association 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)  It
      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 other
      parties hereto, constitutes a valid, legal and binding obligation of it,
      enforceable against it in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, receivership, 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)  It
      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, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      it
      to perform its obligations under this Agreement or its financial
      condition.

     

    (vi)  No
      litigation is pending or, to the best of its knowledge, threatened against
      it,
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or its financial
      condition.

     

     

    ARTICLE
      IX

     

    TERMINATION

     

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

            

    

     

    (a)  Subject
      to Section 9.02, the respective obligations and responsibilities under this
      Agreement of the Depositor, the Servicer, the Master Servicer, the Trust
      Administrator and the Trustee (other than the indemnification obligations of
      the
      Servicer and the Master Servicer pursuant to Section 6.03 and of the
      Servicer to make remittances to the Trust Administrator and the Trust
      Administrator to make payments in respect of the REMIC I Regular Interests
      and
      the Classes of Certificates as hereinafter set forth) shall terminate upon
      payment to the Certificateholders and the deposit of all amounts held by or
      on
      behalf of the Trust Administrator and required hereunder to be so paid or
      deposited on the Distribution Date coinciding with or following the earlier
      to
      occur of (i) the purchase by the Terminator (as defined below) on a servicing
      retained basis of all Mortgage Loans and each REO Property remaining in REMIC
      I
      and (ii) the final payment or other liquidation (or any advance with respect
      thereto) of the last Mortgage Loan or REO Property remaining in REMIC I;
      provided, however, that in no event shall the trust created hereby continue
      beyond the earlier of (i) the 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 and (ii)
      the
      Latest Possible Maturity Date as defined in the Preliminary Statement. Subject
      to Section 3.10 hereof, the purchase by the Terminator of all Mortgage
      Loans and each REO Property remaining in REMIC I shall be at a price (the
“Termination Price”) equal to the greater of (i) the Stated Principal Balance of
      the Mortgage Loans and the appraised value of any REO Properties, such appraisal
      to be conducted by an Independent appraiser mutually agreed upon by the
      Terminator and the Trust Administrator in their reasonable discretion and (ii)
      the fair market value of all of the assets of REMIC I (as determined by the
      Terminator and the Trust Administrator, as of the close of business on the
      third
      Business Day next preceding the date upon which notice of any such termination
      is furnished to Certificateholders pursuant to clause (c) of this
      Section 9.01) in each case, plus accrued and unpaid interest thereon at the
      weighted average of the Mortgage Rates through the end of the Due Period
      preceding the final Distribution Date plus unreimbursed Advances, Servicing
      Advances and any unpaid Servicing Fees allocable to such Mortgage Loans and
      REO
      Properties and any other amounts owed to the Servicer, the Master Servicer,
      the
      Trust Administrator or the Trustee under this Agreement, any accrued and unpaid
      Net WAC Rate Carryover Amount and any Swap Termination Payment payable to the
      Swap Provider then remaining unpaid or which is due to the exercise of such
      option; provided, however, such option may only be exercised if (i) the
      Termination Price is sufficient to pay all interest accrued on, as well as
      amounts necessary to retire the principal balance of, each class of notes issued
      pursuant to the Indenture and any remaining amounts owed to the trustee under
      the Indenture and the NIMS Insurer on the date such notes are retired and (ii)
      the fair market value of the Mortgage Loans and REO Properties determined as
      described above is at least equal to the Stated Principal Balance of the
      Mortgage Loans (after giving effect to scheduled payments of principal due
      during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) and the appraised value of the REO Properties.

     

    (b)  The
      majority holder of the Class CE Certificates (so long as such Holder is not
      the
      Seller or an affiliate of the Seller), or if such majority holder fails to
      exercise such right, the Master Servicer, or if the Master Servicer fails to
      exercise such right, the Servicer, or if the Servicer fails to exercise such
      right, the NIMS Insurer, shall have the right (the party exercising such right,
      the “Terminator”), to purchase all of the Mortgage Loans and each REO Property
      remaining in REMIC I pursuant to clause (i) of the preceding paragraph no later
      than the Determination Date in the month immediately preceding the Distribution
      Date on which the Certificates will be retired; provided, however, that the
      Terminator may elect to purchase all of the Mortgage Loans and each REO Property
      remaining in REMIC I pursuant to clause (i) above only if the aggregate Stated
      Principal Balance of the Mortgage Loans and each REO Property remaining in
      the
      Trust Fund at the time of such election is equal to or less than 10% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.
      By acceptance of the Residual Certificates, the Holder of the Residual
      Certificates agrees for so long as any notes insured by the NIMS Insurer and
      secured by all or a portion of the Class CE, Class P, Class R or Class R-X
      Certificates are outstanding, in connection with any termination hereunder,
      to
      assign and transfer any amounts in excess of par, and to the extent received
      in
      respect of such termination, to pay any such amounts to the Holders of the
      Class
      CE Certificates.

     

    In
      connection with any termination pursuant to this Section 9.01(b): 

     

    (i) At
      least
      twenty (20) days prior to the latest date on which notice of such optional
      termination is required to be mailed to the Certificateholders pursuant to
      Section 9.01(c), the Terminator shall notify in writing (which may be done
      in
      electronic format) the Swap Provider of the final Distribution Date on which
      the
      Terminator intends to terminate the Trust Fund;

     

    (ii) No
      later
      than 4:00 pm (New York City time) four (4) Business Days prior to the final
      Distribution Date specified in the notices required pursuant to Sections
      9.01(c), the Trust Administrator shall request from the Swap Provider the amount
      of the Estimated Swap Termination Payment. The Swap Provider shall, no later
      than 2:00 pm (New York City time) on the following Business Day, notify in
      writing (which may be done in electronic format) the Trust Administrator of
      the
      amount of the Estimated Swap Termination Payment and the Trust Administrator
      shall promptly on the same day notify the Terminator of the amount of the
      Estimated Swap Termination Payment; and

     

    (iii) Two
      (2)
      Business Days prior to the final Distribution Date specified in the notices
      required pursuant to Sections 9.01(c), (x) the Terminator shall, no later than
      1:00 pm (New York City time) on such day, deliver to the Trust Administrator
      and
      the Trust Administrator shall deposit funds in the Distribution Account in
      an
      amount equal to the sum of the Termination Price (which shall be based on the
      Estimated Swap Termination Payment), and (y) if the Trust Administrator shall
      have determined that the all of the requirements for Optional Termination have
      been met, including without limitation the deposit required pursuant to the
      immediately preceding clause (x) as well as the requirements specified in
      Section 9.01(c), then the Trust Administrator shall, on the same Business Day,
      provide written notice to the Terminator and the Swap Provider confirming (a)
      its receipt of the Termination Price (which shall be based on the Estimated
      Swap
      Termination Payment), and (b) that all other requirements of the Optional
      Termination have been met (the “Optional Termination Notice”). Upon the delivery
      of the Optional Termination Notice by the Trust Administrator pursuant to the
      preceding sentence, (i) the optional termination shall become irrevocable,
      (ii)
      the notice to Certificateholders of such optional termination provided pursuant
      to Section 9.01(c) shall become unrescindable, (iii) the Swap Provider shall
      determine the Swap Termination Payment in accordance with the Interest Rate
      Swap
      Agreement (which shall not exceed the Estimated Swap Termination Payment),
      and
      (iv) the Swap Provider shall provide to the Trust Administrator written notice
      of the amount of the Swap Termination Payment not later than one (1) Business
      Day prior to the final Distribution Date specified in the notices required
      pursuant to Sections 9.01(c).

     

    (c)  Notice
      of
      the liquidation of the Certificates shall be given promptly by the Trust
      Administrator by letter to Certificateholders and the NIMS Insurer mailed (a)
      in
      the event such notice is given in connection with the purchase of the Mortgage
      Loans and each REO Property by the Terminator, not earlier than the
      10th
      day and
      not later than the 20th
      day of
      the month next preceding the month of the final distribution on the Certificates
      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 the Trust Fund will terminate and the final payment in respect
      of the REMIC I Regular Interests and the Certificates will be made upon
      presentation and surrender of the related Certificates at the office of the
      Trust Administrator therein designated, (ii) the amount of any such final
      payment, (iii) that no interest shall accrue in respect of the REMIC I Regular
      Interests or the Certificates from and after the Accrual Period relating to
      the
      final Distribution Date therefor and (iv) 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 Trust
      Administrator. In the event such notice is given in connection with the purchase
      of all of the Mortgage Loans and each REO Property remaining in REMIC I by
      the
      Terminator, the Terminator shall deliver to the Trust Administrator for deposit
      in the Distribution Account not later than the last Business Day of the month
      next preceding the month of the final distribution on the Certificates an amount
      in immediately available funds equal to the Termination Price. The Trust
      Administrator shall remit to the Servicer from such funds deposited in the
      Distribution Account (i) any amounts which the Servicer would be permitted
      to
      withdraw and retain from the Collection Account pursuant to Section 3.11 and
      (ii) any other amounts otherwise payable by the Trust Administrator to the
      Servicer from amounts on deposit in the Distribution Account pursuant to the
      terms of this Agreement, in each case prior to making any final distributions
      pursuant to Section 9.01(d) below. Upon certification to the Trustee and the
      Trust Administrator by the Terminator of the making of such final deposit,
      the
      Trust Administrator shall promptly release to the Terminator the Mortgage Files
      for the remaining Mortgage Loans, and the Trustee shall execute all assignments,
      endorsements and other instruments necessary to effectuate such
      transfer.

     

    (d)  Upon
      presentation of the Certificates by the Certificateholders on the final
      Distribution Date, the Trust Administrator shall distribute to each
      Certificateholder so presenting and surrendering its Certificates the amount
      otherwise distributable on such Distribution Date in accordance with
      Section 4.01 in respect of the Certificates so presented and surrendered.
      Any funds not distributed to any Holder or Holders of Certificates being retired
      on such Distribution Date because of the failure of such Holder or Holders
      to
      tender their Certificates shall, on such date, be set aside and held in trust
      and credited to the account of the appropriate non-tendering Holder or Holders.
      If any Certificates as to which notice has been given pursuant to this
      Section 9.01 shall not have been surrendered for cancellation within six
      months after the time specified in such notice, the Trust Administrator shall
      mail a second notice to the remaining non-tendering Certificateholders to
      surrender their Certificates for cancellation in order to receive the final
      distribution with respect thereto.  If within one year after the second
      notice all such Certificates shall not have been surrendered for cancellation,
      the Trust Administrator shall, directly or through an agent, mail a final notice
      to the remaining non-tendering Certificateholders concerning surrender of their
      Certificates. The costs and expenses of maintaining the funds in trust and
      of
      contacting such Certificateholders shall be paid out of the assets remaining
      in
      the Trust Fund. If within one year after the final notice any such Certificates
      shall not have been surrendered for cancellation, the Trust Administrator shall
      pay to UBS Securities LLC all such amounts, and all rights of non-tendering
      Certificateholders in or to such amounts shall thereupon cease. No interest
      shall accrue or be payable to any Certificateholder on any amount held in trust
      by the Trust Administrator as a result of such Certificateholder’s failure to
      surrender its Certificate(s) for final payment thereof in accordance with this
      Section 9.01. Any such amounts held in trust by the Trust Administrator
      shall be held in an Eligible Account and the Trust Administrator may direct
      any
      depository institution maintaining such account to invest the funds in one
      or
      more Permitted Investments. All income and gain realized from the investment
      of
      funds deposited in such accounts held in trust by the Trust Administrator shall
      be for the benefit of the Trust Administrator; provided, however, that the
      Trust
      Administrator shall deposit in such account the amount of any loss of principal
      incurred in respect of any such Permitted Investment made with funds in such
      accounts immediately upon the realization of such loss.

     

    Immediately
      following the deposit of funds in trust hereunder in respect of the
      Certificates, the Trust Fund shall terminate.

     

    
      	SECTION
              9.02.  	
              Additional
                Termination Requirements.

            

    

     

    (a)  In
      the
      event that the Terminator purchases all the Mortgage Loans and each REO Property
      or the final payment on or other liquidation of the last Mortgage Loan or REO
      Property remaining in REMIC I pursuant to Section 9.01, the Trust Fund
      shall be terminated in accordance with the following additional requirements,
      unless the Trust Administrator and the Servicer have received an Opinion of
      Counsel, which Opinion of Counsel shall be at the expense of the Terminator
      (or
      in connection with a termination resulting from the final payment on or other
      liquidation of the last Mortgage Loan or REO Property remaining in REMIC I,
      which Opinion of Counsel shall be at the expense of the person seeking
      nonadherence to the following additional requirements but which in no event
      shall be at the expense of the Trust Fund or, unless it is the person seeking
      nonadherence to the following additional requirements, the Servicer or the
      Trust
      Administrator), to the effect that the failure of REMIC I to comply with such
      additional requirements of this Section 9.02 will not (A) result in the
      imposition on the Trust Fund of taxes on “prohibited transactions,” as described
      in Section 860F of the Code, or (B) cause REMIC I to fail to qualify as a
      REMIC at any time that any Certificate is outstanding:

     

    (i)  The
      Trust
      Administrator shall specify the first day in the 90-day liquidation period
      in a
      statement attached to each Trust REMIC’s final Tax Return pursuant to Treasury
      regulation Section 1.860F-1 and shall satisfy all requirements of a
      qualified liquidation under Section 860F of the Code and any regulations
      thereunder, as evidenced by an Opinion of Counsel obtained at the expense of
      the
      Terminator;

     

    (ii)  During
      such 90-day liquidation period and, at or prior to the time of making of the
      final payment on the Certificates, the Trustee shall sell all of the assets
      of
      REMIC I to the Terminator for cash; and

     

    (iii)  At
      the
      time of the making of the final payment on the Certificates, the Trust
      Administrator shall distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates all cash on hand in the
      Trust Fund (other than cash retained to meet claims), and the Trust Fund shall
      terminate at that time.

     

    (b)  At
      the
      expense of the Terminator, the Depositor shall prepare or cause to be prepared
      the documentation required in connection with the adoption of a plan of
      liquidation of each Trust REMIC pursuant to this Section 9.02.

     

    (c)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to authorize the
      Trust Administrator to specify the 90-day liquidation period for each Trust
      REMIC, which authorization shall be binding upon all successor
      Certificateholders.

     

     

    ARTICLE
      X

     

    REMIC
      PROVISIONS

     

    
      	SECTION
              10.01.  	
              REMIC
                Administration.

            

    

     

    (a)  The
      Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and,
      if
      necessary, under applicable state law. Each such election will be made by the
      Trustee on Form 1066 or other appropriate federal tax or information return
      or
      any appropriate state return for the taxable year ending on the last day of
      the
      calendar year in which the Certificates are issued. For the purposes of the
      REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be
      designated as the Regular Interests in REMIC I and the Class R-I Interest shall
      be designated as the Residual Interest in REMIC I. For the purposes of the
      REMIC
      election in respect of REMIC II, the REMIC II Regular Interests shall be
      designated as the Regular Interests in REMIC II and the Class R-II Interest
      shall be designated as the Residual Interest in REMIC II. The Class A
      Certificates, the Mezzanine Certificates, the Class CE Interest, the Class
      P
      Interest and the Class Swap-IO Interest shall be designated as the Regular
      Interests in REMIC III and the Class R-III Interest shall be designated as
      the
      Residual Interest in REMIC III. The CE Certificates shall be designated as
      the
      Regular Interests in REMIC IV and the Class R-IV Interest shall be designated
      as
      the Residual Interest in REMIC IV. The Class P Certificates shall be designated
      as the Regular Interests in REMIC V and the Class R-V Interest shall be
      designated as the Residual Interest in REMIC V. REMIC VI Regular Interest
      SWAP-IO shall be designated as the Regular Interests in REMIC VI and the Class
      R-VI Interest shall be designated as the Residual Interest in REMIC VI. The
      Trustee shall not permit the creation of any “interests” in any Trust REMIC
      (within the meaning of Section 860G of the Code) other than the interests
      identified above as Regular Interests or Residual Interests in REMIC I, REMIC
      II, REMIC III, REMIC IV, REMIC V and REMIC VI.

     

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each Trust REMIC
      within the meaning of Section 860G(a)(9) of the Code.

     

    (c)  The
      Trust
      Administrator shall be reimbursed for any and all expenses relating to any
      tax
      audit of the Trust Fund (including, but not limited to, any professional fees
      or
      any administrative or judicial proceedings with respect to any Trust REMIC
      that
      involve the Internal Revenue Service or state tax authorities), including the
      expense of obtaining any tax related Opinion of Counsel except as specified
      herein. The Trust Administrator, as agent for each Trust REMIC’s tax matters
      person shall (i) act on behalf of the Trust Fund in relation to any tax matter
      or controversy involving any Trust REMIC and (ii) represent the Trust Fund
      in
      any administrative or judicial proceeding relating to an examination or audit
      by
      any governmental taxing authority with respect thereto. The holder of the
      largest Percentage Interest of the Residual Certificates shall be designated,
      in
      the manner provided under Treasury Regulations Section 1.860F-4(d) and Treasury
      Regulations Section 301.6231(a)(7)-1, as the tax matters person of the related
      REMIC created hereunder. By their acceptance thereof, the holder of the largest
      Percentage Interest of the Residual Certificates hereby agrees to irrevocably
      appoint the Trust Administrator or an Affiliate as its agent to perform all
      of
      the duties of the tax matters person for the Trust Fund.

     

    (d)  The
      Trust
      Administrator shall prepare, sign and file all of the Tax Returns (including
      Form 8811, which must be filed within 30 days following the Closing Date) in
      respect of each Trust REMIC. The expenses of preparing and filing such returns
      shall be borne by the Trust Administrator without any right of reimbursement
      therefor.

     

    (e)  The
      Trust
      Administrator shall perform on behalf of each Trust REMIC all reporting and
      other tax compliance duties that are the responsibility of such REMIC under
      the
      Code, the REMIC Provisions or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      as required by the Code, the REMIC Provisions or other such compliance guidance,
      the Trust Administrator shall provide (i) to any Transferor of a Residual
      Certificate such information as is necessary for the application of any tax
      relating to the transfer of a Residual Certificate to any Person who is not
      a
      Permitted Transferee, (ii) to the Certificateholders such information or reports
      as are required by the Code or the REMIC Provisions including reports relating
      to interest, original issue discount and market discount or premium (using
      the
      Prepayment Assumption as required) and (iii) to the Internal Revenue Service
      the
      name, title, address and telephone number of the person who will serve as the
      representative of each Trust REMIC. The Depositor shall provide or cause to
      be
      provided to the Trust Administrator, within ten (10) days after the Closing
      Date, all information or data that the Trust Administrator reasonably determines
      to be relevant for tax purposes as to the valuations and issue prices of the
      Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flow of the Certificates.

     

    (f)  The
      Trust
      Administrator shall take such action and shall cause each Trust REMIC to take
      such action as shall be necessary to create or maintain the status thereof
      as a
      REMIC under the REMIC Provisions. Neither the Trust Administrator nor the
      Trustee shall take any action or cause the Trust Fund to take any action or
      fail
      to take (or fail to cause to be taken) any action that, under the REMIC
      Provisions, if taken or not taken, as the case may be, could (i) endanger the
      status of any Trust REMIC as a REMIC or (ii) result in the imposition of a
      tax
      upon the Trust Fund (including but not limited to the tax on prohibited
      transactions as defined in Section 860F(a)(2) of the Code and the tax on
      contributions to a REMIC set forth in Section 860G(d) of the Code) (either
      such event, an “Adverse REMIC Event”) unless the Trustee, the Trust
      Administrator and the NIMS Insurer have received an Opinion of Counsel,
      addressed to the Trustee, the NIMS Insurer and the Trust Administrator (at
      the
      expense of the party seeking to take such action but in no event at the expense
      of the Trustee or the Trust Administrator) to the effect that the contemplated
      action will not, with respect to any Trust REMIC, endanger such status or result
      in the imposition of such a tax, nor shall the Servicer take or fail to take
      any
      action (whether or not authorized hereunder) as to which the Trustee, the Trust
      Administrator or the NIMS Insurer has advised it in writing that it has received
      an Opinion of Counsel to the effect that an Adverse REMIC Event could occur
      with
      respect to such action; provided that the Servicer may conclusively rely on
      such
      Opinion of Counsel and shall incur no liability for its action or failure to
      act
      in accordance with such Opinion of Counsel. In addition, prior to taking any
      action with respect to any Trust REMIC or the respective assets of each, or
      causing any Trust REMIC to take any action, which is not contemplated under
      the
      terms of this Agreement, the Servicer will consult with the Trustee, the Trust
      Administrator, the Master Servicer, the NIMS Insurer or their respective
      designees, in writing, with respect to whether such action could cause an
      Adverse REMIC Event to occur with respect to any Trust REMIC and the Servicer
      shall not take any such action or cause any Trust REMIC to take any such action
      as to which the Trustee, the Trust Administrator, the Master Servicer or the
      NIMS Insurer has advised it in writing that an Adverse REMIC Event could occur;
      provided that the Servicer may conclusively rely on such writing and shall
      incur
      no liability for its action or failure to act in accordance with such writing.
      The Trustee, the Trust Administrator, the Master Servicer or the NIMS Insurer
      may consult with counsel to make such written advice, and the cost of same
      shall
      be borne by the party seeking to take the action not permitted by this
      Agreement, but in no event shall such cost be an expense of the Trustee, the
      Trust Administrator or the Master Servicer. At all times as may be required
      by
      the Code, the Trust Administrator will ensure that substantially all of the
      assets of REMIC I will consist of “qualified mortgages” as defined in
      Section 860G(a)(3) of the Code and “permitted investments” as defined in
      Section 860G(a)(5) of the Code, to the extent such obligations are within
      the Trust Administrator’s control and not otherwise inconsistent with the terms
      of this Agreement.

     

    (g)  In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC created
      hereunder as defined in Section 860F(a)(2) of the Code, on the “net income
      from foreclosure property” of such REMIC as defined in Section 860G(c) of
      the Code, on any contributions to any such REMIC after the Startup Day therefor
      pursuant to Section 860G(d) of the Code, or any other tax is imposed by the
      Code or any applicable provisions of state or local tax laws, such tax shall
      be
      charged (i) to the Trust Administrator pursuant to Section 10.03 hereof, if
      such tax arises out of or results from a breach by the Trust Administrator
      of
      any of its obligations under this Article X, (ii) to the Trustee pursuant to
      Section 10.03 hereof, if such tax arises out of or results from a breach by
      the Trustee of any of its obligations under this Article X, (iii) to the Master
      Servicer pursuant to Section 10.03 hereof, if such tax arises out of or
      results from a breach by the Master Servicer of any of its obligations under
      Article III or this Article X, (iv) to the Servicer pursuant to
      Section 10.03 hereof, if such tax arises out of or results from a breach by
      the Master Servicer of any of its obligations under Article III or this Article
      X or (v) against amounts on deposit in the Distribution Account and shall be
      paid by withdrawal therefrom.

     

    (h)  [Reserved].

     

    (i)  The
      Trust
      Administrator shall, for federal income tax purposes, maintain books and records
      with respect to each Trust REMIC on a calendar year and on an accrual
      basis.

     

    (j)  Following
      the Startup Day, none of the Servicer, the Master Servicer, the Trust
      Administrator or the Trustee shall accept any contributions of assets to any
      Trust REMIC other than in connection with any Qualified Substitute Mortgage
      Loan
      delivered in accordance with Section 2.03 unless it shall have received an
      Opinion of Counsel to the effect that the inclusion of such assets in the Trust
      Fund will not cause the related REMIC to fail to qualify as a REMIC at any
      time
      that any Certificates are outstanding or subject such REMIC to any tax under
      the
      REMIC Provisions or other applicable provisions of federal, state and local
      law
      or ordinances.

     

    (k)  None
      of
      the Trustee, the Trust Administrator, the Servicer or the Master Servicer shall
      enter into any arrangement by which any Trust REMIC will receive a fee or other
      compensation for services nor permit either REMIC to receive any income from
      assets other than “qualified mortgages” as defined in Section 860G(a)(3) of
      the Code or “permitted investments” as defined in Section 860G(a)(5) of the
      Code.

     

    
      	SECTION
              10.02.  	
              Prohibited
                Transactions and Activities.

            

    

     

    None
      of
      the Depositor, the Servicer, the Master Servicer, the Trust Administrator or
      the
      Trustee shall sell, dispose of or substitute for any of the Mortgage Loans
      (except in connection with (i) the foreclosure of a Mortgage Loan, including
      but
      not limited to, the acquisition or sale of a Mortgaged Property acquired by
      deed
      in lieu of foreclosure, (ii) the bankruptcy of REMIC I, (iii) the termination
      of
      REMIC I pursuant to Article IX of this Agreement, (iv) a substitution pursuant
      to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant
      to
      Article II or III of this Agreement), nor acquire any assets for any Trust
      REMIC
      (other than REO Property acquired in respect of a defaulted Mortgage Loan),
      nor
      sell or dispose of any investments in the Collection Account or the Distribution
      Account for gain, nor accept any contributions to any Trust REMIC after the
      Closing Date (other than a Qualified Substitute Mortgage Loan delivered in
      accordance with Section 2.03), unless it has received an Opinion of
      Counsel, addressed to the Trustee, the Trust Administrator and the NIMS Insurer
      (at the expense of the party seeking to cause such sale, disposition,
      substitution, acquisition or contribution but in no event at the expense of
      the
      Trustee or the Trust Administrator) that such sale, disposition, substitution,
      acquisition or contribution will not (a) affect adversely the status of any
      Trust REMIC as a REMIC or (b) cause any Trust REMIC to be subject to a tax
      on
“prohibited transactions” or “contributions” pursuant to the REMIC
      Provisions.

     

    
      	SECTION
              10.03.  	
              Servicer,
                Master Servicer and Trustee
                Indemnification.

            

    

     

    (a)  In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to (i)
      the
      negligent performance by the Trustee or the Trust Administrator of its duties
      and obligations set forth herein or (ii) any state, local or franchise taxes
      imposed upon the Trust Fund as a result of the location of the Trustee or the
      Trust Administrator or any co-trustee, the Trustee or the Trust Administrator,
      as applicable, shall indemnify the NIMS Insurer, the Servicer, the Master
      Servicer and the Trust Fund against any and all Losses resulting from such
      negligence, including, without limitation, any reasonable attorneys’ fees
      imposed on or incurred as a result of a breach of the Trustee’s or the Trust
      Administrator’s, as applicable, or any co-trustee’s covenants; provided,
      however,
      that
      the Trustee or the Trust Administrator, as applicable, shall not be liable
      for
      any such Losses attributable to the action or inaction of any Servicer, the
      Master Servicer, the Depositor or the Holder of such Residual Certificate,
      as
      applicable, nor for any such Losses resulting from misinformation provided
      by
      the Holder of such Residual Certificate on which the Trustee or the Trust
      Administrator, as applicable, has relied. The foregoing shall not be deemed
      to
      limit or restrict the rights and remedies of the Holder of such Residual
      Certificate now or hereafter existing at law or in equity. Notwithstanding
      the
      foregoing, however, in no event shall the Trustee or the Trust Administrator,
      as
      applicable, have any liability (1) for any action or omission that is taken
      in
      accordance with and in compliance with the express terms of, or which is
      expressly permitted by the terms of, this Agreement, (2) for any Losses other
      than arising out of a negligent performance by the Trustee or the Trust
      Administrator, as applicable, of its duties and obligations set forth herein,
      and (3) for any special or consequential damages to Certificateholders (in
      addition to payment of principal and interest on the Certificates).

     

    (b)  In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to the
      negligent performance by the Master Servicer of its duties and obligations
      set
      forth herein, the Master Servicer shall indemnify the NIMS Insurer, the
      Servicer, the Trustee, the Trust Administrator and the Trust Fund against any
      and all losses, claims, damages, liabilities or expenses (“Losses”) resulting
      from such negligence, including, without limitation, any reasonable attorneys’
fees imposed on or incurred as a result of a breach of the Master Servicer’s
      covenants; provided,
      however,
      that
      the Master Servicer shall not be liable for any such Losses attributable to
      the
      action or inaction of the Trustee, the Trust Administrator, any Servicer, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Master Servicer has relied. The foregoing
      shall not be deemed to limit or restrict the rights and remedies of the Holder
      of such Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Master Servicer
      have any liability (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any Losses other than arising
      out of a negligent performance by the Master Servicer of its duties and
      obligations set forth herein, and (3) for any special or consequential damages
      to Certificateholders (in addition to payment of principal and interest on
      the
      Certificates).

     

    (c)  In
      the
      event that any Trust REMIC fails to qualify as a REMIC, loses its status as
      a
      REMIC, or incurs federal, state or local taxes as a result of a prohibited
      transaction or prohibited contribution under the REMIC Provisions due to (i)
      the
      negligent performance by the Servicer of its duties and obligations set forth
      herein or (ii) any state, local or franchise taxes imposed upon the Trust Fund
      as a result of the location of the Servicer or any sub-servicer, the Servicer
      shall indemnify the NIMS Insurer, the Master Servicer, the Trustee, the Trust
      Administrator and the Trust Fund against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence, including,
      without limitation, any reasonable attorneys’ fees imposed on or incurred as a
      result of a breach of the Servicer’s or any sub-servicer’s covenants;
provided,
      however,
      that
      the Servicer shall not be liable for any such Losses attributable to the action
      or inaction of the Master Servicer, the Trustee, the Trust Administrator, the
      Depositor or the Holder of such Residual Certificate, as applicable, nor for
      any
      such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Servicer has relied. The foregoing shall
      not
      be deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Servicer have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Servicer of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	SECTION
              11.01.  	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer,
      the
      Master Servicer, the Trust Administrator and the Trustee with the consent of
      the
      NIMS Insurer and without the consent of any of the Certificateholders, (i)
      to
      cure any ambiguity or defect, (ii) to correct, modify or supplement any
      provisions herein (including to give effect to the expectations of
      Certificateholders), or (iii) to make any other provisions with respect to
      matters or questions arising under this Agreement which shall not be
      inconsistent with the provisions of this Agreement, provided that such action
      shall not adversely affect in any material respect the interests of any
      Certificateholder as evidenced by either (i) an Opinion of Counsel delivered
      to
      the Servicer, the Master Servicer, the Trustee, the Trust Administrator and
      the
      NIMS Insurer or (ii) confirmation from the Rating Agencies, delivered to the
      Servicer, the Master Servicer, the Trustee, the Trust Administrator and the
      NIMS
      Insurer, that such amendment will not result in the reduction or withdrawal
      of
      the rating of any outstanding Class of Certificates. No amendment shall be
      deemed to adversely affect in any material respect the interests of any
      Certificateholder who shall have consented thereto, and no Opinion of Counsel
      shall be required to address the effect of any such amendment on any such
      consenting Certificateholder.

     

    This
      Agreement may also be amended from time to time by the Depositor, the Servicer,
      the Master Servicer, the Trust Administrator, the NIMS Insurer and the Trustee
      with the consent of the NIMS Insurer and the Holders of Certificates entitled
      to
      at least 66% 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 Swap Provider or 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, (ii) adversely affect in any material
      respect the interests of the Swap Provider or Holders of any Class of
      Certificates (as evidenced by either (i) an Opinion of Counsel delivered to
      the
      Trustee and the NIMS Insurer or (ii) confirmation from the Rating Agencies,
      delivered to the Servicer, the Master Servicer, the Trustee and the NIMS
      Insurer, that such action will not result in the reduction or withdrawal of
      the
      rating of any outstanding Class of Certificates) in a manner, other than as
      described in (i), or (iii) modify the consents required by the immediately
      preceding clauses (i) and (ii) 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 11.01, Certificates registered in the name of the Depositor,
      the Servicer or the Master Servicer or any Affiliate thereof shall be entitled
      to Voting Rights with respect to matters affecting such
      Certificates.

     

    Notwithstanding
      any contrary provision of this Agreement, none of the Trustee, the Trust
      Administrator or the NIMS Insurer shall consent to any amendment to this
      Agreement unless it shall have first received an Opinion of Counsel satisfactory
      to the NIMS Insurer to the effect that such amendment will not result in the
      imposition of any tax on any Trust REMIC pursuant to the REMIC Provisions or
      cause any Trust REMIC to fail to qualify as a REMIC at any time that any
      Certificates are outstanding.

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the Depositor, the
      Servicer, the Master Servicer, the Trust Administrator or the Trustee shall
      enter into any amendment to Section 4.01(e), 4.08, Section 9.01, Section 11.09
      or Section 11.10 of this Agreement or any other amendment which would adversely
      affect in any material respect the Swap Provider’s rights under this Agreement
      without the prior written consent of the Swap Provider.

     

    Promptly
      after the execution of any such amendment the Trust Administrator shall notify
      each Certificateholder and make available to each Certificateholder and the
      NIMS
      Insurer a copy of such amendment.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 11.01 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 Trust Administrator may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 11.01
      shall be borne by the Person seeking the related amendment, but in no event
      shall such Opinion of Counsel be an expense of the Trustee or the Trust
      Administrator.

     

    The
      Trustee and the Trust Administrator may, but neither shall be obligated to
      enter
      into any amendment pursuant to this Section that affects its rights, duties
      and immunities under this Agreement or otherwise.

     

    
      	SECTION
              11.02.  	
              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 Servicer at the expense
      of
      the Certificateholders, but only upon direction of the Trustee or the Trust
      Administrator 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
              11.03.  	
              Limitation
                on Rights of Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust, 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, or the obligations of the parties hereto, nor shall anything herein
      set
      forth, or contained in the terms of any 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 person 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 written notice of default 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 15 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 whatsoever 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
              11.04.  	
              Governing
                Law.

            

    

     

    This
      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
              11.05.  	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when received if personally delivered at or
      mailed by first class mail, postage prepaid, or by express delivery service
      or
      delivered in any other manner specified herein, to (a) in the case of the
      Depositor, 1285 Avenue of the Americas, New York, New York 10019, Attention:
      Legal (telecopy number (212) 713-2080), or such other address or telecopy number
      as may hereafter be furnished to the Servicer, the Master Servicer, the Trust
      Administrator, the NIMS Insurer and the Trustee in writing by the Depositor,
      (b)
      in the case of the Servicer, HomEq Servicing Corporation, 4837 Watt Avenue,
      North Highlands, California 95660-5101, Attention: Portfolio Management,
      Facsimile No. (916) 339-6995 with a copy to HomEq Servicing Corporation, 1620
      East Roseville Parkway, Suite 210, 2nd Floor, Roseville, California 95661,
      Attention: Legal Department, Facsimile No. (916) 339-6995, or such other address
      or telecopy number as may hereafter be furnished to the Depositor, the Master
      Servicer, the Trust Administrator and the Trustee in writing by the Servicer
      (c)
      in the case of the Master Servicer, Custodian or the Trust Administrator, Wells
      Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046, Attention: Client
      Manager-MASTR 2006-HE3 (telecopy number (410) 715-2380), with a copy to Wells
      Fargo Bank, N.A., 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention:
      Client Manager-MASTR 2006-HE3 (telecopy number (410) 715-2380), with a copy
      to
      Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis,
      Minnesota 55479, Attention: Client Manager-MASTR 2006-HE3, or such other address
      or telecopy number as may hereafter be furnished to the Servicer, the Trustee,
      the NIMS Insurer and the Depositor in writing by the Master Servicer, (c) in
      the
      case of the Trustee, 60 Livingston Avenue, EP-MN-WS3D, St. Paul, Minnesota
      55107, Attention: Structured Finance/MASTR 2006-HE3 (telecopy number (651)
      495-8090), or such other address or telecopy number as may hereafter be
      furnished to the Depositor, the Servicer, the NIMS Insurer, the Trust
      Administrator and the Master Servicer in writing by the Trustee, or such other
      address or telecopy number as may hereafter be furnished to the Master Servicer,
      the NIMS Insurer and the Depositor in writing by the Trustee, (d) in the case
      of
      the Credit Risk Manager, 1700 Lincoln Street, Suite 1600, Denver, Colorado
      80203, Attention: General Counsel, or such other address or telecopy number
      as
      may hereafter be furnished to the Depositor, the Servicer, the Trustee and
      the
      NIMS Insurer and (e) in the case of the NIMS Insurer, if any, the address set
      forth in the Indenture, or such other address or telecopy number as may
      hereafter be furnished to the Master Servicer, the Trust Administrator, the
      Depositor and the Trustee in writing by the NIMS Insurer. Any notice required
      or
      permitted to be given 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 when mailed, whether
      or
      not the Certificateholder receives such notice. A copy of any notice required
      to
      be telecopied hereunder also shall be mailed to the appropriate party in the
      manner set forth above.

     

    
      	SECTION
              11.06.  	
              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
              11.07.  	
              Notice
                to Rating Agencies and the NIMS
                Insurer.

            

    

     

    The
      Trust
      Administrator shall use its best efforts promptly to provide notice to the
      Rating Agencies and the NIMS Insurer 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 Servicer Event of Default or Master Servicer Event of Default
      that has not been cured or waived;

     

    (3)  The
      resignation or termination of the Master Servicer, the Trust Administrator
      or
      the Trustee;

     

    (4)  The
      repurchase or substitution of Mortgage Loans pursuant to or as contemplated
      by
      Section 2.03;

     

    (5)  The
      final
      payment to the Holders of any Class of Certificates;

     

    (6)  Any
      change in the location of the Collection Account or the Distribution
      Account;

     

    (7)  Any
      event
      that would result in the inability of the Master Servicer to make advances
      regarding delinquent Mortgage Loans to the same extent the Servicer is required
      to make such advances as provided in Section 4.03; and

     

    (8)  The
      filing of any claim under any Servicer’s blanket bond and errors and omissions
      insurance policy required by Section 3.14 or the cancellation or material
      modification of coverage under any such instrument.

     

    In
      addition, the Trust Administrator shall promptly make available to each Rating
      Agency and the NIMS Insurer copies of each report to Certificateholders
      described in Section 4.02 and the Master Servicer shall promptly make
      available to each Rating Agency copies of the following:

     

    (1)  Each
      annual statement as to compliance described in Section 3.20;

     

    (2)  Each
      annual independent public accountants’ servicing report described in
      Section 3.21;

     

    (3)  Any
      notice delivered pursuant to Section 7.01

     

    Any
      such
      notice pursuant to this Section 11.07 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service to Moody’s Investors Service
      Inc., 99 Church Street, New York, New York 10004 and Standard & Poor’s
      Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
      Street, New York, New York 10007, or such other addresses as the Rating Agencies
      may designate in writing to the parties hereto.

     

    
      	SECTION
              11.08.  	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	SECTION
              11.09.  	
              Grant
                of Security Interest.

            

    

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee, be, and be construed as, a sale of the Mortgage
      Loans by the Depositor and not a pledge of the Mortgage Loans to secure a debt
      or other obligation of the Depositor. However, in the event that,
      notwithstanding the aforementioned intent of the parties, the Mortgage Loans
      are
      held to be property of the Depositor, then, (a) it is the express intent of
      the
      parties 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
      and (b)(1) this Agreement shall also be deemed to be a security agreement within
      the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect
      from
      time to time in the State of New York; (2) the conveyance provided for in
      Section 2.01 hereof shall be deemed to be a grant by the Depositor to the
      Trustee of a security interest in all of the Depositor’s right, title and
      interest in and to the Mortgage Loans and all amounts payable to the holders
      of
      the Mortgage Loans and the Swap Provider in accordance with the terms thereof
      and all proceeds of the conversion, voluntary or involuntary, of the foregoing
      into cash, instruments, securities or other property, including without
      limitation all amounts, other than investment earnings, from time to time held
      or invested in the Collection Account and the Distribution Account, whether
      in
      the form of cash, instruments, securities or other property; (3) the obligations
      secured by such security agreement shall be deemed to be all of the Depositor’s
      obligations under this Agreement, including the obligation to provide to the
      Certificateholders and the Swap Provider the benefits of this Agreement relating
      to the Mortgage Loans and the Trust Fund; and (4) 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. Accordingly, the Depositor hereby
      grants to the Trustee a security interest in the Mortgage Loans and all other
      property described in clause (2) of the preceding sentence, for the purpose
      of
      securing to the Trustee the performance by the Depositor of the obligations
      described in clause (3) of the preceding sentence. Notwithstanding the
      foregoing, the parties hereto intend the conveyance pursuant to
      Section 2.01 to be a true, absolute and unconditional sale of the Mortgage
      Loans and assets constituting the Trust Fund by the Depositor to the
      Trustee.

     

    
      	SECTION
              11.10.  	
              Third
                Party Rights.

            

    

     

    Each
      of
      the NIMS Insurer and the Swap Provider shall be deemed a third-party beneficiary
      of this Agreement to the same extent as if it were a party hereto, and shall
      have the right to enforce the provisions of this Agreement.

     

    
      	SECTION
              11.11.  	
              Intention
                of the Parties and Interpretation.

            

    

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 3.20,
      3.21 and 4.06 of this Agreement is to facilitate compliance by the Depositor
      with the provisions of Regulation AB promulgated by the SEC under the Exchange
      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 Commission from time to time. Therefore, each of the parties hereto
      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 reasonably 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, to the extent practicable from a timing and
      information systems perspective and to the extent that the Depositor will pay
      any increased costs of the Trustee and Trust Administrator caused by such
      request, with requests made by the Depositor for delivery of additional or
      different information as 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.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    

      
        	 	
                MORTGAGE
                  ASSET SECURITIZATION TRANSACTIONS, INC.,

              
	 	
                as
                  Depositor

                 

              
	 	
                By:
                  /s/ Vadim
                  Khoper                    
                  

              
	 	
                Name:
                  Vadim Khoper

              
	 	
                Title:
                  Associate Director

                 

              
	 	
                By:
                  /s/ Steven
                  Warjanka               
                  

              
	 	
                Name:
                  Steven Warjanka

              
	 	
                Title:
                  Director

              
	 	
                 

                WELLS
                  FARGO BANK, N.A.,

              
	 	
                as
                  Master Servicer, Trust Administrator and Custodian

                 

              
	 	
                By:
                  /s/ Graham
                  Oglesby                
                  

              
	 	
                Name:
                  Graham Oglesby

              
	 	
                Title:
                  Assistant Vice President 

              
	 	
                 

                HOMEQ
                  SERVICING CORPORATION,

              
	 	
                as
                  Servicer

                 

              
	 	
                By:
                  /s/ Arthur
                  Lyon                       
                  

              
	 	
                Name:
                  Arthur Lyon

              
	 	
                Title:
                  President

              
	 	 
	 	
                U.S.
                  BANK NATIONAL ASSOCIATION,

              
	 	
                as
                  Trustee

                 

              
	 	
                By:
                  /s/ Toby
                  Robillard                  
                  

              
	 	
                Name:
                  Toby Robillard

              
	 	
                Title:
                  Assistant Vice President

              

      

    

    
      	
              For
                purposes of Sections 6.08, 6.09 and 6.10:

            
	
              CLAYTON
                FIXED INCOME SERVICES INC.

               

            
	
              By:/s/
                Kevin J.
                Kanouff                      
                

            
	
              Name:
                Keven J. Kanouff

            
	
              Title:
                President and General Counsel

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

     

    On
      the
      ___ day of August 2006, before me, a notary public in and for said State,
      personally appeared ________________________ and ________________________,
      known
      to me to be a(n) ________________________ and ________________________,
      respectively, of Mortgage Asset Securitization Transactions, Inc., one of the
      corporations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    _____________________________

    Notary
      Public

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF_____________

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF___________

            	
              )

            	 

    

    

    On
      the
      ____ day of August 2006, before me, a notary public in and for said State,
      personally appeared ________________________ known to me to be a(n)
      ________________________ of Wells Fargo Bank, N.A., one of the corporations
      that
      executed the within instrument, and also known to me to be the person who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ___________________________

    Notary
      Public

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF MARYLAND

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF HOWARD

            	
              )

            	 

    

    

    On
      the
      ____ day of August 2006, before me, a notary public in and for said State,
      personally appeared ________________________ known to me to be a(n)
      ________________________ of HomEq Servicing Corporation, one of the corporations
      that executed the within instrument, and also known to me to be the person
      who
      executed it on behalf of said corporation, and acknowledged to me that such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ___________________________

    Notary
      Public

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF MINNESOTA

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF RAMSEY

            	
              )

            	 

    

    

     

    On
      the
      ____ day of August 2006, before me, a notary public in and for said State,
      personally appeared ________________________, known to me to be a(n)
      ________________________ of U.S. Bank National Association, one of the
      corporations that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of said corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    ____________________________

    Notary
      Public

    [Notarial
      Seal]

     

    

    
       

      
 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
        A-A-1

       

      FORM
        OF
        CLASS A-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

      

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class A-1 Certificates as of the Issue 

                Date:
                  $ 234,900,000.00

                 

                Denomination:
                  $234,900,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AA 7 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE
        MASTER SERVICER, THE
        TRUST
        ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
        THIS
        CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
        OR
        INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class A-1
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class A-1 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        A-1 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator and
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, N.A., not in its 

                individual
                  capacity, but solely as Trust 

                Administrator
                  for the MASTR Asset 

                Backed
                  Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates

                 

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Officer

              

      

       

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, N.A.,

                as
                  Trust Administrator 

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Signatory

              

      

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________ 

      
        	 	 
	 	.

      

       

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of a like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
 

      EXHIBIT
        A-A-2

       

      FORM
        OF
        CLASS A-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

      

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class A-2 Certificates as of the Issue 

                Date:
                  $67,700,000.00

                 

                Denomination:
                  $67,700,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AB 5 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class A-2
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class A-2 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        A-2 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          	 	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A., not in its 

                    individual
                      capacity, but solely as Trust 

                    Administrator
                      for the MASTR Asset 

                    Backed
                      Securities Trust 2006-HE3, 

                    Mortgage
                      Pass-Through Certificates

                  

                   

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                
	 	
                  Authorized
                    Officer

                

        

         

         

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        
          	 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator 

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                
	 	
                  Authorized
                    Signatory

                

        

      

       

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________ 

      
        
          	 	 
	 	.

        

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of a like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      EXHIBIT
        A-3

       

      FORM
        OF
        CLASS A-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

      

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class A-3 Certificates as of the Issue 

                Date:
                  $92,750,000.00

                 

                Denomination:
                  $92,750,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AC 3 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class A-3
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class A-3 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        A-3 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, N.A., not in its 

                individual
                  capacity, but solely as Trust 

                Administrator
                  for the MASTR Asset 

                Backed
                  Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates

                 

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                Authorized
                  Officer

              

      

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        	 	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator 

                

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      EXHIBIT
        A-A-4

       

      FORM
        OF
        CLASS A-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

      

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class A-4 Certificates as of the Issue 

                Date:
                  $51,281,000.00

                 

                Denomination:
                  $51,281,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AD 1 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class A-4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        A-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class A-4
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class A-4 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        A-4 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the
        Custodian, the NIMS Insurer, if any, and the rights of the Certificateholders
        under the Agreement at any time by the Depositor, the Master Servicer, the
        Servicer, the Trust Administrator, the Trustee and the NIMS Insurer, if any,
        without the consent on the Certificateholders or with the consent of the
        Holders
        of Certificates entitled to at least 66% of the Voting Rights as further
        set
        forth in the Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator , or
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          	 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A., not in its 

                  individual
                    capacity, but solely as Trust 

                  Administrator
                    for the MASTR Asset 

                  Backed
                    Securities Trust 2006-HE3, 

                  Mortgage
                    Pass-Through Certificates

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Officer

                

        

         

      

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        
          	 	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      EXHIBIT
        A-M-1

       

      FORM
        OF
        CLASS M-1 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
        IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-1 Certificates as of the Issue 

                Date:
                  $19,419,000.00

                 

                Denomination:
                  $19,419,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AE 9 

                 

              

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-1 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-1 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-1
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-1 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-1 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          
            	 	 	 
	 	
                    WELLS
                      FARGO BANK, N.A., not in its 

                    individual
                      capacity, but solely as Trust 

                    Administrator
                      for the MASTR Asset 

                    Backed
                      Securities Trust 2006-HE3, 

                    Mortgage
                      Pass-Through Certificates

                     

                  
	 
 	 
 	 
 
	 	By:	 
	 	
                    
                      

                    

                  
	 	
                    Authorized
                      Officer

                  

          

           

        

      

      
 

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        
          	 	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      EXHIBIT
        A-M-2

       

      FORM
        OF
        CLASS M-2 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M-1
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-2 Certificates as of the Issue 

                Date:
                  $17,750,000.00

                 

                Denomination:
                  $17,750,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AF 6 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-2 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-2 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-2
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-2 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-2 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          	 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A., not in its 

                  individual
                    capacity, but solely as Trust 

                  Administrator
                    for the MASTR Asset 

                  Backed
                    Securities Trust 2006-HE3, 

                  Mortgage
                    Pass-Through Certificates

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Officer

                

        

         

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        
          	 	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      EXHIBIT
        A-M-3

       

      FORM
        OF
        CLASS M-3 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES AND THE CLASS M-2 CERTIFICATES TO THE EXTENT DESCRIBED IN THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-3 Certificates as of the Issue 

                Date:
                  $10,268,000.00

                 

                Denomination:
                  $10,268,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AG 4 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-3 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-3 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-3
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-3 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-3 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          
            	 	 	 
	 	
                    WELLS
                      FARGO BANK, N.A., not in its 

                    individual
                      capacity, but solely as Trust 

                    Administrator
                      for the MASTR Asset 

                    Backed
                      Securities Trust 2006-HE3, 

                    Mortgage
                      Pass-Through Certificates

                     

                  
	 
 	 
 	 
 
	 	By:	 
	 	
                    
                      

                    

                  
	 	
                    Authorized
                      Officer

                  

          

           

          
            
 

          

        

      

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        
          
            	 	 	 
	 	
                    
                      WELLS
                        FARGO BANK, N.A.,

                      as
                        Trust Administrator 

                    

                     

                  
	 
 	 
 	 
 
	 	By:	 
	 	
                    
                      

                    

                  
	 	
                    
                      Authorized
                        Signatory

                    

                  

          

           

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      EXHIBIT
        A-M-4

       

      FORM
        OF
        CLASS M-4 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES AND THE CLASS M-3 CERTIFICATES TO
        THE
        EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-4 Certificates as of the Issue 

                Date:
                  $8,877,000.00

                 

                Denomination:
                  $8,877,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AH 2 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-4 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-4 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-4
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-4 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-4 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Custodian, the Trust
        Administrator or the Trustee may treat the Person in whose name this Certificate
        is registered as the owner hereof for all purposes, and none of the Depositor,
        the Master Servicer, the Trust Administrator, the Trustee nor any such agent
        shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          	 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A., not in its 

                  individual
                    capacity, but solely as Trust 

                  Administrator
                    for the MASTR Asset 

                  Backed
                    Securities Trust 2006-HE3, 

                  Mortgage
                    Pass-Through Certificates

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Officer

                

        

         

         

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        
          	 	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

        
 

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

       
        
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      
 

      EXHIBIT
        A-M-5

       

      FORM
        OF
        CLASS M-5 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES AND
        THE
        CLASS M-4 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-5 Certificates as of the Issue 

                Date:
                  $8,877,000.00

                 

                Denomination:
                  $8,877,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AJ 8 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-5 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-5 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-5
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-5 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-5 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August ___, 2006

      
        
          	 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A., not in its 

                  individual
                    capacity, but solely as Trust 

                  Administrator
                    for the MASTR Asset 

                  Backed
                    Securities Trust 2006-HE3, 

                  Mortgage
                    Pass-Through Certificates

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Officer

                

        

      

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        
          	 	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _________________________________________________________________ 

      
        
          	 	 
	 	.

        

      

      (Please
        print or typewrite name, address including postal zip code, and Taxpayer
        Identification Number of assignee) a Percentage Interest equal to ____%
        evidenced by the within Mortgage Pass-Through Certificates and hereby
        authorize(s) the registration of transfer of such interest to assignee on
        the
        Certificate Register of the Trust Fund.

       

      I
        (we)
        further direct the Trust Administrator to issue a new Certificate of a like
        Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      EXHIBIT
        A-M-6

       

      FORM
        OF
        CLASS M-6 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES AND THE CLASS M-5 CERTIFICATES TO THE EXTENT DESCRIBED IN
        THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-6 Certificates as of the Issue 

                Date:
                  $8,322,000.00

                 

                Denomination:
                  $8,322,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AK 5 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-6 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-6 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-6
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-6 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-6 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August ___, 2006

      
        	
              	 	 
	 	
                WELLS
                  FARGO BANK, N.A., not in its 

                individual
                  capacity, but solely as Trust 

                Administrator
                  for the MASTR Asset 

                Backed
                  Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates

                 

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                Authorized
                  Officer

              

      

       

      
 

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        	
              	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator 

                

                 

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      EXHIBIT
        A-M-7

       

      FORM
        OF
        CLASS M-7 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES AND THE CLASS M-6 CERTIFICATES
        TO
        THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-7 Certificates as of the Issue 

                Date:
                  $7,767,000.00

                 

                Denomination:
                  $7,767,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AL 3 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-7 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-7 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-7
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-7 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-7 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          	
                	 	 
	 	
                  WELLS
                    FARGO BANK, N.A., not in its 

                  individual
                    capacity, but solely as Trust 

                  Administrator
                    for the MASTR Asset 

                  Backed
                    Securities Trust 2006-HE3, 

                  Mortgage
                    Pass-Through Certificates

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Officer

                

        

         

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        
          	
                	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      EXHIBIT
        A-M-8

       

      FORM
        OF
        CLASS M-8 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES
        AND THE
        CLASS M-7 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-8 Certificates as of the Issue 

                Date:
                  $6,657,000.00

                 

                Denomination:
                  $6,657,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AM 1 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE
        MASTER SERVICER, THE
        TRUST
        ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
        THIS
        CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY
        OR
        INSTRUMENTALITY OF THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-8 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-8 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-8
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-8 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-8 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August ___, 2006

      
        
          
            	
                  	 	 
	 	
                    WELLS
                      FARGO BANK, N.A., not in its 

                    individual
                      capacity, but solely as Trust 

                    Administrator
                      for the MASTR Asset 

                    Backed
                      Securities Trust 2006-HE3, 

                    Mortgage
                      Pass-Through Certificates

                     

                  
	 
 	 
 	 
 
	 	By:	 
	 	
                    
                      

                    

                  
	 	
                    Authorized
                      Officer

                  

          

        

      

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        
          	
                	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       
        
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

      EXHIBIT
        A-M-9

       

      FORM
        OF
        CLASS M-9 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES AND THE CLASS M-8 CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-9 Certificates as of the Issue 

                Date:
                  $4,715,000.00

                 

                Denomination:
                  $4,715,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AN 9 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-9 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-9 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-9
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-9 Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        M-9 Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Custodian, the Trust
        Administrator or the Trustee may treat the Person in whose name this Certificate
        is registered as the owner hereof for all purposes, and none of the Depositor,
        the Master Servicer, the Custodian, the Trust Administrator, the Trustee
        nor any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August ___, 2006

      
        	
              	 	 
	 	
                WELLS
                  FARGO BANK, N.A., not in its 

                individual
                  capacity, but solely as Trust 

                Administrator
                  for the MASTR Asset 

                Backed
                  Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates

                 

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                Authorized
                  Officer

              

      

       

       

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        	
              	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator 

                

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

       

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      EXHIBIT
        A-M-10

       

      FORM
        OF
        CLASS M-10 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES AND THE CLASS M-9
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-10 Certificates as of the Issue 

                Date:
                  $3,883,000.00

                 

                Denomination:
                  $3,883,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AP 4 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-10 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-10 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-10
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-10 Certificates the aggregate initial
        Certificate Principal Balance of which is in excess of the lesser of (i)
        $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
        Balance of the Class M-10 Certificates, or otherwise by check mailed by first
        class mail 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 by the
        Trust Administrator of the pendency of such distribution and only upon
        presentation and surrender of this Certificate at the office or agency appointed
        by the Trust Administrator for that purpose as provided in the
        Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        	
              	 	 
	 	
                WELLS
                  FARGO BANK, N.A., not in its 

                individual
                  capacity, but solely as Trust 

                Administrator
                  for the MASTR Asset 

                Backed
                  Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates

                 

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                Authorized
                  Officer

              

      

      
 

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        	
              	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator 

                

                 

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
 

      EXHIBIT
        A-M-11

       

      FORM
        OF
        CLASS M-11 CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST ADMINISTRATOR OR ITS
        AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES, THE CLASS M-1
        CERTIFICATES, THE CLASS M-2 CERTIFICATES, THE CLASS M-3 CERTIFICATES, THE
        CLASS
        M-4 CERTIFICATES, THE CLASS M-5 CERTIFICATES, THE CLASS M-6 CERTIFICATES,
        THE
        CLASS M-7 CERTIFICATES, THE CLASS M-8 CERTIFICATES, THE CLASS M-9 CERTIFICATES
        AND THE CLASS M-10 CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND
        SERVICING AGREEMENT REFERRED TO HEREIN.

       

      THE
        HOLDER OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATION
        SET
        FORTH IN SECTION 5.02 (c) OF THE AGREEMENT.

      

      
        	
                Series:
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class M-11 Certificates as of the Issue 

                Date:
                  $ 4,715,000.00

                 

                Denomination:
                  $4,715,000.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

                 

                CUSIP:
                  57645J AQ 2 

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that Cede & Co. is the registered owner of a Percentage Interest
        (obtained by dividing the denomination of this Certificate by the aggregate
        Certificate Principal Balance of the Class M-11 Certificates as of the Issue
        Date) in that certain beneficial ownership interest evidenced by all the
        Class
        M-11 Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class M-11
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class M-11 Certificates the aggregate initial
        Certificate Principal Balance of which is in excess of the lesser of (i)
        $5,000,000 or (ii) two-thirds of the aggregate initial Certificate Principal
        Balance of the Class M-11 Certificates, or otherwise by check mailed by first
        class mail 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 by the
        Trust Administrator of the pendency of such distribution and only upon
        presentation and surrender of this Certificate at the office or agency appointed
        by the Trust Administrator for that purpose as provided in the
        Agreement.

       

      The
        Pass-Through Rate applicable to the calculation of interest payable with
        respect
        to this Certificate on any Distribution Date shall equal a rate per annum
        equal
        to the lesser of (i) the related Formula Rate for such Distribution Date
        and
        (ii) the related Net WAC Rate for such Distribution Date.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      The
        holder of this Certificate shall be deemed to have made the representation
        Set
        forth is Section 5.02 (c) of the Pooling & Servicing Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          	
                	 	 
	 	
                  WELLS
                    FARGO BANK, N.A., not in its 

                  individual
                    capacity, but solely as Trust 

                  Administrator
                    for the MASTR Asset 

                  Backed
                    Securities Trust 2006-HE3, 

                  Mortgage
                    Pass-Through Certificates

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Officer

                

        

         

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        
          	
                	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

      EXHIBIT
        A-CE

       

      FORM
        OF
        CLASS CE 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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE MEZZANINE
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

      

      
        	
                Series
                  2006-HE3

                 

                Pass-Through
                  Rate: Variable

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class CE Certificates as of the Issue 

                Date:
                  $6,940,107.38

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (obtained by dividing the denomination of this Certificate by the
        aggregate Certificate Principal Balance of the Class CE Certificates as of
        the
        Issue Date) in that certain beneficial ownership interest evidenced by all
        the
        Class CE Certificates in a REMIC created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class CE
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class CE Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        CE Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. None of the Depositor or the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        and the Master Servicer against any liability that may result if the transfer
        is
        not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        
          	
                	 	 
	 	
                  WELLS
                    FARGO BANK, N.A., not in its 

                  individual
                    capacity, but solely as Trust 

                  Administrator
                    for the MASTR Asset 

                  Backed
                    Securities Trust 2006-HE3, 

                  Mortgage
                    Pass-Through Certificates

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  Authorized
                    Officer

                

        

         

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        
          	
                	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                   

                
	 
 	 
 	 
 
	 	By:	 
	 	
                  
                    

                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

      

      EXHIBIT
        A-P

       

      FORM
        OF
        CLASS P 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
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

      

      
        	
                Series:
                  2006-HE3

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1

              	
                Aggregate
                  Certificate Principal Balance of 

                the
                  Class P Certificates as of the Issue 

                Date:
                  $100.00

                 

                Denomination:
                  $100.00

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

              

      

      

      DISTRIBUTIONS
        IN REDUCTION OF THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY
        BE
        MADE MONTHLY AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
        PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE
        AS
        THE DENOMINATION OF THIS CERTIFICATE.

       

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (obtained by dividing the denomination of this Certificate by the
        aggregate Certificate Principal Balance of the Class P Certificates as of
        the
        Issue Date) in that certain beneficial ownership interest evidenced by all
        the
        Class P Certificates in REMIC IV created pursuant to a Pooling and Servicing
        Agreement, dated as specified above (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc. (hereinafter called the “Depositor,” which
        term includes any successor entity under the Agreement), the Master Servicer,
        the Trust Administrator, the Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class P Certificates
        on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class P Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class P
        Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof equal to the denomination
        specified on the face hereof divided by the aggregate Certificate Principal
        Balance of the Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. None of the Depositor or the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        and the Master Servicer against any liability that may result if the transfer
        is
        not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        	
              	 	 
	 	
                WELLS
                  FARGO BANK, N.A., not in its 

                individual
                  capacity, but solely as Trust 

                Administrator
                  for the MASTR Asset 

                Backed
                  Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates

                 

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                Authorized
                  Officer

              

      

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        	
              	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator 

                

                 

              
	 
 	 
 	 
 
	 	By:	 
	 	
                
                  

                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      
 

      EXHIBIT
        A-R

       

      FORM
        OF
        CLASS R CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

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

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
        THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
        ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
        INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
        FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
        521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE
        CODE
        UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF
        THE
        CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE
        (ANY
        SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
        BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
        DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
        THE
        ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
        OF ANY
        TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT
        BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT
        NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
        OF
        THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
        THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02 (C) OF THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
        DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
        OF
        THIS CERTIFICATE.

      

      
        	
                Series:
                  2006-HE3

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1 

              	
                Aggregate
                  Percentage Interest of the Class R 

                Certificates
                  as of the Issue Date: 100.00%

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

              

      

      
 

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (as specified above) in that certain beneficial ownership interest
        evidenced by all the Certificates of the Class to which this Certificate
        belongs
        created pursuant to a Pooling and Servicing Agreement, dated as specified
        above
        (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Master Servicer, the Trust Administrator, the
        Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class R Certificates
        on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class R Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class R
        Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer the Trust Administrator, the Trustee, the NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. Neither the Depositor nor the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        and the Master Servicer against any liability that may result if the transfer
        is
        not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R Certificates have been designated as a residual interest in a REMIC,
        (B)
        it will include in its income a pro
        rata share
        of
        the net income of the Trust Fund and that such income may be an “excess
        inclusion,” as defined in the Code, that, with certain exceptions, cannot be
        offset by other losses or benefits from any tax exemption, and (C) it expects
        to
        have the financial means to satisfy all of its tax obligations including
        those
        relating to holding the Class R Certificates. Notwithstanding the registration
        in the Certificate Register of any transfer, sale or other disposition of
        this
        Certificate to a Disqualified Organization or an agent (including a broker,
        nominee or middleman) of a Disqualified Organization, such registration shall
        be
        deemed to be of no legal force or effect whatsoever and such Person shall
        not be
        deemed to be a Certificateholder for any purpose, including, but not limited
        to,
        the receipt of distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon the
        REMIC.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August ___, 2006

      
        	 	 	 
	 	
                WELLS
                  FARGO BANK, N.A., not in its 

                individual
                  capacity, but solely as Trust 

                Administrator
                  for
                  the MASTR Asset 

                Backed
                  Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Officer

              

      

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        
          	 	 	 
	 	
                  
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Trust Administrator 

                  

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                
	 	
                  
                    Authorized
                      Signatory

                  

                

        

         

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      EXHIBIT
        A-RX

       

      FORM
        OF
        CLASS R-X CERTIFICATE

       

      THIS
        CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED STATES PERSON.

       

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

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IN
        ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
        AGREEMENT REFERRED TO HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
        OR
        TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD
        OR
        TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION UNDER SUCH
        ACT AND
        UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS
        OF SECTION 5.02 OF THE AGREEMENT.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
        AS
        AMENDED, OR THE CODE WILL BE REGISTERED EXCEPT IN COMPLIANCE WITH THE PROCEDURES
        DESCRIBED HEREIN.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES (I) AN AFFIDAVIT TO THE TRUST ADMINISTRATOR
        THAT (A) SUCH TRANSFEREE IS NOT (1) THE UNITED STATES OR ANY POSSESSION THEREOF,
        ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
        INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
        FOREGOING, (2) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
        521 OF THE CODE) THAT IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE
        CODE
        UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF
        THE
        CODE, (3) ANY ORGANIZATION DESCRIBED IN SECTION 1381(A)(2)(C) OF THE CODE
        (ANY
        SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (1), (2) OR (3) SHALL HEREINAFTER
        BE REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (4) AN AGENT OF A
        DISQUALIFIED ORGANIZATION AND (B) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE
        THE
        ASSESSMENT OR COLLECTION OF TAX, AND (II) SUCH TRANSFEREE SATISFIES CERTAIN
        ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
        TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
        OF ANY
        TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
        ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION
        SHALL
        BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL
        NOT
        BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
        BUT
        NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER
        OF
        THIS CERTIFICATE BY ACCEPTANCE HEREOF SHALL BE DEEMED TO HAVE CONSENTED TO
        THE
        PROVISIONS OF THIS PARAGRAPH AND THE PROVISIONS OF SECTION 5.02 (C) OF THE
        POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. ANY PERSON THAT IS A
        DISQUALIFIED ORGANIZATION IS PROHIBITED FROM ACQUIRING BENEFICIAL OWNERSHIP
        OF
        THIS CERTIFICATE.

      

      
        	
                Series:
                  2006-HE3

                 

                Cut-off
                  Date and date of Pooling and 

                Servicing
                  Agreement: August 1, 2006

                 

                First
                  Distribution Date: September 25, 2006

                 

                No.
                  1 

              	
                Aggregate
                  Percentage Interest of the Class R-

                X
                  Certificates as of the Issue Date: 100.00%

                 

                Master
                  Servicer, Trust Administrator and 

                Custodian:
                  Wells Fargo Bank, N.A.

                 

                Trustee:
                  U.S. Bank National Association

                 

                Issue
                  Date: August 30, 2006

              

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

       

      evidencing
        a beneficial ownership interest in a portion of a Trust Fund (the “Trust Fund”)
        consisting primarily of a pool of conventional one- to four-family, fixed-rate
        and adjustable-rate, first and second lien mortgage loans (the “Mortgage Loans”)
        formed and sold by

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

       

      THIS
        CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MORTGAGE ASSET
        SECURITIZATION TRANSACTIONS, INC., THE MASTER SERVICER, THE TRUST ADMINISTRATOR,
        THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
        NOR
        THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY
        OF
        THE UNITED STATES.

       

      This
        certifies that UBS Securities LLC is the registered owner of a Percentage
        Interest (as specified above) in that certain beneficial ownership interest
        evidenced by all the Certificates of the Class to which this Certificate
        belongs
        created pursuant to a Pooling and Servicing Agreement, dated as specified
        above
        (the “Agreement”), among Mortgage Asset Securitization Transactions, Inc.
        (hereinafter called the “Depositor,” which term includes any successor entity
        under the Agreement), the Master Servicer, the Trust Administrator, the
        Custodian and 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, distributions 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 (a “Distribution
        Date”), commencing on the First Distribution Date specified above, to the Person
        in whose name this Certificate is registered on the Record Date, in an amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amount required to be distributed to the Holders of Class R-X
        Certificates on such Distribution Date pursuant to the Agreement.

       

      All
        distributions to the Holder of this Certificate under the Agreement will
        be made
        or caused to be made by the Trust Administrator by wire transfer in immediately
        available funds to the account of the Person entitled thereto if such Person
        shall have so notified the Trust Administrator in writing at least five Business
        Days prior to the Record Date immediately prior to such Distribution Date
        and is
        the registered owner of Class R-X Certificates the aggregate initial Certificate
        Principal Balance of which is in excess of the lesser of (i) $5,000,000 or
        (ii)
        two-thirds of the aggregate initial Certificate Principal Balance of the
        Class
        R-X Certificates, or otherwise by check mailed by first class mail 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 by the Trust Administrator
        of the
        pendency of such distribution and only upon presentation and surrender of
        this
        Certificate at the office or agency appointed by the Trust Administrator
        for
        that purpose as provided in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Mortgage Pass-Through Certificates of the Series specified on the face hereof
        (herein called the “Certificates”) and representing a Percentage Interest in the
        Class of Certificates specified on the face hereof.

       

      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. As provided in the Agreement, withdrawals from
        the
        Distribution Account may be made from time to time for purposes other than
        distributions to Certificateholders, such purposes including reimbursement
        of
        advances made, or certain expenses incurred, with respect to the Mortgage
        Loans.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor,
        the
        Master Servicer, the Servicer, the Trust Administrator, the Trustee, the
        NIMS
        Insurer, if any, and the rights of the Certificateholders under the Agreement
        at
        any time by the Depositor, the Master Servicer, the Servicer, the Trust
        Administrator, the Trustee and the NIMS Insurer, if any, without the consent
        on
        the Certificateholders or with the consent of the Holders of Certificates
        entitled to at least 66% of the Voting Rights as further set forth in the
        Agreement. 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 this Certificate. The Agreement also permits the amendment thereof,
        in
        certain limited circumstances, without the consent of the Holders of any
        of the
        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 Trust Administrator as provided in the Agreement,
        duly
        endorsed by, or accompanied by an assignment in the form below or other written
        instrument of transfer in form satisfactory to the Trust Administrator duly
        executed by, the Holder hereof or such Holder's attorney duly authorized
        in
        writing, and thereupon one or more new Certificates of the same Class in
        authorized denominations evidencing the same aggregate Percentage Interest
        will
        be issued to the designated transferee or transferees.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Trust
        Administrator shall require receipt of (i) if such transfer is purportedly
        being
        made in reliance upon Rule 144A under the 1933 Act, written certifications
        from
        the Holder of the Certificate desiring to effect the transfer, and from such
        Holder's prospective transferee, substantially in the forms attached to the
        Agreement as Exhibit F-1, and (ii) in all other cases, an Opinion of Counsel
        satisfactory to it that such transfer may be made without such registration
        or
        qualification (which Opinion of Counsel shall not be an expense of the Trust
        Fund or of the Depositor, the Trustee or the Master Servicer, the Trust
        Administrator, the Custodian in their respective capacities as such), together
        with copies of the written certification(s) of the Holder of the Certificate
        desiring to effect the transfer and/or such Holder's prospective transferee
        upon
        which such Opinion of Counsel is based. Neither the Depositor nor the Trust
        Administrator is obligated to register or qualify the Class of Certificates
        specified on the face hereof under the 1933 Act or any other securities law
        or
        to take any action not otherwise required under the Agreement to permit the
        transfer of such Certificates without registration or qualification. Any
        Holder
        desiring to effect a transfer of this Certificate shall be required to indemnify
        the Trustee, the Trust Administrator, the Custodian, the Depositor, the Servicer
        and the Master Servicer against any liability that may result if the transfer
        is
        not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(c) of the Agreement.

       

      The
        Certificates are issuable in fully registered form only without coupons in
        Classes and denominations representing Percentage Interests specified in
        the
        Agreement. As provided in the Agreement and subject to certain limitations
        therein set forth, the Certificates are exchangeable for new Certificates
        of the
        same Class in authorized denominations evidencing the same 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 of Certificates,
        but the Trust Administrator may require payment of a sum sufficient to cover
        any
        tax or other governmental charge that may be imposed in connection with any
        transfer or exchange of Certificates.

       

      Prior
        to
        registration of any transfer, sale or other disposition of this Certificate,
        the
        proposed transferee shall provide to the Trust Administrator (i) an affidavit
        to
        the effect that such transferee is any Person other than a Disqualified
        Organization or the agent (including a broker, nominee or middleman) of a
        Disqualified Organization, and (ii) a certificate that acknowledges that
        (A) the
        Class R-X Certificates have been designated as a residual interest in a REMIC,
        (B) it will include in its income a pro
        rata share
        of
        the net income of the Trust Fund and that such income may be an “excess
        inclusion,” as defined in the Code, that, with certain exceptions, cannot be
        offset by other losses or benefits from any tax exemption, and (C) it expects
        to
        have the financial means to satisfy all of its tax obligations including
        those
        relating to holding the Class R-X Certificates. Notwithstanding the registration
        in the Certificate Register of any transfer, sale or other disposition of
        this
        Certificate to a Disqualified Organization or an agent (including a broker,
        nominee or middleman) of a Disqualified Organization, such registration shall
        be
        deemed to be of no legal force or effect whatsoever and such Person shall
        not be
        deemed to be a Certificateholder for any purpose, including, but not limited
        to,
        the receipt of distributions in respect of this Certificate.

       

      The
        Holder of this Certificate, by its acceptance hereof, shall be deemed to
        have
        consented to the provisions of Section 5.02 of the Agreement and to any
        amendment of the Agreement deemed necessary by counsel of the Depositor to
        ensure that the transfer of this Certificate to any Person other than a
        Permitted Transferee or any other Person will not cause the Trust Fund to
        cease
        to qualify as a REMIC or cause the imposition of a tax upon the
        REMIC.

       

      The
        Depositor, the Master Servicer, the Trust Administrator, the Trustee and
        any
        agent of the Depositor, the Master Servicer, the Trust Administrator or the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Master Servicer,
        the Trust Administrator, the Trustee nor any such agent shall be affected
        by
        notice to the contrary.

       

      The
        obligations created by the Agreement and the Trust Fund created thereby shall
        terminate upon payment to the Certificateholders of all amounts held by the
        Trust Administrator and required to be paid to them pursuant to the Agreement
        following the earlier of (i) the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan and REO Property
        remaining in REMIC I and (ii) the purchase by the party designated in the
        Agreement at a price determined as provided in the Agreement from REMIC I
        of all
        the Mortgage Loans and all property acquired in respect of such Mortgage
        Loans.
        The Agreement permits, but does not require, the party designated in the
        Agreement to purchase from REMIC I all of the Mortgage Loans and all property
        acquired in respect of any Mortgage Loan at a price determined as provided
        in
        the Agreement. The exercise of such right will effect early retirement of
        the
        Certificates; however, such right to purchase is subject to the aggregate
        Stated
        Principal Balance of the Mortgage Loans and REO Properties remaining in the
        Trust Fund at the time of purchase being less than or equal to 10% of the
        aggregate principal balance of the Mortgage Loans as of the Cut-off
        Date.

       

      The
        recitals contained herein shall be taken as statements of the Depositor and
        the
        Trust Administrator assumes no responsibility for their
        correctness.

       

      Unless
        the certificate of authentication hereon has been executed by the Trust
        Administrator, 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 Trust Administrator has caused this Certificate to be
        duly
        executed.

       

      Dated:
        August __, 2006

      
        	
              	 	 
	 	
                WELLS
                  FARGO BANK, N.A., not in its 

                individual
                  capacity, but solely as Trust 

                Administrator
                  for
                  the MASTR Asset 

                Backed
                  Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates

                 

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Authorized
                  Officer

              

      

       

       

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

      
        	
              	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.,

                  as
                    Trust Administrator 

                   

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                
                  Authorized
                    Signatory

                

              

      

       

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      
        	
                TEN
                  COM - 

              	
                as
                  tenants in common

              	
                UNIF
                  GIFT MIN ACT -

              	
                Custodian 
                         

                (Cust)
                  (Minor)

                under
                  Uniform Gifts

                to
                  Minors Act

                __________________

                (State)

              
	
                TEN
                  ENT - 

              	
                as
                  tenants by the entireties

              	 
	
                JT
                  TEN - 

              	
                as
                  joint tenants with right

                of
                  survivorship and not as

                tenants
                  in common

              	 

      

      Additional
        abbreviations may also be used though not in the above list.

       

      ASSIGNMENT

       

      
        FOR
          VALUE
          RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
          _________________________________________________________________ 

        
          
            	 	 
	 	.

          

        

        (Please
          print or typewrite name, address including postal zip code, and Taxpayer
          Identification Number of assignee) a Percentage Interest equal to ____%
          evidenced by the within Mortgage Pass-Through Certificates and hereby
          authorize(s) the registration of transfer of such interest to assignee
          on the
          Certificate Register of the Trust Fund.

         

        I
          (we)
          further direct the Trust Administrator to issue a new Certificate of a
          like
          Percentage Interest 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

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

 

      EXHIBIT
        B

       

      [RESERVED]

      
 

      

      EXHIBIT
        C-1

       

      FORM
        OF
        INITIAL CERTIFICATION

       

      [Date]

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

              	
                U.S.
                  Bank National Association 

                60
                  Livingston Avenue

                EP-MN-WS3D
                  

                St.
                  Paul, MN 55107 

                Attn:
                  Structured Finance/MASTR 2006-HE3

              
	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

              	 

      

       

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of August 1, 

                2006,
                  among Mortgage Asset Securitization Transactions, 

                Inc.,
                  Wells Fargo Bank, N.A., HomEq Servicing 

                Corporation
                  and U.S. Bank National Association, Mortgage 

                Pass-Through
                  Certificates,

                Series
                  2006-HE3

              

      

       

      Ladies
        and Gentlemen:

       

      Attached
        is the [Custodian’s] [Trustee’s] preliminary exception report delivered in
        accordance with Section 2.02 of the referenced Pooling and Servicing Agreement
        (the “Pooling and Servicing Agreement”). Capitalized terms used but not
        otherwise defined herein shall have the meanings set forth in the Pooling
        and
        Servicing Agreement.

       

      The
        [Custodian] [Trustee] has made no independent examination of any documents
        contained in each Mortgage File beyond the review specifically required in
        the
        Pooling and Servicing Agreement. The [Custodian] [Trustee] makes no
        representations as to (i) the validity, legality, sufficiency, enforceability
        or
        genuineness of any of the documents contained in the Mortgage File pertaining
        to
        the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the
        collectability, insurability, effectiveness or suitability of any such Mortgage
        Loan or (iii) whether any Mortgage File included any of the documents specified
        in clause (vi) of Section 2.01 of the Pooling and Servicing
        Agreement.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

      
        	 	 	 
	 	
                [Custodian/
                  Trustee]

              
	 
 	 
 	 
 
	 	 	By: 
	 	
                
                  

                

              
	 	
                Name:

                Title:

              

      

       

       

      EXHIBIT
        C-2

       

      FORM
        OF
        FINAL CERTIFICATION

       

      [Date]

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

              	
                U.S.
                  Bank National Association 

                60
                  Livingston Avenue

                EP-MN-WS3D
                  

                St.
                  Paul, MN 55107 

                Attn:
                  Structured Finance/MASTR 2006-HE3

              
	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

              	 

      

      
 

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of August 1, 

                2006,
                  among Mortgage Asset Securitization Transactions, 

                Inc.,
                  Wells Fargo Bank, N.A., HomEq Servicing 

                Corporation
                  and U.S. Bank National Association, Mortgage 

                Pass-Through
                  Certificates,
                  Series 2006-HE3

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as [Custodian’s] [Trustee’s], 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 Schedule I hereto) it (or its custodian) has received
        the applicable documents listed in Section 2.01 of the Pooling and Servicing
        Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in the Mortgage Loan Schedule is
        correct.

       

      The
        [Custodian’s] [Trustee’s] has made no independent examination of any documents
        contained in each Mortgage File beyond the review specifically required in
        the
        Pooling and Servicing Agreement. The [Custodian’s] [Trustee’s] makes no
        representations as to (i) the validity, legality, sufficiency, enforceability
        or
        genuineness of any of the documents contained in the Mortgage File pertaining
        to
        the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the
        collectability, insurability, effectiveness or suitability of any such Mortgage
        Loan or (iii) whether any Mortgage File included any of the documents specified
        in clause (vi) of Section 2.01 of the Pooling and Servicing
        Agreement.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

      
        	 	 	 
	 	
                [CUSTODIAN/
                  TRUSTEE]

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                

              

      

       

      
 

      EXHIBIT
        C-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      

      
        	
                Mortgage
                  Asset Securitization Transactions, Inc.

                1285
                  Avenue of the Americas

                New
                  York, New York 10019

              	
                U.S.
                  Bank National Association 

                60
                  Livingston Avenue 

                EP-MN-WS3D
                  

                St.
                  Paul, MN 55107 

                Attn:
                  Structured Finance/ MASTR 2006-HE3

              
	
                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

              	
                HomEq
                  Servicing Corporation

                1620
                  E. Roseville Parkway

                Roseville,
                  CA 95661

              

      

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of August 1, 

                2006,
                  among Mortgage Asset Securitization Transactions, 

                Inc.,
                  Wells Fargo Bank, N.A., HomEq Servicing 

                Corporation
                  and U.S. Bank National Association, Mortgage 

                Pass-Through
                  Certificates, Series
                  2006-HE3

              

      

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement, dated as of August
        1,
        2006, among Mortgage Asset Securitization Transactions, Inc. as Depositor,
        Wells
        Fargo Bank, N.A. as Master Servicer, Trust Administrator and Custodian (the
        “Master Servicer”, the “Trust Administrator” and the “Custodian”), HomEq
        Servicing Corporation as Servicer (the “Servicer”) and U.S. Bank National
        Association as Trustee, we hereby acknowledge the receipt of the original
        Mortgage Notes (a copy of which is attached hereto as Exhibit 1) with any
        exceptions thereto listed on Exhibit 2.

      
        
          	 	 	 
	 	
                  [TRUSTEE/
                    CUSTODIAN ]

                
	 
 	 
 	 
 
	 	  	By:
	 	
                  
                    

                  

                
	 	
                  Name:

                  
                    Title:

                  

                

        

      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
        D

       

      FORM
        OF
        ASSIGNMENT AGREEMENTS

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated August 30, 2006, (“Agreement”)
          among
          UBS Real Estate Securities Inc. (“Assignor”),
          Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
          and
          First Street Financial, Inc. (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

         

        I.
          Assignment and Conveyance

         

        The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master
          Seller’s Purchase, Warranties and Interim Servicing Agreement dated as of August
          1, 2004,
          as
          amended (the “Purchase
          Agreement”),
          between the Assignor, as purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the mortgage loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

         

        II.
          Recognition of the Company

         

        From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          MASTR Asset-Backed Securities Trust 2006-HE3 (the “Trust”) created pursuant to a
          Pooling and Servicing Agreement, dated as of August 1, 2006 (the “Pooling
          Agreement”), among
          the
          Assignee, Wells Fargo Bank, N.A. as master servicer and trust administrator
          (including its successors in interest and any successor servicers under
          the
          Pooling Agreement, the “Master Servicer” or “Trust Administrator”), HomEq
          Servicing Corporation as servicer (the “Servicer”) and U.S. Bank National
          Association, as trustee (including its successors in interest and any successor
          trustees under the Pooling Agreement, the “Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i)
          the Trust will be the owner of the Mortgage Loans, (ii) the Trust
          (including the Trustee, the Trust Administrator, the Master Servicer and
          the
          Servicer acting on the Trust’s behalf) shall have all the rights and remedies
          available to the Assignor, insofar as they relate to the Mortgage Loans,
          under
          the Purchase Agreement, including, without limitation, the enforcement
          of the
          document delivery requirements and remedies with respect to breaches of
          representations and warranties set forth in the Purchase Agreement, and
          shall be
          entitled to enforce all of the obligations of the Company thereunder insofar
          as
          they relate to the Mortgage Loans, and (iii) all references to the
          Purchaser (insofar as they relate to the rights, title and interest and,
          with
          respect to obligations of the Purchaser, only insofar as they relate to
          the
          enforcement of the representations, warranties and covenants of the Company)
          or
          the Custodian under the Purchase Agreement insofar as they relate to the
          Mortgage Loans, shall be deemed to refer to the Trust (including the Trustee,
          the Trust Administrator, the Master Servicer and the Servicer acting on
          the
          Trust’s behalf). Neither the Company nor the Assignor shall amend or agree to
          amend, modify, waiver, or otherwise alter any of the terms or provisions
          of the
          Purchase Agreement which amendment, modification, waiver or other alteration
          would in any way affect the Mortgage Loans or the Company’s performance under
          the Purchase Agreement with respect to the Mortgage Loans without the prior
          written consent of the Trustee.

         

         

        III.
          Representations and Warranties of the Company

         

        1. The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)  Attached
          hereto as Exhibit
          B
          is a
          true and accurate copy of the representations and warranties set forth
          in
          Sections 3.01 and 3.02 of the Purchase Agreement, which Purchase Agreement
          is in
          full force and effect as of the date hereof and the provisions of which
          have not
          been waived, amended or modified in any respect, nor has any notice of
          termination been given thereunder;

         

        (b)  The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (c)  The
          Company has full power and authority to execute, deliver and perform its
          obligations under this Agreement and has full power and authority to perform
          its
          obligations under the Purchase Agreement. The execution by the Company
          of this
          Agreement is in the ordinary course of the Company’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Company’s charter or bylaws or any legal restriction, or any
          material agreement or instrument to which the Company is now a party or
          by which
          it is bound, or result in the violation of any law, rule, regulation, order,
          judgment or decree to which the Company or its property is subject. The
          execution, delivery and performance by the Company of this Agreement have
          been
          duly authorized by all necessary corporate action on part of the Company.
          This
          Agreement has been duly executed and delivered by the Company, and, upon
          the due
          authorization, execution and delivery by the Assignor and the Assignee,
          will
          constitute the valid and legally binding obligation of the Company, enforceable
          against the Company in accordance with its terms except as enforceability
          may be
          limited by bankruptcy, reorganization, insolvency, moratorium or other
          similar
          laws now or hereafter in effect relating to creditors’ rights generally, and by
          general principles of equity regardless of whether enforceability is considered
          in a proceeding in equity or at law; 

         

        (d)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; and

         

        (e)  There
          is
          no action, suit, proceeding or investigation pending or threatened against
          the
          Company, before any court, administrative agency or other tribunal, which
          would
          draw into question the validity of this Agreement or the Purchase Agreement,
          or
          which, either in any one instance or in the aggregate, would result in
          any
          material adverse change in the ability of the Company to perform its obligations
          under this Agreement or the Purchase Agreement, and the Company is
          solvent.

         

        2. Pursuant
          to Section 8.01(b)(iii) of the Purchase Agreement, the Company hereby represents
          and warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that
          the representations and warranties set forth in Sections 3.01 and 3.02
          of the
          Purchase Agreement (set forth on Schedule 1 hereto), are true and correct
          as of
          the date hereof, as if such representations and warranties were made on
          such
          date.

         

        3. The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)  Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (b)  None
          of
          the Mortgage Loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws;

         

        (c)  No
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
          terms
          are defined in the then current Standard & Poor’s LEVELS®
          Glossary
          which is now Version 5.7 Revised, Appendix E); and

         

        (d)  No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act;

         

         

        IV.
          Remedies for Breach of Representations and Warranties

         

        The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and the Master
          Servicer acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Section
          3 hereof
          shall be as set forth in Subsection 3.03 of the Purchase Agreement as if
          they
          were set forth herein (including without limitation the repurchase and
          indemnity
          obligations set forth therein). It is understood by the parties hereto
          that a
          breach of the representations and warranties made in Subsections 3.02 (ee),
          (uu), (vv), (ccc) and (ggg) of the Purchase Agreement shall be deemed to
          materially and adversely affect the value of the related mortgage loan
          or the
          interests of the Trust in the related mortgage loans.

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Master Servicer acting
          on
          the Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in Section 3 hereof shall be
          as set
          forth in Section 2.03 of the Pooling and Servicing Agreement as if they
          were set
          forth herein (including without limitation the repurchase obligations set
          forth
          therein). The
          Assignor hereby acknowledges and agrees that a breach of any one of the
          representations set forth in Section 5 above will be deemed to materially
          adversely affect the interests of the certificateholders and shall require
          a
          repurchase of the affected Mortgage Loan(s).

         

        Notwithstanding
          the foregoing, the Assignor may, at its option, satisfy any obligation
          of the
          Company with respect to any breach of representation and warranty made
          by the
          Company regarding the Mortgage Loans.

         

         

        V.
          Miscellaneous

         

        This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws. 

         

        No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee and the Trust Administrator. 

         

        This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee, the Trust
          Administrator and the Master Servicer acting on the Trust’s behalf). Any entity
          into which Assignor, Assignee or Company may be merged or consolidated
          shall,
          without the requirement for any further writing, be deemed Assignor, Assignee
          or
          Company, respectively, hereunder. 

         

        Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument. 

         

        In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        
          	 	 	 	 	 	 	 	
                  UBS
                    REAL ESTATE SECURITIES INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  MORTGAGE
                    ASSET SECURITIZATION TRANSACTIONS, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        
          	 	 	 	 	 	 	 	
                  FIRST
                    STREET FINANCIAL, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

         

        Available
          Upon Request

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        SCHEDULE
          1

        

        Capitalized
          terms used herein but not defined in this Schedule 1 shall have the meanings
          given to such terms in the Purchase Agreement:

         

        Section
          3.01 Representations
          and Warranties of the Company. 

         

        The
          Company represents, warrants and covenants to the Purchaser that as of
          each
          Closing Date and as of each Servicing Transfer Date or as of such date
          specifically provided herein:

         

        (a)  The
          Company is a corporation duly organized and validly existing under the
          laws of
          the State of California. The Company has all licenses necessary to carry
          out its
          business as now being conducted, and is licensed and qualified to transact
          business in and is in good standing under the laws of each state in which
          any
          Mortgaged Property is located or is otherwise exempt under applicable law
          from
          such licensing or qualification or is otherwise not required under applicable
          law to effect such licensing or qualification and no demand for such licensing
          or qualification has been made upon the Company by any such state, and
          in any
          event the Company is in compliance with the laws of any such state to the
          extent
          necessary to ensure the enforceability of each Mortgage Loan and the interim
          servicing of the Mortgage Loans in accordance with the terms of this Agreement.
          No licenses or approvals obtained by the Company have been suspended or
          revoked
          by any court, administrative agency, arbitrator or governmental body and
          no
          proceedings are pending which might result in such suspension or
          revocation;

         

        (b)  The
          Company has the full power and authority and legal right to hold, transfer
          and
          convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
          and perform, and to enter into and consummate all transactions contemplated
          by
          this Agreement and the related Confirmation and to conduct its business
          as
          presently conducted; the Company has duly authorized the execution, delivery
          and
          performance of this Agreement and any agreements contemplated hereby, has
          duly
          executed and delivered this Agreement and the related Confirmation, and
          any
          agreements contemplated hereby, and this Agreement and the related Confirmation
          and each Assignment of Mortgage to the Purchaser and any agreements contemplated
          hereby, constitute the legal, valid and binding obligations of the Company,
          enforceable against it in accordance with their respective terms, except
          as such
          enforceability may be limited by bankruptcy, insolvency, moratorium,
          reorganization and similar laws, and by equitable principles affecting
          the
          enforceability of the rights of creditors; and all requisite corporate
          action
          has been taken by the Company to make this Agreement, the related Confirmation
          and all agreements contemplated hereby valid and binding upon the Company
          in
          accordance with their terms;

         

        (c)  Neither
          the execution and delivery of this Agreement, the related Confirmation,
          the sale
          of the Mortgage Loans to the Purchaser, the consummation of the transactions
          contemplated hereby, nor the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Confirmation will conflict
          with any
          of the terms, conditions or provisions of the Company’s charter or by-laws or
          materially conflict with or result in a material breach of any of the terms,
          conditions or provisions of any legal restriction or any agreement or instrument
          to which the Company is now a party or by which it is bound, or constitute
          a
          default or result in an acceleration under any of the foregoing, or result
          in
          the material violation of any law, rule, regulation, order, judgment or
          decree
          to which the Company or its property is subject;

         

        (d)  There
          is
          no litigation, suit, proceeding or investigation pending or threatened,
          or any
          order or decree outstanding, which is reasonably likely to have a material
          adverse effect on the sale of the Mortgage Loans, the execution, delivery,
          performance or enforceability of this Agreement or the related Confirmation,
          or
          which is reasonably likely to have a material adverse effect on the financial
          condition of the Company;

         

        (e)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Company
          of
          or compliance by the Company with this Agreement and the related Confirmation,
          except for consents, approvals, authorizations and orders which have been
          obtained;

         

        (f)  The
          consummation of the transactions contemplated by this Agreement and the
          related
          Confirmation are in the ordinary course of business of the Company, and
          the
          transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
          by
          the Company pursuant to this Agreement and the related Confirmation are
          not
          subject to bulk transfer or any similar statutory provisions in effect
          in any
          applicable jurisdiction;

         

        (g)  The
          origination, servicing and collection practices with respect to each Mortgage
          Note and Mortgage have been legal and in accordance with applicable laws
          and
          regulations, and in all material respects in accordance with Accepted Servicing
          Practices. The Company further represents and warrants that: with respect
          to
          escrow deposits and payments that the Company is entitled to collect, all
          such
          payments are in the possession of, or under the control of, the Company
          or its
          delegate, and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made; all escrow
          payments have been collected and are being maintained in full compliance
          with
          applicable state and federal law and the provisions of the related Mortgage
          Note
          and Mortgage; as to any Mortgage Loan that is the subject of an escrow,
          escrow
          of funds is not prohibited by applicable law and has been established in
          an
          amount sufficient to pay for every escrowed item that remains unpaid and
          has
          been assessed but is not yet due and payable; no escrow deposits or other
          charges or payments due under the Mortgage Note have been capitalized under
          any
          Mortgage or the related Mortgage Note; all Mortgage Interest Rate adjustments
          have been made in strict compliance with state and federal law and the
          terms of
          the related Mortgage Note; and any interest required to be paid pursuant
          to
          state and local law has been properly paid and credited;

         

        (h)  The
          Company has not used selection procedures that identified the Mortgage
          Loans as
          being less desirable or valuable than other comparable mortgage loans in
          the
          Company’s portfolio at the related Closing Date; 

         

        (i)  The
          Company will treat the transfer of the Mortgage Loans to the Purchaser
          as a sale
          for reporting and accounting purposes and, to the extent appropriate, for
          federal income tax purposes. The Company shall maintain a complete set
          of books
          and records for each Mortgage Loan which shall be clearly marked to reflect
          the
          ownership of such Mortgage Loan by the Purchaser; 

         

        (j)  The
          Company is an approved seller/servicer of residential mortgage loans for
          HUD,
          with such facilities, procedures and personnel necessary for the sound
          servicing
          of such mortgage loans. The Company is duly qualified, licensed, registered
          and
          otherwise authorized under all applicable federal, state and local laws
          and
          regulations and is in good standing to sell mortgage loans to and service
          mortgage loans for HUD and no event has occurred which would make the Company
          unable to comply with eligibility requirements or which would require
          notification to HUD; 

         

        (k)  The
          Company does not believe, nor does it have any cause or reason to believe,
          that
          it cannot perform each and every covenant contained in this Agreement and
          the
          related Confirmation applicable to it. The Company is solvent and the sale
          of
          the Mortgage Loans will not cause the Company to become insolvent. The
          sale of
          the Mortgage Loans is not undertaken with the intent to hinder, delay or
          defraud
          any of the Company’s creditors;

         

        (l)  No
          statement, tape, diskette, form, report or other document prepared by,
          or on
          behalf of, the Company pursuant to this Agreement, the related Confirmation
          or
          in connection with the transactions contemplated hereby, contains or will
          contain any statement that is or will be inaccurate or misleading in any
          material respect. The Company has prudently originated and underwritten
          each
          Mortgage Loan;

         

        (m)  The
          consideration received by the Company upon the sale of the Mortgage Loans
          constitutes fair consideration and reasonably equivalent value for such
          Mortgage
          Loans;

         

        (n)  The
          Company has delivered to the Purchaser financial statements as to its last
          two
          complete fiscal years. All such financial statements fairly present the
          pertinent results of operations and changes in financial position for each
          of
          such periods and the financial position at the end of each such period
          of the
          Company and its subsidiaries and have been prepared in accordance with
          GAAP
          consistently applied throughout the periods involved, except as set forth
          in the
          notes thereto. There has been no change in the business, operations, financial
          condition, properties or assets of the Company since the date of the Company’s
          financial statements that would have a material adverse effect on its ability
          to
          perform its obligations under this Agreement or the related Confirmation;
          

         

        (o)  The
          Company has not dealt with any broker, investment banker, agent or other
          person
          that may be entitled to any commission or compensation in connection with
          the
          sale of the Mortgage Loans; and

         

        (p)  To
          the
          extent that the Purchaser has at any time purchased a MERS Mortgage Loan
          hereunder, the Company is a member of MERS in good standing, and will comply
          in
          all material respects with the rules and procedures of MERS in connection
          with
          the servicing of the MERS Mortgage Loans for as long as such Mortgage Loans
          are
          registered with MERS.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        Section
          3.02 Representations
          and Warranties as to Individual Mortgage Loans.

         

        The
          Company hereby represents and warrants to the Purchaser, as to each Mortgage
          Loan, as of the related Closing Date and as of the related Servicing Transfer
          Date as follows:

         

        (a)  The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Purchaser, is complete,
          true
          and correct in all material respects;

         

        (b)  The
          Mortgage creates a (A) first lien and first priority security interest
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and
          second
          priority security interest with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien (as reflected on the Mortgage Loan Schedule),
          in either case, in the related Mortgaged Property securing the related
          Mortgage
          Note;

         

        (c)  All
          payments due on or prior to the related Closing Date for such Mortgage
          Loan have
          been made as of the related Closing Date, the Mortgage Loan is not delinquent
          in
          payment more than 30 days and has not been dishonored; there are no material
          defaults under the terms of the Mortgage Loan; the Company has not advanced
          funds, or induced, solicited or knowingly received any advance of funds
          from a
          party other than the owner of the Mortgaged Property subject to the Mortgage,
          directly or indirectly, for the payment of any amount required by the Mortgage
          Loan; no payment with respect to each Mortgage Loan has been delinquent
          during
          the preceding twelve-month period;

         

        (d)  All
          taxes, governmental assessments, insurance premiums, water, sewer and municipal
          charges, leasehold payments or ground rents which previously became due
          and
          owing have been paid, or escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

         

        (e)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments which have been
          recorded
          to the extent any such recordation is required by law. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer has been approved by the issuer of any related title insurance
          policy, to the extent required by the related policy.

         

        (f)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

         

        (g)  All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by an insurer acceptable under the Fannie Mae Guides, against
          loss
          by fire, hazards of extended coverage and such other hazards as are provided
          for
          in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing
          coverage not less than the lesser of (i) the maximum insurable value of
          the
          improvements securing such Mortgage Loans, and (ii) the greater of (a)
          either
          (1) the outstanding principal balance of the Mortgage Loan with respect
          to each
          Mortgage Loan which is indicated by the Company to be a First Lien (as
          reflected
          on the Mortgage Loan Schedule) or (2) with respect to each Second Lien
          Mortgage
          Loan, the sum of the outstanding principal balance of the first lien on
          such
          Mortgage Loan and the outstanding principal balance of such Second Lien
          Mortgage
          Loan, and (b) an amount such that the proceeds thereof shall be sufficient
          to
          prevent the Mortgagor and/or the mortgagee from becoming a co-insurer,
          but in no
          event greater than the maximum amount permitted under applicable law. All
          such
          standard hazard policies are in full force and effect and on the date of
          origination contained a standard mortgagee clause naming the Company and
          its
          successors in interest and assigns as loss payee and such clause is still
          in
          effect and all premiums due thereon have been paid. If required by the
          Flood
          Disaster Protection Act of 1973, as amended, the Mortgage Loan is covered
          by a
          flood insurance policy meeting the requirements of the current guidelines
          of the
          Federal Insurance Administration which policy conforms to Fannie Mae and
          Freddie
          Mac requirements, in an amount not less than the amount required by the
          Flood
          Disaster Protection Act of 1973, as amended. Such policy was issued by
          an
          insurer acceptable under Fannie Mae or Freddie Mac guidelines. The Mortgage
          obligates the Mortgagor thereunder to maintain all such insurance at the
          Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (h)  Each
          Mortgage Loan and, if any, the related prepayment penalty complied in all
          material respects with any and all requirements of any federal, state or
          local
          law including, without limitation, usury, truth-in-lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity,
          fair housing, disclosure, or predatory, fair and abusive lending laws applicable
          to the origination and servicing of loans of a type similar to the Mortgage
          Loans and the consummation of the transactions contemplated hereby will
          not
          involve the violation of any such laws;

         

        (i)  The
          Mortgage has not been satisfied, canceled or subordinated (other than the
          subordination of any Second Lien Mortgage Loan to the related First Lien),
          in
          whole or in part, or rescinded, and the Mortgaged Property has not been
          released
          from the lien of the Mortgage, in whole or in part nor has any instrument
          been
          executed that would effect any such release, cancellation, subordination
          or
          rescission. The Company has not waived the performance by the Mortgagor
          of any
          action, if the Mortgagor’s failure to perform such action would cause the
          Mortgage Loan to be in default, nor has the Company waived any default
          resulting
          from any action or inaction by the Mortgagor;

         

        (j)  The
          related Mortgage is a valid, subsisting, enforceable and perfected (A)
          first
          lien and first priority security interest with respect to each Mortgage
          Loan
          which is indicated by the Company to be a First Lien (as reflected on the
          Mortgage Loan Schedule), or (B) second lien and second priority security
          interest with respect to each Mortgage Loan which is indicated by the Company
          to
          be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case, on the Mortgaged Property including all buildings on the Mortgaged
          Property and all installations and mechanical, electrical, plumbing, heating
          and
          air conditioning systems affixed to such buildings, and all additions,
          alterations and replacements made at any time with respect to the foregoing
          securing the Mortgage Note’s original principal balance. The Mortgage and the
          Mortgage Note do not contain any evidence of any security interest or other
          interest or right thereto. Such lien is free and clear of all adverse claims,
          liens and encumbrances having priority over the first lien of the Mortgage
          subject only to (1) the lien of non-delinquent current real property taxes
          and
          assessments not yet due and payable, (2) covenants, conditions and restrictions,
          rights of way, easements and other matters of the public record as of the
          date
          of recording which are acceptable to mortgage lending institutions generally
          and
          either (A) which are referred to or otherwise considered in the appraisal
          made
          for the originator of the Mortgage Loan, or (B) which do not adversely
          affect
          the appraised value of the Mortgaged Property as set forth in such appraisal,
          (3) other matters to which like properties are commonly subject which do
          not
          materially interfere with the benefits of the security intended to be provided
          by the Mortgage or the use, enjoyment, value or marketability of the related
          Mortgaged Property and (4) with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan Schedule) a First Lien on the Mortgaged Property. Any security agreement,
          chattel mortgage or equivalent document related to and delivered in connection
          with the Mortgage Loan establishes and creates a valid, subsisting, enforceable
          and perfected (A) first lien and first priority security interest with
          respect
          to each Mortgage Loan which is indicated by the Company to be a First Lien
          (as
          reflected on the Mortgage Loan Schedule), or (B) second lien and second
          priority
          security interest with respect to each Mortgage Loan which is indicated
          by the
          Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan
          Schedule), in either case, on the property described therein, and the Company
          has the full right to sell and assign the same to the Purchaser;

         

        (k)  The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of the Company or the Mortgagor, or, on the part of any other
          party
          involved in the origination of the Mortgage Loan. The proceeds of the Mortgage
          Loan have been fully disbursed and there is no requirement for future advances
          thereunder, and any and all requirements as to completion of any on-site
          or
          off-site improvements and as to disbursements of any escrow funds therefor
          have
          been complied with. All costs, fees and expenses incurred in making or
          closing
          the Mortgage Loan and the recording of the Mortgage were paid or are in
          the
          process of being paid, and the Mortgagor is not entitled to any refund
          of any
          amounts paid or due under the Mortgage Note or Mortgage;

         

        (l)  The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge other
          than
          with respect to a lien of a warehouse lender which lien was released by
          such
          lender simultaneously with or prior to the payment of the Purchase Price
          by the
          Purchaser as evidenced by a security release certification delivered to
          the
          Purchaser pursuant to Section 2.09 of this Agreement. The Company had good
          and
          marketable title to and was the sole owner thereof and had full right to
          transfer and sell the Mortgage Loan to the Purchaser free and clear of
          any
          encumbrance, equity, lien, pledge, charge, claim or security interest and
          has
          the full right and authority subject to no interest or participation of,
          or
          agreement with, any other party, to sell and assign the Mortgage Loan pursuant
          to this Agreement and following the sale of the Mortgage Loan, the Purchaser
          will own such Mortgage Loan free and clear of any encumbrance, equity,
          participation interest, lien, pledge, charge, claim or security interest.
          The
          Company intends to relinquish all rights to possess, control and monitor
          the
          Mortgage Loan, except for the purposes of servicing the Mortgage Loan as
          set
          forth in this Agreement. Either the Mortgagor is a natural person or the
          Mortgagor is an inter-vivos trust acceptable to Fannie Mae. With respect
          to each
          inter-vivos trust, holding title to the Mortgaged Property in such trust
          will
          not diminish any rights as a creditor including the right to full title
          to the
          Mortgaged Property in the event foreclosure proceedings are
          initiated;

         

        (m)  Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy (or, with
          respect to any Second Lien Mortgage Loan, by a short form title report)
          issued
          by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified
          to do
          business in the jurisdiction where the Mortgaged Property is located, insuring
          (subject to the exceptions contained in (j)(1), (2) and (3) above and,
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          Second
          Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) clause
          (4)) the
          Company, its successors and assigns, as to the first (or, where applicable,
          second) priority lien of the Mortgage in the original principal amount
          of the
          Mortgage Loan and, with respect to each Adjustable Rate Mortgage Loan,
          against
          any loss by reason of the invalidity or unenforceability of the lien resulting
          from the provisions of the Mortgage providing for adjustment in the Mortgage
          Interest Rate and Monthly Payment. Additionally, such policy affirmatively
          insures ingress and egress to and from the Mortgaged Property. Where required
          by
          applicable state law or regulation, the Mortgagor has been given the opportunity
          to choose the carrier of the required mortgage title insurance. The Company,
          its
          successors and assigns, are the sole insureds of such lender’s title insurance
          policy, such title insurance policy has been duly and validly endorsed
          to the
          Purchaser or the assignment to the Purchaser of the Company’s interest therein
          does not require the consent of or notification to the insurer and such
          lender’s
          title insurance policy is in full force and effect and will be in full
          force and
          effect upon the consummation of the transactions contemplated by this Agreement
          and the related Confirmation. No claims have been made under such lender’s title
          insurance policy, and no prior holder of the related Mortgage, including
          the
          Company, has done, by act or omission, anything which would impair the
          coverage
          of such lender’s title insurance policy;

         

        (n)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration. With respect to each Mortgage
          Loan
          which is indicated by the Company to be a Second Lien Mortgage Loan (as
          reflected on the Mortgage Loan Schedule) (i) the First Lien is in full
          force and
          effect, (ii) there is no default, breach, violation or event of acceleration
          existing under such First Lien mortgage or the related mortgage note, (iii)
          to
          the best of Company’s knowledge, no event which, with the passage of time or
          with notice and the expiration of any grace or cure period, would constitute
          a
          default, breach, violation or event of acceleration thereunder, and either
          (A)
          the First Lien mortgage contains a provision which allows or (B) applicable
          law
          requires, the mortgagee under the Second Lien Mortgage Loan to receive
          notice
          of, and affords such mortgagee an opportunity to cure any default by payment
          in
          full or otherwise under the First Lien mortgage;

         

        (o)  There
          are
          no mechanics’ or similar liens or claims which have been filed for work, labor
          or material (and no rights are outstanding that under law could give rise
          to
          such liens) affecting the related Mortgaged Property which are or may be
          liens
          prior to or equal to the lien of the related Mortgage;

         

        (p)  All
          improvements subject to the Mortgage which were considered in determining
          the
          Appraised Value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

         

        (q)  The
          Mortgage Loan was originated by or for the Company. The Mortgage Loan complies
          with all the terms, conditions and requirements of the Company’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan subject
          to
          exceptions which are in writing in the Mortgage File and were approved
          by the
          Purchaser prior to the related Closing Date. The Mortgage Notes and Mortgages
          (exclusive of any riders) are on forms generally acceptable to Fannie Mae
          or
          Freddie Mac. The Mortgage Loan bears interest at the Mortgage Interest
          Rate set
          forth in the related Mortgage Loan Schedule, and Monthly Payments under
          the
          Mortgage Note are due and payable on the first day of each month. The Mortgage
          contains the usual and enforceable provisions of the originator at the
          time of
          origination for the acceleration of the payment of the unpaid principal
          amount
          of the Mortgage Loan if the related Mortgaged Property is sold without
          the prior
          consent of the mortgagee thereunder;

         

        (r)  The
          Mortgaged Property is not subject to any material damage by waste, fire,
          earthquake, windstorm, flood or other casualty, and is in good repair.
          At
          origination of the Mortgage Loan there was, and there currently is, no
          proceeding pending for the total or partial condemnation of the Mortgaged
          Property. There have not been any condemnation proceedings with respect
          to the
          Mortgaged Property and there are no such proceedings scheduled to commence
          at a
          future date;

         

        (s)  The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby.
          There is no homestead or other exemption available to the Mortgagor which
          would
          interfere with the right to sell the Mortgaged Property at a trustee’s sale or
          the right to foreclose the Mortgage;

         

        (t)  If
          the
          Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
          if required under applicable law to act as such, has been properly designated
          and currently so serves and is named in the Mortgage, and no fees or expenses
          are or will become payable by the Purchaser to the trustee under the deed
          of
          trust, except in connection with a trustee’s sale or attempted sale after
          default by the Mortgagor;

         

        (u)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which,
          (a)
          with respect to First Lien Mortgage Loans, is on appraisal form 1004 or
          form
          2055 with an interior inspection, or (b) with respect to Second Lien Mortgage
          Loans, is on appraisal form 704, 2065 or 2055, and (c) with respect to
          (a) or
          (b) above was signed prior to the final approval of the mortgage loan
          application by a Qualified Appraiser, who had no interest, direct or indirect,
          in the Mortgaged Property or in any loan made on the security thereof,
          and whose
          compensation is not affected by the approval or disapproval of the Mortgage
          Loan, and the appraisal and appraiser both satisfy the requirements of
          Fannie
          Mae or Freddie Mac and Title XI of FIRREA and the regulations promulgated
          thereunder, all as in effect on the date the Mortgage Loan was originated.
          The
          appraisal is in a form acceptable to Fannie Mae or Freddie Mac;

         

        (v)  All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

         

        (w)  The
          related Mortgage Note is not and has not been secured by any collateral
          except
          the lien of the corresponding Mortgage and the security interest of any
          applicable security agreement or chattel mortgage referred to in (j) above
          and
          such collateral does not serve as security for any other
          obligation;

         

        (x)  The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of such mortgage loans;

         

        (y)  The
          Mortgage Loan does not contain “graduated payment” features and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

         

        (z)  The
          Mortgagor is not in bankruptcy and the Mortgagor is not insolvent and the
          Company has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that could reasonably be expected to cause investors to regard
          the
          Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
          become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

         

        (aa)  Except
          with respect to any IO Mortgage Loan, principal payments on the Mortgage
          Loan
          commenced no more than sixty (60) days after the funds were disbursed in
          connection with the Mortgage Loan. The Mortgage Loans have an original
          term to
          maturity of not more than 30 years, with interest payable in arrears on
          the
          first day of each month. The Mortgage Loan bears interest at the Mortgage
          Interest Rate. With respect to each Mortgage Loan, the Mortgage Note is
          payable
          on the first day of each month in Monthly Payments which, with respect
          to a
          Mortgage Loan other than an IO Mortgage Loan or Balloon Mortgage Loan,
          requires
          a monthly payment which in the case of a Fixed Rate Mortgage Loan, is sufficient
          to fully amortize the original principal balance over the original term
          thereof
          and to pay interest at the related Mortgage Interest Rate, and in the case
          of an
          Adjustable Rate Mortgage Loan, is changed on each Adjustment Date and is
          sufficient to fully amortize the original principal balance over the original
          term thereof and to pay interest at the related Mortgage Interest Rate.
          With
          respect to each Balloon Mortgage Loan, the Mortgage Note requires a monthly
          payment which is sufficient to fully amortize the original principal balance
          over the original term thereof and to pay interest at the related Mortgage
          Interest Rate and requires a final Monthly Payment substantially greater
          than
          the preceding monthly payment which is sufficient to repay the remained
          unpaid
          principal balance of the Balloon Mortgage Loan as the Due Date of such
          monthly
          payment. With respect to each IO Mortgage Loan, the interest-only period
          shall
          not exceed the interest-only period set forth on the related Mortgage Loan
          Schedule and following the expiration of such interest-only period, the
          remaining Monthly Payments shall be sufficient to fully amortize the original
          principal balance over the remaining term of the Mortgage Loan. No Mortgage
          Loan
          contains terms or provisions which would result in negative amortization.
          No
          Mortgage Loan provides for the capitalization or forbearance of
          interest;

         

        (bb)  No
          Mortgage Loan is subject to a lender-paid mortgage insurance policy;

         

        (cc)  As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
          is
          in recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        (dd)  The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes;

         

        (ee)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a prepayment penalty. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a prepayment penalty, such prepayment
          penalty
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          prepayment penalty, such prepayment penalty does not extend beyond three
          years
          after the date of origination. Any such prepayment penalty is permissible
          and
          enforceable in accordance with its terms upon the mortgagor’s full and voluntary
          principal prepayment under applicable law, except to the extent that: the
          enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors' rights; the
          collectability thereof may be limited due to acceleration in connection
          with a
          foreclosure or other involuntary prepayment; or subsequent changes in applicable
          law may limit or prohibit enforceability thereof under applicable law.
          With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a penalty upon a prepayment prior to maturity: (i) the Mortgage Loan provides
          some benefit to the Mortgagor (e.g., a rate or fee reduction) in exchange
          for
          accepting such prepayment penalty; (ii) the Mortgage Loan’s originator had a
          written policy of offering the Mortgagor, or requiring third-party brokers
          to
          offer the Mortgagor, the option of obtaining a Mortgage Loan that did not
          require payment of such a prepayment penalty and the Mortgagor was offered
          such
          a product by the Mortgage Loan’s originator; (iii) the prepayment penalty was
          adequately disclosed to the Mortgagor in the loan documents pursuant to
          applicable state and federal law; and
          (iv)
          such prepayment penalty shall not be imposed in any instance where the
          Mortgage
          Loan is accelerated or paid off in connection with the workout of a delinquent
          mortgage or due to the Mortgagor’s default, notwithstanding that the terms of
          the Mortgage Loan or state or federal law might permit the imposition of
          such
          prepayment penalty;

         

        (ff)  The
          Mortgaged Property is lawfully occupied under applicable law, and all
          inspections, licenses and certificates required to be made or issued with
          respect to all occupied portions of the Mortgaged Property and, with respect
          to
          the use and occupancy of the same, including but not limited to certificates
          of
          occupancy and fire underwriting certificates, have been made or obtained
          from
          the appropriate authorities;

         

        (gg)  [reserved];

         

        (hh)  
          There is
          no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and nothing further remains to be done to satisfy
          in
          full all requirements of each such law, rule or regulation constituting
          a
          prerequisite to use and enjoyment of said property;

         

        (ii)  The
          Mortgagor has not notified the Company requesting relief under the Soldiers’ and
          Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, and
          the Company has no knowledge of any relief requested or allowed to the
          Mortgagor
          under the Soldiers’ and Sailors’ Civil Relief Act of 1940 or the Servicemembers
          Civil Relief Act or any similar state laws;

         

        (jj)  As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

         

        (kk)  No
          action
          has been taken or failed to be taken on or prior to the related Closing
          Date
          which has resulted or will result in an exclusion from, denial of, or defense
          to
          coverage under any insurance policy related to a Mortgage Loan (including,
          without limitation, any exclusions, denials or defenses which would limit
          or
          reduce the availability of the timely payment of the full amount of the
          loss
          otherwise due thereunder to the insured) whether arising out of actions,
          representations, errors, omissions, negligence, or fraud, or for any other
          reason under such coverage;

         

        (ll)  The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority;

         

        (mm)  With
          respect to each Mortgage Loan secured in whole or in part by the interest
          of the
          Mortgagor as a lessee under a ground lease of a Mortgaged Property (a “Ground
          Lease”) the real property securing such Mortgage Loan is located in a
          jurisdiction in which the use of leasehold estates for residential properties
          is
          a widely-accepted practice and:

         

        (a)  The
          Mortgagor is the owner of a valid and subsisting interest as tenant under
          the
          Ground Lease;

         

        (b)  The
          Ground Lease is in full force and effect, unmodified and not supplemented
          by any
          writing or otherwise;

         

        (c)  The
          mortgagor is not in default under any of the terms thereof and there are
          no
          circumstances which, with the passage of time or the giving of notice or
          both,
          would constitute an event of default thereunder;

         

        (d)  The
          lessor under the Ground Lease is not in default under any of the terms
          or
          provisions thereof on the part of the lessor to be observed or
          performed;

         

        (e)  The
          term
          of the Ground Lease exceeds the maturity date of the related Mortgage Loan
          by at
          least five years;

         

        (f)  The
          Ground Lease or a memorandum thereof has been recorded and by its terms
          permits
          the leasehold estate to be mortgaged. The Ground Lease grants any leasehold
          mortgagee standard protection necessary to protect the security of a leasehold
          mortgagee;

         

        (g)  The
          Ground Lease does not contain any default provisions that could give rise
          to
          forfeiture or termination of the Ground Lease except for the non-payment
          of the
          Ground Lease rents;

         

        (h)  The
          execution, delivery and performance of the Mortgage do not require the
          consent
          (other than those consents which have been obtained and are in full force
          and
          effect) under, and will not contravene any provision of or cause a default
          under, the Ground Lease; and

         

        (i)  The
          Ground Lease provides that the leasehold can be transferred, mortgaged
          and
          sublet an unlimited number of times either without restriction or on payment
          of
          a reasonable fee and delivery of reasonable documentation to the
          lessor;

         

        (nn)  With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

         

        (oo)  With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

         

        (pp)  Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

         

        (qq)  Except
          as
          provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          this Agreement. With respect to each Mortgage Loan, the Company is in possession
          of a complete Mortgage File and Servicing File except for such documents
          as have
          been delivered to the Purchaser or its designee;

         

        (rr)  All
          information supplied by, on behalf of, or concerning the Mortgagor is true,
          accurate and complete and does not contain any statement that is e inaccurate
          or
          misleading in any material respect; 

         

        (ss)  
          There
          does not exist on the related Mortgaged Property any hazardous substances,
          hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
          Environmental Response Compensation and Liability Act, the Resource Conservation
          and Recovery Act of 1976, or other federal, state or local environmental
          legislation; 

         

        (tt)  No
          Mortgage Loan had a Loan-to-Value Ratio or Combined Loan-to-Value Ratio
          at the
          time of origination of more than 100% or such other percentage set forth
          in the
          related Confirmation;

         

        (uu)  No
          Mortgage Loan is (a) subject to, covered by or in violation of the Home
          Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
          cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
          law, including any predatory or abusive lending laws (or a similarly classified
          loan using different terminology under a law imposing heightened regulatory
          scrutiny or additional legal liability for a residential mortgage loan
          having
          high interest rates, points and/or fees), (c) a High Cost Loan or Covered
          Loan,
          as applicable (as such terms are defined in the current Standard & Poor’s
          LEVELS® Glossary, Appendix E) or (d) in violation of any state law or ordinance
          comparable to HOEPA. No Mortgage Loan (including purchase money loans or
          refinance transactions) has an “annual percentage rate” or “total points and
          fees” payable by the Mortgager (as each such term is defined under HOEPA) that
          equal or exceed the applicable thresholds defined under HOEPA (Section
          32 of
          Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and (ii);

         

        (vv)  No
          Mortgagor was required to purchase any credit life, disability, accident,
          unemployment, property or health insurance product or debt cancellation
          agreement as a condition of obtaining the extension of credit. No Mortgagor
          obtained a prepaid single premium credit life, disability, unemployment,
          property, mortgage, accident or health insurance policy in connection with
          the
          origination of the Mortgage Loan; No proceeds from any Mortgage Loan were
          used
          to purchase or finance single-premium insurance policies or debt cancellation
          agreements as part of the origination of or as a condition to closing,
          such
          Mortgage Loan;

         

        (ww)  Any
          principal advances made to the Mortgagor prior to the related Closing Date
          have
          been consolidated with the outstanding principal amount secured by the
          Mortgage,
          and the secured principal amount, as consolidated, bears a single interest
          rate
          and single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having (A) first lien priority
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien priority
          with respect to each Mortgage Loan which is indicated by the Company to
          be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
          in either case, by a title insurance policy, an endorsement to the policy
          insuring the mortgagee’s consolidated interest or by other title evidence
          acceptable to Fannie Mae and Freddie Mac. The consolidated principal amount
          does
          not exceed the original principal amount of the Mortgage Loan;

         

        (xx)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (yy)  [Reserved];

         

        (zz)  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          assignment of Mortgage to MERS has been duly and properly recorded;

         

        (aaa)  With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (bbb)  Any
          Mortgaged Property that is considered manufactured housing shall be legally
          classified as real property, is permanently affixed to a foundation and
          must
          assume the characteristics of site-built housing and must otherwise conform
          to
          the requirements of Fannie Mae and Freddie Mac, including without limitation
          the
          requirement that such manufactured housing will be the principal residence
          of
          the Mortgagor upon origination of the Mortgage Loan;

         

        (ccc)  With
          respect to each Mortgage Loan, the Company has fully and accurately furnished
          complete information (e.g., favorable and unfavorable) on the related borrower
          credit files to Equifax, Experian and Trans Union Credit Information Company
          (three of the credit repositories), in accordance with the Fair Credit
          Reporting
          Act and its implementing regulations, on a monthly basis and the Company
          will
          furnish for each Mortgage Loan, in accordance with the Fair Credit Reporting
          Act
          and its implementing regulations, accurate and complete information (e.g.,
          favorable and unfavorable) on its borrower credit files to Equifax, Experian
          and
          Trans Union Credit Information Company (three of the credit repositories),
          on a
          monthly basis;

         

        (ddd)  The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money
          Laundering Laws”);
          the
          Company has established an anti-money laundering compliance program as
          required
          by the Anti-Money Laundering Laws, has conducted the requisite due diligence
          in
          connection with the origination of each Mortgage Loan for purposes of the
          Anti-Money Laundering Laws, including with respect to the legitimacy of
          the
          applicable Mortgagor and the origin of the assets used by the said Mortgagor
          to
          purchase the property in question, and maintains, and will maintain, sufficient
          information to identify the applicable Mortgagor for purposes of the Anti-Money
          Laundering Laws. No Mortgage Loan is subject to nullification pursuant
          to
          Executive Order 13224 (the “Executive Order”) or the regulations promulgated by
          the Office of Foreign Assets Control of the United States Department of
          the
          Treasury (the “OFAC Regulations”) or in violation of the Executive Order or the
          OFAC Regulations, and no Mortgagor is subject to the provisions of such
          Executive Order or the OFAC Regulations nor listed as a “blocked person” for
          purposes of the OFAC Regulations;

         

        (eee)  With
          respect to each Mortgage Loan which is a Second Lien Mortgage Loan (i)
          if the
          related first lien provides for negative amortization, the LTV was calculated
          at
          the maximum principal balance of such first lien that could result upon
          application of such negative amortization feature, and (ii) either no consent
          for the Mortgage Loan is required by the holder of the first lien or such
          consent has been obtained and is contained in the Mortgage File;

         

        (fff)  No
          predatory or deceptive lending practices, including but not limited to,
          the
          extension of credit to the applicable Mortgagor without regard for said
          Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
          said Mortgagor which has no apparent benefit to said Mortgagor, were employed
          by
          the originator of the Mortgage Loan in connection with the origination
          of the
          Mortgage Loan. Each
          Mortgage Loan is in compliance with the anti-predatory lending eligibility
          for
          purchase requirements of Fannie Mae’s Selling Guide;

         

        (ggg)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
          Act, as amended (the “Georgia Act”) or New York Banking Law 6-1. No Mortgage
          Loan secured by owner occupied real property or an owner occupied manufactured
          home located in the State of Georgia was originated (or modified) on or
          after
          October 1, 2002 through and including March 6, 2003;

         

        (hhh)  No
          Mortgage Loan (a) is secured by property located in the State of New York;
          (b)
          had an unpaid principal balance at origination of $300,000 or less, and
          (c) has
          an application date on or after April 1, 2003, the terms of which Mortgage
          Loan
          equal or exceed either the APR or the points and fees threshold for “high-cost
          home loans,” as defined in Section 6-L of the New York State Banking
          Law;

         

        (iii)  No
          Mortgagor was encouraged or required to select a Mortgage Loan product
          offered
          by the Mortgage Loan’s originator which is a higher cost product designed for
          less creditworthy borrowers, taking into account such facts as, without
          limitation, the mortgage loan’s requirements and the Mortgagor’s credit history,
          income, assets and liabilities. Any Mortgagor who sought financing through
          Mortgage Loan originator’s higher-priced subprime lending channel was directed
          towards or offered the Mortgage Loan originator’s standard mortgage line if the
          Mortgagor was able to qualify for one of the standard products. If, at
          the time
          of loan application, the Mortgagor may have qualified for a lower cost
          credit
          product then offered by any mortgage lending affiliate of the Mortgage
          Loan’s
          originator, the Mortgage Loan’s originator referred the Mortgagor’s application
          to such affiliate for underwriting consideration;

         

        (jjj)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such extension of credit. The
          methodology employed objective criteria that related such facts as, without
          limitation, the Mortgagor’s credit history, income, assets or liabilities, to
          the proposed mortgage payment and, based on such methodology, the Mortgage
          Loan’s originator made a reasonable determination that at the time of
          origination the Mortgagor had the ability to make timely payments on the
          Mortgage Loan; 

         

        (kkk)  All
          points, fees and charges (including finance charges) and whether or not
          financed, assessed, collected or to be collected in connection with the
          origination and servicing of each Mortgage Loan have been disclosed in
          writing
          to the Mortgagor in accordance with applicable state and federal law and
          regulation;

         

        (lll)  All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          Mortgagor in accordance with applicable state and federal law and regulation.
          No
          Mortgagor was charged “points and fees” (whether or not financed) in an amount
          that exceed the greater of (1) 5% of the principal amount of such Mortgage
          Loan
          (such 5% limitation is calculated in accordance with Fannie Mae’s requirements
          set forth in the Fannie Mae Selling Guide) or (2) $1,000;

         

        (mmm)  [Reserved];
          

         

        (nnn)  As
          of the
          Closing Date, each
          Loan
          is eligible for sale in the secondary mortgage market or for securitization
          without unreasonable credit enhancement.

         

        (ooo)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
          Protection Act effective July 14, 2003 (Act 1340 or 2003); 

         

        (ppp)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
          loan statute effective June 25, 2003 (Ky. Rev. Stat. Section
          360.100).

         

        (qqq)  [Reserved];
          

         

        (rrr)  No
          Mortgage Loan originated in the City of Oakland is subject to the City
          of
          Oakland, California Ordinance 12361, (the “Ordinance”) as a home
          loan;

         

        (sss)  No
          Mortgage Loan is a subsection 10 mortgage under the Oklahoma Home Ownership
          and
          Equity Protection Act;

         

        (ttt)  No
          Mortgage Loan is a “High-Risk Home Loan” as defined in the Illinois High-Risk
          Home Loan Act effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et
          seq.);

         

        (uuu)  No
          Mortgage Loan is a “High-Cost Home Loan” as defined in the New Mexico Home Loan
          Protection Act effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et
          seq.);

         

        (vvv)  No
          Mortgage Loan is a “High-Cost Home Loan” under the New Jersey Home Ownership
          Security Act of 2002 (the “NJ Act”); and each Mortgage Loan subject to the NJ
          Act is considered under the NJ Act as, either, a (1) purchase money Home
          Loan,
          (2) purchase money Covered Loan, or (3) a rate/term refinance Home Loan;
          

         

        (www)  No
          Mortgage Loan originated in the city of Los Angeles, California on or after
          the
          effective date of the Los Angeles, California anti-predatory lending ordinance
          is a “high-cost refinance home loan” under such ordinance; 

         

        (xxx)  No
          Mortgage Loan that is secured by property located within the State of Maine
          meets the definition of a (i) “high-rate, high-fee” mortgage loan under Article
          VIII, Title 9-A of the Maine Consumer Credit Code No Mortgage Loan or (ii)
          “High-Cost Home Loan” as defined under the Maine House Bill 383 L.D. 494,
          effective as of September 13, 2003; 

         

        (yyy)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction; 

         

        (zzz)  With
          respect to any Mortgage Loan for which a mortgage loan application was
          submitted
          by the Mortgagor after April 1, 2004, no such Mortgage Loan secured by
          Mortgaged
          Property in the State of Illinois which has a Mortgage Interest Rate in
          excess
          of 8.0% per annum has lender-imposed fees (or other charges) in excess
          of 3.0%
          of the original principal balance of the Mortgage Loan; 

         

        (aaaa)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (bbbb)  No
          Mortgage Loan is a Convertible Mortgage Loan;

         

        (cccc)  No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term "borrower" is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          the
          Massachusetts General Laws Chapter 183, Section 28C) unless (a) the related
          Mortgage Interest Rate (that would be effective once the introductory rate
          expires, with respect to Adjustable Rate Mortgage Loans) did or would not
          exceed
          by more than 2.50% the yield on United States Treasury securities having
          comparable periods of maturity to the maturity of the related Mortgage
          Loan as
          of the fifteenth day of the month immediately preceding the month in which
          the
          application for the extension of credit was received by the related lender
          or
          (b) the Mortgage Loan is an “open-end home loan” (as such term is used in the
          Massachusetts General Laws Chapter 183, Section 28C or the regulations
          promulgated in connection therewith) and the related Mortgage Note provides
          that
          the related Mortgage Interest Rate may not exceed at any time the Prime
          rate
          index as published in the Wall Street Journal plus a margin of one
          percent;

         

        (dddd)  No
          Mortgagor was charged “points and fees” in an amount greater than (a) $1,000 or
          (b) 5% of the principal amount of the related Mortgage Loan, whichever
          is
          greater. For purposes of this representation, “points and fees” (x) include
          origination, underwriting, broker and finder’s fees and charges that the lender
          imposed as a condition of making the Mortgage Loan, whether they are paid
          to the
          lender or a third party; and (y) exclude bona fide discount points, fees
          paid
          for actual services rendered in connection with the origination of the
          Mortgage
          (such as attorneys’ fees, notaries fees and fees paid for property appraisals,
          credit reports, surveys, title examinations and extracts, flood and tax
          certifications, and home inspections); the cost of mortgage insurance or
          credit-risk price adjustments; the costs of title, hazard, and flood insurance
          policies; state and local transfer taxes or fees; escrow deposits for the
          future
          payment of taxes and insurance premiums; and other miscellaneous fees and
          charges that, in total, do not exceed 0.25 percent of the loan amount;
          and

         

        (eeee)  With
          respect to each Mortgage Loan, the related residence or dwelling is not
          a
          manufactured housing unit.

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        

        ASSIGNMENT
          AND RECOGNITION AGREEMENT

         

        THIS
          ASSIGNMENT AND RECOGNITION AGREEMENT, dated August 30, 2006, (“Agreement”)
          among
          UBS Real Estate Securities Inc. (“Assignor”),
          Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
          and
          EquiFirst Corporation (the “Company”):

         

        For
          and
          in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
          consideration the receipt and sufficiency of which hereby are acknowledged,
          and
          of the mutual covenants herein contained, the parties hereto hereby agree
          as
          follows:

         

        Assignment
          and Conveyance

        

        The
          Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
          (x) all of the right, title and interest of the Assignor, as purchaser,
          in, to
          and under (a) those certain Mortgage Loans listed as being originated by
          the
          Company on the schedule (the “Mortgage
          Loan Schedule”)
          attached hereto as Exhibit A (the “Mortgage
          Loans”)
          and
          (b) except as described below, that certain Master
          Seller’s Purchase, Warranties and Interim Servicing Agreement dated as of May
          1,
          2006,
          as
          amended (the “Purchase
          Agreement”),
          between the Assignor, as initial purchaser (the “Purchaser”),
          and
          the Company, as seller, solely insofar as the Purchase Agreement relates
          to the
          Mortgage Loans and (y) other than as provided below with respect to the
          enforcement of representations and warranties, none of the obligations
          of the
          Assignor under the Purchase Agreement.

         

        The
          Assignor specifically reserves and does not assign to the Assignee hereunder
          any
          and all right, title and interest in, to and under and any obligations
          of the
          Assignor with respect to any mortgage loans subject to the Purchase Agreement
          which are not the mortgage loans set forth on the Mortgage Loan Schedule
          and are
          not the subject of this Agreement.

         

        

        Recognition
          of the Company

        

        From
          and
          after the date hereof, the Company shall and does hereby recognize that
          the
          Assignee will transfer the Mortgage Loans and assign its rights under the
          Purchase Agreement (solely to the extent set forth herein) and this Agreement
          to
          MASTR Asset-Backed Securities Trust 2006-HE3 (the “Trust”) created pursuant to a
          Pooling and Servicing Agreement, dated as of August 1, 2006 (the “Pooling
          Agreement”), among
          the
          Assignee, Wells Fargo Bank, N.A. as master servicer and trust administrator
          (including its successors in interest and any successor servicers under
          the
          Pooling Agreement, the “Master Servicer” or “Trust Administrator”), HomEq
          Servicing Corporation as servicer and U.S. Bank National Association, as
          trustee
(including
          its successors in interest and any successor trustees under the Pooling
          Agreement,
          the
“Trustee”).
          The
          Company hereby acknowledges and agrees that from and after the date hereof
          (i) the Trust will be the owner of the Mortgage Loans, (ii) the
          Company shall look solely to the Trust for performance of any obligations
          of the
          Assignor insofar as they relate to the enforcement of the representations,
          warranties and covenants with respect to the Mortgage Loans, (iii) the
          Trust (including the Trustee and the Servicer acting on the Trust’s behalf)
          shall have all the rights and remedies available to the Assignor, insofar
          as
          they relate to the Mortgage Loans, under the Purchase Agreement, including,
          without limitation, the enforcement of the document delivery requirements
          and
          remedies with respect to breaches of representations and warranties set
          forth in
          the Purchase Agreement, and shall be entitled to enforce all of the obligations
          of the Company thereunder insofar as they relate to the Mortgage Loans,
          and
          (iv) all references to the Purchaser (insofar as they relate to the rights,
          title and interest and, with respect to obligations of the Purchaser, only
          insofar as they relate to the enforcement of the representations, warranties
          and
          covenants of the Company) or the Custodian under the Purchase Agreement
          insofar
          as they relate to the Mortgage Loans, shall be deemed to refer to the Trust
          (including the Trustee and the Servicer acting on the Trust’s behalf). Neither
          the Company nor the Assignor shall amend or agree to amend, modify, waiver,
          or
          otherwise alter any of the terms or provisions of the Purchase Agreement
          which
          amendment, modification, waiver or other alteration would in any way affect
          the
          Mortgage Loans or the Company’s performance under the Purchase Agreement with
          respect to the Mortgage Loans without the prior written consent of the
          Trustee.

         

        Representations
          and Warranties of the Company

        

        1.  The
          Company warrants and represents to the Assignor, the Assignee and the Trust
          as
          of the date hereof that:

         

        (a)  The
          Company is duly organized, validly existing and in good standing under
          the laws
          of the jurisdiction of its incorporation;

         

        (b)  The
          Company has full corporate power and authority to execute, deliver and
          perform
          its obligations under this Agreement and has full corporate power and authority
          to perform its obligations under the Purchase Agreement. The execution
          by the
          Company of this Agreement is in the ordinary course of the Company’s business
          and will not conflict with, or result in a breach of, any of the terms,
          conditions or provisions of the Company’s charter or bylaws or any legal
          restriction, or any material agreement or instrument to which the Company
          is now
          a party or by which it is bound, or result in the violation of any law,
          rule,
          regulation, order, judgment or decree to which the Company or its property
          is
          subject. The execution, delivery and performance by the Company of this
          Agreement have been duly authorized by all necessary corporate action on
          part of
          the Company. This Agreement has been duly executed and delivered by the
          Company,
          and, upon the due authorization, execution and delivery by the Assignor
          and the
          Assignee, will constitute the valid and legally binding obligation of the
          Company, enforceable against the Company in accordance with its terms except
          as
          enforceability may be limited by bankruptcy, reorganization, insolvency,
          moratorium or other similar laws now or hereafter in effect relating to
          creditors’ rights generally, and by general principles of equity regardless of
          whether enforceability is considered in a proceeding in equity or at law;
          

         

        (c)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Company in connection with the execution, delivery or performance by
          the
          Company of this Agreement; and

         

        (d)  There
          is
          no action, suit, proceeding or investigation pending or, to the best of
          the
          Company’s knowledge, threatened against the Company, before any court,
          administrative agency or other tribunal, which would draw into question
          the
          validity of this Agreement or the Purchase Agreement, or which, either
          in any
          one instance or in the aggregate, would result in any material adverse
          change in
          the ability of the Company to perform its obligations under this Agreement
          or
          the Purchase Agreement, and the Company is solvent. 

         

        2.  Pursuant
          to Section 8 of the Purchase Agreement, the Company hereby represents and
          warrants, for the benefit of the Assignor, the Assignee and the Trust,
          that the
          representations and warranties set forth in Section 3.01 of the Purchase
          Agreement (set forth on Schedule 1 hereto) are true and correct as of the
          date
          of this Agreement (the “Closing Date”) as if such representations and warranties
          were made on such Closing Date, and that the representations and warranties
          set
          forth in Section 3.02 of the Purchase Agreement (set forth on Sechedule
          1
          hereto) are true and correct as of the related Servicing Transfer Date
          (as
          defined in the Purchase Agreement).

         

        3.  The
          Assignor hereby makes the following representations and warranties as of
          the
          date hereof:

         

        (a)  Each
          Mortgage Loan at the time it was made complied in all material respects
          with
          applicable local, state, and federal laws, including, but not limited to,
          all
          applicable predatory and abusive lending laws;

         

        (b)  None
          of
          the Mortgage Loans are High Cost as defined by any applicable predatory
          and
          abusive lending laws; 

         

        (c)  No
          Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such
          terms
          are defined in the then current Standard & Poor’s LEVELS®
          Glossary
          which is now Version 5.7 Revised, Appendix E); 

         

        (d)  No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act; and

         

        (e)  To
          the
          best of the Assignor’s knowledge, with respect to the
          representations and warranties set forth in Section
          3.02, nothing has occurred in the period of time from the Servicing Transfer
          Date (as defined in the Purchase Agreement) to the date hereof which would
          cause
          such representation and warranties to be untrue in any material respect
          as of
          the date hereof. 

         

        Remedies
          for Breach of Representations and Warranties

        

        The
          Company hereby acknowledges and agrees that the remedies available to the
          Assignor, the Assignee and the Trust (including the Trustee and the Servicer
          acting on the Trust’s behalf) in connection with any breach of the
          representations and warranties made by the Company set forth in Section
          2 hereof
          shall be as set forth in Subsection 3.01 of the Purchase Agreement as if
          they
          were set forth herein (including without limitation the repurchase and
          indemnity
          obligations set forth therein). In addition, the Company hereby acknowledges
          and
          agrees that any breach of the representations set forth in Section 3.02
          (h),
          (n), (ee), (pp), (uu), (vv), (ggg), (hhh), (iii), (jjj) or (ooo) of the
          Purchase
          Agreement shall be deemed to materially and adversely affect the value
          of the
          related mortgage loans or the interests of the Trust in the related mortgage
          loans. 

         

        The
          Assignor hereby acknowledges and agrees that the remedies available to
          the
          Assignee and the Trust (including the Trustee and the Master Servicer acting
          on
          the Trust’s behalf) in connection with any breach of the representations and
          warranties made by the Assignor set forth in Section 3 hereof shall be
          as set
          forth in Section 2.03 of the Pooling Agreement as if they were set forth
          herein.
The
          Assignor hereby acknowledges and agrees that a breach of any one of the
          representations set forth in Section 3 above will be deemed to materially
          adversely affect the interests of the certificateholders and shall require
          a
          repurchase of the affected Mortgage Loan(s).

         

         

        Miscellaneous

        

        4.  This
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws. 

         

        5.  No
          term
          or provision of this Agreement may be waived or modified unless such waiver
          or
          modification is in writing and signed by the party against whom such waiver
          or
          modification is sought to be enforced, with the prior written consent of
          the
          Trustee. 

         

        6.  This
          Agreement shall inure to the benefit of (i) the successors and assigns
          of the
          parties hereto and (ii) the Trust (including the Trustee and the Servicer
          acting
          on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
          be merged or consolidated shall, without the requirement for any further
          writing, be deemed Assignor, Assignee or Company, respectively,
          hereunder.

         

        7.  Each
          of
          this Agreement and the Purchase Agreement shall survive the conveyance
          of the
          Mortgage Loans and the assignment of the Purchase Agreement (to the extent
          assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
          and
          nothing contained herein shall supersede or amend the terms of the Purchase
          Agreement.

         

        8.  This
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument. 

         

        9.  In
          the
          event that any provision of this Agreement conflicts with any provision
          of the
          Purchase Agreement with respect to the Mortgage Loans, the terms of this
          Agreement shall control. 

         

        10.  Capitalized
          terms used in this Agreement (including the exhibits hereto) but not defined
          in
          this Agreement shall have the meanings given to such terms in the Purchase
          Agreement.

         

         

        [SIGNATURE
          PAGE FOLLOWS]

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

         

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be executed
          by their
          duly authorized officers as of the date first above written.

         

        

        
          	 	 	 	 	 	 	 	
                  UBS
                    REAL ESTATE SECURITIES INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  MORTGAGE
                    ASSET SECURITIZATION TRANSACTIONS, INC.

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        

        
          	 	 	 	 	 	 	 	
                  EQUIFIRST
                    CORPORATION

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	
                  Nicole
                    Baldonieri

                
	 	 	 	 	 	 	 	
                  Title:

                	
                  Vice
                    President

                

        

         

        

         

        

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        EXHIBIT
          A

        

        Mortgage
          Loan Schedule

        

        AVAILABLE
          UPON REQUEST

        

        
          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

        

        SCHEDULE
          1

        

        Limitations
          on Representations and Warranties

        

        Capitalized
          terms used herein but not defined in this Schedule 1 shall have the meanings
          given to such terms in the Purchase Agreement:

         

        Section
          3.01 Representations
          and Warranties of the Company.
          

         

        The
          Company represents, warrants and covenants to the Purchaser that as of
          each
          Closing Date and as of each Servicing Transfer Date or as of such date
          specifically provided herein:

         

        (a)  The
          Company is a corporation duly organized and validly existing under the
          laws of
          North Carolina. The Company has all licenses necessary to carry out its
          business
          as now being conducted, and is licensed and qualified to transact business
          in
          and is in good standing under the laws of each state in which any Mortgaged
          Property is located or is otherwise exempt under applicable law from such
          licensing or qualification or is otherwise not required under applicable
          law to
          effect such licensing or qualification and no demand for such licensing
          or
          qualification has been made upon the Company by any such state, and in
          any event
          the Company is in compliance with the laws of any such state to the extent
          necessary to ensure the enforceability of each Mortgage Loan and the interim
          servicing of the Mortgage Loans in accordance with the terms of this Agreement.
          No licenses or approvals obtained by the Company have been suspended or
          revoked
          by any court, administrative agency, arbitrator or governmental body and
          no
          proceedings are pending which might result in such suspension or
          revocation;

         

        (b)  The
          Company has the full power and authority and legal right to hold, transfer
          and
          convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
          and perform, and to enter into and consummate all transactions contemplated
          by
          this Agreement and the related Confirmation and to conduct its business
          as
          presently conducted; the Company has duly authorized the execution, delivery
          and
          performance of this Agreement and any agreements contemplated hereby, has
          duly
          executed and delivered this Agreement and the related Confirmation, and
          any
          agreements contemplated hereby, and this Agreement and the related Confirmation
          and each Assignment of Mortgage to the Purchaser and any agreements contemplated
          hereby, constitute the legal, valid and binding obligations of the Company,
          enforceable against it in accordance with their respective terms, except
          as such
          enforceability may be limited by bankruptcy, insolvency, moratorium,
          reorganization and similar laws, and by equitable principles affecting
          the
          enforceability of the rights of creditors; and all requisite corporate
          action
          has been taken by the Company to make this Agreement, the related Confirmation
          and all agreements contemplated hereby valid and binding upon the Company
          in
          accordance with their terms;

         

        (c)  Neither
          the execution and delivery of this Agreement, the related Confirmation,
          the sale
          of the Mortgage Loans to the Purchaser, the consummation of the transactions
          contemplated hereby, nor the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Confirmation will conflict
          with any
          of the terms, conditions or provisions of the Company’s charter or by-laws or
          materially conflict with or result in a material breach of any of the terms,
          conditions or provisions of any legal restriction or any agreement or instrument
          to which the Company is now a party or by which it is bound, or constitute
          a
          default or result in an acceleration under any of the foregoing, or result
          in
          the material violation of any law, rule, regulation, order, judgment or
          decree
          to which the Company or its property is subject;

         

        (d)  There
          is
          no litigation, suit, proceeding or investigation pending or threatened,
          or any
          order or decree outstanding, which is reasonably likely to have a material
          adverse effect on the sale of the Mortgage Loans, the execution, delivery,
          performance or enforceability of this Agreement or the related Confirmation,
          or
          which is reasonably likely to have a material adverse effect on the financial
          condition of the Company;

         

        (e)  No
          consent, approval, authorization or order of any court or governmental
          agency or
          body is required for the execution, delivery and performance by the Company
          of
          or compliance by the Company with this Agreement and the related Confirmation,
          except for consents, approvals, authorizations and orders which have been
          obtained;

         

        (f)  The
          consummation of the transactions contemplated by this Agreement and the
          related
          Confirmation are in the ordinary course of business of the Company, and
          the
          transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
          by
          the Company pursuant to this Agreement and the related Confirmation are
          not
          subject to bulk transfer or any similar statutory provisions in effect
          in any
          applicable jurisdiction;

         

        (g)  The
          origination, servicing and collection practices with respect to each Mortgage
          Note and Mortgage have been legal and in accordance with applicable laws
          and
          regulations, and in all material respects in accordance with Accepted Servicing
          Practices. The Company further represents and warrants that: with respect
          to
          escrow deposits and payments that the Company is entitled to collect, all
          such
          payments are in the possession of, or under the control of, the Company
          or its
          delegate, and there exist no deficiencies in connection therewith for which
          customary arrangements for repayment thereof have not been made; all escrow
          payments have been collected and are being maintained in full compliance
          with
          applicable state and federal law and the provisions of the related Mortgage
          Note
          and Mortgage; as to any Mortgage Loan that is the subject of an escrow,
          escrow
          of funds is not prohibited by applicable law and has been established in
          an
          amount sufficient to pay for every escrowed item that remains unpaid and
          has
          been assessed but is not yet due and payable; no escrow deposits or other
          charges or payments due under the Mortgage Note have been capitalized under
          any
          Mortgage or the related Mortgage Note; all Mortgage Interest Rate adjustments
          have been made in strict compliance with state and federal law and the
          terms of
          the related Mortgage Note; and any interest required to be paid pursuant
          to
          state and local law has been properly paid and credited;

         

        (h)  The
          Company has not used selection procedures that identified the Mortgage
          Loans as
          being less desirable or valuable than other comparable mortgage loans in
          the
          Company’s portfolio at the related Closing Date; 

         

        (i)  The
          Company will treat the transfer of the Mortgage Loans to the Purchaser
          as a sale
          for reporting and accounting purposes and, to the extent appropriate, for
          federal income tax purposes. The Company shall maintain a complete set
          of books
          and records for each Mortgage Loan which shall be clearly marked to reflect
          the
          ownership of such Mortgage Loan by the Purchaser; 

         

        (j)  The
          Company is an approved seller/servicer of residential mortgage loans for
          HUD,
          with such facilities, procedures and personnel necessary for the sound
          servicing
          of such mortgage loans. The Company is duly qualified, licensed, registered
          and
          otherwise authorized under all applicable federal, state and local laws
          and
          regulations and is in good standing to sell mortgage loans to and service
          mortgage loans; 

         

        (k)  The
          Company does not believe, nor does it have any cause or reason to believe,
          that
          it cannot perform each and every covenant contained in this Agreement and
          the
          related Confirmation applicable to it. The Company is solvent and the sale
          of
          the Mortgage Loans will not cause the Company to become insolvent. The
          sale of
          the Mortgage Loans is not undertaken with the intent to hinder, delay or
          defraud
          any of the Company’s creditors;

         

        (l)  No
          statement, tape, diskette, form, report or other document prepared by,
          or on
          behalf of, the Company pursuant to this Agreement, the related Confirmation
          or
          in connection with the transactions contemplated hereby, contains or will
          contain any statement that is or will be inaccurate or misleading in any
          material respect;

         

        (m)  The
          consideration received by the Company upon the sale of the Mortgage Loans
          constitutes fair consideration and reasonably equivalent value for such
          Mortgage
          Loans;

         

        (n)  The
          Company has delivered to the Initial Purchaser financial statements as
          to its
          last two complete fiscal years. All such financial statements fairly present
          the
          pertinent results of operations and changes in financial position for each
          of
          such periods and the financial position at the end of each such period
          of the
          Company and its subsidiaries and have been prepared in accordance with
          GAAP
          consistently applied throughout the periods involved, except as set forth
          in the
          notes thereto. There has been no change in the business, operations, financial
          condition, properties or assets of the Company since the date of the Company’s
          financial statements that would have a material adverse effect on its ability
          to
          perform its obligations under this Agreement or the related Confirmation;
          

         

        (o)  The
          Company has not dealt with any broker, investment banker, agent or other
          person
          that may be entitled to any commission or compensation in connection with
          the
          sale of the Mortgage Loans; and

         

        (p)  The
          Company is a member of MERS in good standing, and will comply in all material
          respects with the rules and procedures of MERS in connection with the servicing
          of the MERS Mortgage Loans for as long as such Mortgage Loans are registered
          with MERS.

         

        Section
          3.02 Representations
          and Warranties as to Individual Mortgage Loans.

         

        The
          Company hereby represents and warrants to the Purchaser, as to each Mortgage
          Loan, as of the related Closing Date and as of the related Servicing Transfer
          Date as follows:

         

        (a)  The
          information set forth in the related Mortgage Loan Schedule, including
          any
          diskette or other related data tapes sent to the Initial Purchaser, is
          complete,
          true and correct in all material respects;

         

        (b)  The
          Mortgage creates a (A) first lien and first priority security interest
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien and
          second
          priority security interest with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien (as reflected on the Mortgage Loan Schedule),
          in either case, in the related Mortgaged Property securing the related
          Mortgage
          Note;

         

        (c)  As
          of the
          related Closing Date, the Mortgage Loan is not delinquent in payment more
          than
          30 days and has not been dishonored; there are no material defaults under
          the
          terms of the Mortgage Loan; the Company has not advanced funds, or induced,
          solicited or knowingly received any advance of funds from a party other
          than the
          owner of the Mortgaged Property subject to the Mortgage, directly or indirectly,
          for the payment of any amount required by the Mortgage Loan; no payment
          with
          respect to each Mortgage Loan has been contractually delinquent during
          the
          preceding twelve-month period;

         

        (d)  To
          the
          best of the Company’s knowledge, all taxes, governmental assessments, insurance
          premiums, water, sewer and municipal charges, leasehold payments or ground
          rents
          which previously became due and owing have been paid, or escrow funds have
          been
          established in an amount sufficient to pay for every such escrowed item
          which
          remains unpaid and which has been assessed but is not yet due and
          payable;

         

        (e)  The
          terms
          of the Mortgage Note and the Mortgage have not been impaired, waived, altered
          or
          modified in any respect, except by written instruments which have been
          recorded
          to the extent any such recordation is required by law. No instrument of
          waiver,
          alteration or modification has been executed, and no Mortgagor has been
          released, in whole or in part, from the terms thereof except in connection
          with
          an assumption agreement and which assumption agreement is part of the Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule;
          the substance of any such waiver, alteration or modification has been approved
          by the issuer of any related title insurance policy, to the extent required
          by
          the related policy.

         

        (f)  The
          Mortgage Note and the Mortgage are not subject to any right of rescission,
          set-off, counterclaim or defense, including, without limitation, the defense
          of
          usury, nor will the operation of any of the terms of the Mortgage Note
          or the
          Mortgage, or the exercise of any right thereunder, render the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and the Mortgagor was not a debtor in any
          state
          or federal bankruptcy or insolvency proceeding at the time the Mortgage
          Loan was
          originated;

         

        (g)  All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by a Qualified Insurer, against loss by fire, windstorm, hurricane,
          hail damage or other perils normally under extended coverage endorsement,
          in an
          amount representing coverage not less than the lesser of (i) the lesser
          of (a)
          the maximum insurable value of the improvements securing such Mortgage
          Loans and
          (b) the full replacement cost of the improvements securing such Mortgage
          Loan,
          and (ii) the greater of (a) either (1) the outstanding principal balance
          of the
          Mortgage Loan with respect to each Mortgage Loan which is indicated by
          the
          Company to be a First Lien (as reflected on the Mortgage Loan Schedule)
          or (2)
          with respect to each Second Lien Mortgage Loan, the sum of the outstanding
          principal balance of the first lien on such Mortgage Loan and the outstanding
          principal balance of such Second Lien Mortgage Loan, and (b) an amount
          such that
          the proceeds thereof shall be sufficient to prevent the Mortgagor and/or
          the
          mortgagee from becoming a co-insurer, but in no event greater than the
          maximum
          amount permitted under applicable law. All such standard hazard policies
          are in
          full force and effect and on the date of origination contained a standard
          mortgagee clause naming the Company and its successors in interest and
          assigns
          as loss payee and such clause is still in effect and all premiums due thereon
          have been paid. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, the Mortgage Loan is covered by a flood insurance policy meeting
          the
          requirements of the current guidelines of the Federal Insurance Administration,
          in an amount not less than the amount required by the Flood Disaster Protection
          Act of 1973, as amended. Such policy was issued by a Qualified Insurer.
          The
          Mortgage obligates the Mortgagor thereunder to maintain all such insurance
          at
          the Mortgagor’s cost and expense, and upon the Mortgagor’s failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor’s cost and expense and to seek reimbursement therefor from the
          Mortgagor;

         

        (h)  Each
          Mortgage Loan and, if any, the related prepayment penalty complied in all
          material respects with any and all requirements of any federal, state or
          local
          law including, without limitation, usury, truth in lending, real estate
          settlement procedures, consumer credit protection, equal credit opportunity,
          fair housing, disclosure, or predatory, fair and abusive lending laws applicable
          to the origination and servicing of loans of a type similar to the Mortgage
          Loans and the consummation of the transactions contemplated hereby will
          not
          involve the violation of any such laws;

         

        (i)  The
          Mortgage has not been satisfied, canceled or subordinated (other than the
          subordination of any Second Lien Mortgage Loan to the related First Lien),
          in
          whole or in part, or rescinded, and the Mortgaged Property has not been
          released
          from the lien of the Mortgage, in whole or in part nor has any instrument
          been
          executed that would effect any such release, cancellation, subordination
          or
          rescission. The Company has not waived the performance by the Mortgagor
          of any
          action, if the Mortgagor’s failure to perform such action would cause the
          Mortgage Loan to be in default, nor has the Company waived any default
          resulting
          from any action or inaction by the Mortgagor;

         

        (j)  The
          related Mortgage is a valid, subsisting, enforceable and perfected (A)
          first
          lien and first priority security interest with respect to each Mortgage
          Loan
          which is indicated by the Company to be a First Lien (as reflected on the
          Mortgage Loan Schedule), or (B) second lien and second priority security
          interest with respect to each Mortgage Loan which is indicated by the Company
          to
          be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
          in
          either case, on the Mortgaged Property including all buildings on the Mortgaged
          Property and all installations and mechanical, electrical, plumbing, heating
          and
          air conditioning systems affixed to such buildings, and all additions,
          alterations and replacements made at any time with respect to the foregoing
          securing the Mortgage Note’s original principal balance. The Mortgage and the
          Mortgage Note do not contain any evidence of any security interest or other
          interest or right thereto. Such lien is free and clear of all adverse claims,
          liens and encumbrances having priority over the first lien of the Mortgage
          subject only to (1) the lien of non-delinquent current real property taxes
          and
          assessments not yet due and payable, (2) covenants, conditions and restrictions,
          rights of way, easements and other matters of the public record as of the
          date
          of recording which are acceptable to mortgage lending institutions generally
          and
          either (A) which are referred to or otherwise considered in the appraisal
          made
          for the originator of the Mortgage Loan, or (B) which do not adversely
          affect
          the appraised value of the Mortgaged Property as set forth in such appraisal,
          (3) other matters to which like properties are commonly subject which do
          not
          materially interfere with the benefits of the security intended to be provided
          by the Mortgage or the use, enjoyment, value or marketability of the related
          Mortgaged Property and (4) with respect to each Mortgage Loan which is
          indicated
          by the Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan Schedule) a First Lien on the Mortgaged Property. Any security agreement,
          chattel mortgage or equivalent document related to and delivered in connection
          with the Mortgage Loan establishes and creates a valid, subsisting, enforceable
          and perfected (A) first lien and first priority security interest with
          respect
          to each Mortgage Loan which is indicated by the Company to be a First Lien
          (as
          reflected on the Mortgage Loan Schedule), or (B) second lien and second
          priority
          security interest with respect to each Mortgage Loan which is indicated
          by the
          Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
          Loan
          Schedule), in either case, on the property described therein, and the Company
          has the full right to sell and assign the same to the Purchaser;

         

        (k)  The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to bankruptcy, insolvency,
          moratorium, reorganization and other laws of general application affecting
          the
          rights of creditors and by general equitable principles and the Company
          has
          taken all action necessary to transfer such rights of enforceability to
          the
          Purchaser. All parties to the Mortgage Note and the Mortgage had the legal
          capacity to enter into the Mortgage Loan and to execute and deliver the
          Mortgage
          Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
          and
          properly executed by such parties. No fraud, error, omission, misrepresentation,
          negligence or similar occurrence with respect to a Mortgage Loan has taken
          place
          on the part of the Company or the Mortgagor, or, to the best of the Company’s
          knowledge, any other party involved in the origination or servicing of
          the
          Mortgage Loan. The proceeds of the Mortgage Loan have been fully disbursed
          and
          there is no requirement for future advances thereunder, and any and all
          requirements as to completion of any on-site or off-site improvements and
          as to
          disbursements of any escrow funds therefor have been complied with. All
          costs,
          fees and expenses incurred in making or closing the Mortgage Loan and the
          recording of the Mortgage were paid or are in the process of being paid,
          and the
          Mortgagor is not entitled to any refund of any amounts paid or due under
          the
          Mortgage Note or Mortgage;

         

        (l)  The
          Company is the sole owner of record and holder of the Mortgage Loan and
          the
          indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser
          or its designee will be the owner of record of the Mortgage and the indebtedness
          evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan
          to the
          Purchaser, the Company will retain the Servicing File in trust for the
          Purchaser
          only for the purpose of interim servicing and supervising the interim servicing
          of the Mortgage Loan. Immediately prior to the transfer and assignment
          to the
          Purchaser on the related Closing Date, the Mortgage Loan, including the
          Mortgage
          Note and the Mortgage, were not subject to an assignment or pledge, and
          the
          Company had good and marketable title to and was the sole owner thereof
          and had
          full right to transfer and sell the Mortgage Loan to the Purchaser free
          and
          clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to this Agreement and following the sale of the
          Mortgage
          Loan, the Purchaser will own such Mortgage Loan free and clear of any
          encumbrance, equity, participation interest, lien, pledge, charge, claim
          or
          security interest. The Company intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of interim
          servicing the Mortgage Loan as set forth in this Agreement. Each Mortgagor
          is a
          natural person;

         

        (m)  Each
          Mortgage Loan is covered by an ALTA lender’s title insurance policy issued by a
          title insurer acceptable to prudent lenders in the secondary market with
          respect
          to title insurance and qualified to do business in the jurisdiction where
          the
          Mortgaged Property is located, insuring (subject to the exceptions contained
          in
          (j)(1), (2) and (3) above and, with respect to each Mortgage Loan which
          is
          indicated by the Company to be a Second Lien Mortgage Loan (as reflected
          on the
          Mortgage Loan Schedule) clause (4)) the Company, its successors and assigns,
          as
          to the first (or, where applicable, second) priority lien of the Mortgage
          in the
          original principal amount of the Mortgage Loan and, with respect to each
          Adjustable Rate Mortgage Loan, against any loss by reason of the invalidity
          or
          unenforceability of the lien resulting from the provisions of the Mortgage
          providing for adjustment in the Mortgage Interest Rate and Monthly Payment.
          Additionally, such policy affirmatively insures ingress and egress to and
          from
          the Mortgaged Property. Where required by applicable state law or regulation,
          the Mortgagor has been given the opportunity to choose the carrier of the
          required mortgage title insurance. The Company, its successors and assigns,
          are
          the sole insureds of such lender’s title insurance policy, such title insurance
          policy has been duly and validly endorsed to the Purchaser or the assignment
          to
          the Purchaser of the Company’s interest therein does not require the consent of
          or notification to the insurer and such lender’s title insurance policy is in
          full force and effect and will be in full force and effect upon the consummation
          of the transactions contemplated by this Agreement and the related Confirmation.
          No claims have been made under such lender’s title insurance policy, and no
          prior holder of the related Mortgage, including the Company, has done,
          by act or
          omission, anything which would impair the coverage of such lender’s title
          insurance policy;

         

        (n)  There
          is
          no default, breach, violation or event of acceleration existing under the
          Mortgage or the related Mortgage Note and no event which, with the passage
          of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event permitting acceleration;
          and
          neither the Company nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration. With respect to each Mortgage
          Loan
          which is indicated by the Company to be a Second Lien Mortgage Loan (as
          reflected on the Mortgage Loan Schedule) (i) the First Lien is in full
          force and
          effect, (ii) there is no default, breach, violation or event of acceleration
          existing under such First Lien mortgage or the related mortgage note, (iii)
          either no consent for the Mortgage Loan is required by the holder of the
          First
          Lien or such consent has been obtained and is contained in the Mortgage
          File,
          (iv) to the best of Company’s knowledge, no event which, with the passage of
          time or with notice and the expiration of any grace or cure period, would
          constitute a default, breach, violation or event of acceleration thereunder,
          and
          either (A) the First Lien mortgage contains a provision which allows or
          (B)
          applicable law requires, the mortgagee under the Second Lien Mortgage Loan
          to
          receive notice of, and affords such mortgagee an opportunity to cure any
          default
          by payment in full or otherwise under the First Lien mortgage, and (v)
          such
          Second Lien Mortgage Loan is secured by a one- to four-family residence
          that is
          the principal residence of the Mortgagor;

         

        (o)  There
          are
          no mechanics’ or similar liens or claims which have been filed for work, labor
          or material (and no rights are outstanding that under law could give rise
          to
          such liens) affecting the related Mortgaged Property which are or may be
          liens
          prior to or equal to the lien of the related Mortgage;

         

        (p)  To
          the
          best of the Company’s knowledge, all improvements subject to the Mortgage which
          were considered in determining the Appraised Value of the Mortgaged Property
          lie
          wholly within the boundaries and building restriction lines of the Mortgaged
          Property (and wholly within the project with respect to a condominium unit)
          and
          no improvements on adjoining properties encroach upon the Mortgaged Property
          except those which are insured against by the title insurance policy referred
          to
          in clause (m) above and all improvements on the property comply with all
          applicable zoning and subdivision laws and ordinances;

         

        (q)  The
          Mortgage Loan was originated by or for the Company. The Mortgage Loan complies
          with all the terms, conditions and requirements of the Company’s Underwriting
          Standards in effect at the time of origination of such Mortgage Loan and
          the
          Company has prudently originated and underwritten each Mortgage Loan. The
          Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
          acceptable to Fannie Mae or Freddie Mac. The Mortgage Loan bears interest
          at the
          Mortgage Interest Rate set forth in the related Mortgage Loan Schedule,
          and
          Monthly Payments under the Mortgage Note are due and payable on the Due
          Date set
          forth on the related Mortgage Loan Schedule. The Mortgage contains the
          usual and
          enforceable provisions of the originator at the time of origination for
          the
          acceleration of the payment of the unpaid principal amount of the Mortgage
          Loan
          if the related Mortgaged Property is sold without the prior consent of
          the
          mortgagee thereunder;

         

        (r)  To
          the
          best of the Company’s knowledge, the Mortgaged Property is not subject to any
          material damage by waste, fire, earthquake, windstorm, flood or other casualty,
          and is in good repair. At origination of the Mortgage Loan there was, and
          there
          currently is, no proceeding pending for the total or partial condemnation
          of the
          Mortgaged Property. To the best of the Company’s knowledge, there have not been
          any condemnation proceedings with respect to the Mortgaged Property and
          there
          are no such proceedings scheduled to commence at a future date;

         

        (s)  The
          related Mortgage contains customary and enforceable provisions such as
          to render
          the rights and remedies of the holder thereof adequate for the realization
          against the Mortgaged Property of the benefits of the security provided
          thereby.
          There is no homestead or other exemption available to the Mortgagor which
          would
          interfere with the right to sell the Mortgaged Property at a trustee’s sale or
          the right to foreclose the Mortgage;

         

        (t)  If
          the
          Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified
          if required under applicable law to act as such, has been properly designated
          and currently so serves and is named in the Mortgage, and no fees or expenses
          are or will become payable by the Purchaser to the trustee under the deed
          of
          trust, except in connection with a trustee’s sale or attempted sale after
          default by the Mortgagor;

         

        (u)  The
          Mortgage File contains an appraisal of the related Mortgaged Property which,
          (a)
          with respect to First Lien Mortgage Loans, was on appraisal form 1004 and
          (b)
          was signed prior to the final approval of the mortgage loan application
          by a
          Qualified Appraiser, who had no interest, direct or indirect, in the Mortgaged
          Property or in any loan made on the security thereof, and whose compensation
          is
          not affected by the approval or disapproval of the Mortgage Loan, and the
          appraisal and appraiser both satisfy prudent lenders in the secondary market
          and
          requirements of Title XI of FIRREA and the regulations promulgated thereunder,
          all as in effect on the date the Mortgage Loan was originated. The appraisal
          is
          in a form generally acceptable to Fannie Mae or Freddie Mac;

         

        (v)  All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

         

        (w)  The
          related Mortgage Note is not and has not been secured by any collateral
          except
          the lien of the corresponding Mortgage and the security interest of any
          applicable security agreement or chattel mortgage referred to in (j) above
          and
          such collateral does not serve as security for any other
          obligation;

         

        (x)  The
          Mortgagor has received all disclosure materials required by applicable
          law with
          respect to the making of such mortgage loans;

         

        (y)  The
          Mortgage Loan does not contain “graduated payment” features and does not have a
          shared appreciation or other contingent interest feature; no Mortgage Loan
          contains any buydown provisions;

         

        (z)  The
          Mortgagor is not in bankruptcy and the Mortgagor is not insolvent and the
          Company has no knowledge of any circumstances or condition with respect
          to the
          Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
          standing that could reasonably be expected to cause investors to regard
          the
          Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
          become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

         

        (aa)  Principal
          payments on the Mortgage Loan commenced no more than sixty (60) days after
          the
          funds were disbursed in connection with the Mortgage Loan. The Mortgage
          Loans
          have an original term to maturity of not more than 30 years, with interest
          payable in arrears on the Due Date indicated on the related Mortgage Loan
          Schedule. Each Mortgage Note (other than with respect to a Balloon Mortgage
          Loan) requires a monthly payment which is sufficient to fully amortize
          the
          original principal balance over the original term thereof (other than during
          the
          interest-only period with respect to a Mortgage Loan identified on the
          related
          Mortgage Loan Schedule as an interest-only Mortgage Loan) and to pay interest
          at
          the related Mortgage Interest Rate. With respect to each Mortgage Loan
          identified on the Mortgage Loan Schedule as an interest-only Mortgage Loan,
          the
          interest-only period is five (5) years and following the expiration of
          such
          interest-only period, the remaining Monthly Payments shall be sufficient
          to
          fully amortize the original principal balance over the remaining term of
          the
          Mortgage Loan. With respect to each Balloon Mortgage Loan, the Mortgage
          Note
          requires a monthly payment which is sufficient to fully amortize the original
          principal balance over the original term thereof and to pay interest at
          the
          related Mortgage Interest Rate and requires a final Monthly Payment
          substantially greater than the preceding monthly payment which is sufficient
          to
          repay the remained unpaid principal balance of the Balloon Mortgage Loan
          as the
          Due Date of such monthly payment. No Mortgage Loan contains terms or provisions
          which would result in negative amortization. No Mortgage Loan provides
          for the
          capitalization or forbearance of interest;

         

        (bb)  No
          Mortgage Loan is subject to a lender-paid mortgage insurance policy;

         

        (cc)  As
          to any
          Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
          is
          in recordable form and is acceptable for recording under the laws of the
          jurisdiction in which the Mortgaged Property is located;

         

        (dd)  The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a cooperative housing corporation erected thereon,
          or a
          mobile home. As of the date of origination, no portion of the Mortgaged
          Property
          was used for commercial purposes, and since the date or origination no
          portion
          of the Mortgaged Property has been used for commercial purposes, provided,
          that
          Mortgaged Properties which contain a home office shall not be considered
          as
          being used for commercial purposes as long as the Mortgaged Property has
          not
          been altered for such commercial purposes and is not storing any chemicals
          or
          raw materials other than those commonly used for homeowner repair, maintenance
          and/or household purposes. If a Mortgaged Property is used for mixed-use
          purposes, then (i) such Mortgaged Property is a one-family
          dwelling that the Mortgagor occupies as a principal residence, (ii)such
          Mortgaged Property represents a legal, permissible use of the property
          under the
          local zoning requirements, (iii) such Mortgaged Property is primarily
          residential in nature,
          (iv)
          the market
          value of such Mortgaged Property must be primarily a function of its residential
          characteristics, rather than of the business use or any special business-use
          modifications that were made, (v) the Mortgagor is both the owner and the
          operator of the business, (vi) such Mortgaged Property has not been altered
          for
          business use and (vii) such Mortgaged Property does not display any signage
          indicating the business nature of such Mortgaged Property;

         

        (ee)  Except
          as
          set forth on the related Mortgage Loan Schedule, none of the Mortgage Loans
          are
          subject to a Prepayment Penalty. For any Mortgage Loan originated prior
          to
          October 1, 2002 that is subject to a Prepayment Penalty, such prepayment
          penalty
          does not extend beyond five years after the date of origination. For any
          Mortgage Loan originated on or following October 1, 2002 that is subject
          to a
          Prepayment Penalty, such prepayment penalty does not extend beyond three
          years
          after the date of origination. Any such prepayment penalty is permissible
          and
          enforceable in accordance with its terms upon the Mortgagor’s full and voluntary
          principal prepayment under applicable law. With respect to any Mortgage
          Loan
          that contains a provision permitting imposition of a penalty upon a prepayment
          prior to maturity: (i) the Mortgage Loan provides some benefit to the Mortgagor
          (e.g., a rate or fee reduction) in exchange for accepting such a prepayment
          penalty; (iii) the prepayment penalty was adequately disclosed to the Mortgagor
          in the loan documents pursuant to applicable state and federal law; and
          (iv)
          such prepayment penalty shall not be imposed in any instance where the
          Mortgage
          Loan is accelerated or paid off in connection with the workout of a delinquent
          mortgage or due to the Mortgagor’s default, notwithstanding that the terms of
          the Mortgage Loan or state or federal law might permit the imposition of
          such a
          prepayment penalty;

         

        (ff)  To
          the
          best of the Company’s knowledge, the Mortgaged Property is lawfully occupied
          under applicable law, and all inspections, licenses and certificates required
          to
          be made or issued with respect to all occupied portions of the Mortgaged
          Property and, with respect to the use and occupancy of the same, including
          but
          not limited to certificates of occupancy and fire underwriting certificates,
          have been made or obtained from the appropriate authorities;

         

        (gg)  If
          the
          Mortgaged Property is a condominium unit or a planned unit development
          (other
          than a de minimis planned unit development), such condominium or planned
          unit
          development project meets the eligibility requirements of the Seller’s
          Underwriting Guidelines. There is no litigation pending with respect to
          the
          related condominium unit, the development or the homeowner’s
          association;

         

        (hh)  
          To the
          best of the Company’s knowledge, there is no pending action or proceeding
          directly involving the Mortgaged Property in which compliance with any
          environmental law, rule or regulation is an issue; to the best of the Company’s
          knowledge, there is no violation of any environmental law, rule or regulation
          with respect to the Mortgaged Property; and to the best of the Company’s
          knowledge, nothing further remains to be done to satisfy in full all
          requirements of each such law, rule or regulation constituting a prerequisite
          to
          use and enjoyment of said property;

         

        (ii)  The
          Mortgagor has not notified the Company requesting relief under the Soldiers’ and
          Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, and
          the Company has no knowledge of any relief requested or allowed to the
          Mortgagor
          under the Soldiers’ and Sailors’ Civil Relief Act of 1940 or the Servicemembers
          Civil Relief Act or any similar state laws;

         

        (jj)  As
          of the
          related Closing Date, no Mortgage Loan was in construction or rehabilitation
          status or has facilitated the trade-in or exchange of a Mortgaged
          Property;

         

        (kk)  No
          action
          has been taken or failed to be taken on or prior to the related Closing
          Date
          which has resulted or will result in an exclusion from, denial of, or defense
          to
          coverage under any insurance policy related to a Mortgage Loan (including,
          without limitation, any exclusions, denials or defenses which would limit
          or
          reduce the availability of the timely payment of the full amount of the
          loss
          otherwise due thereunder to the insured) whether arising out of actions,
          representations, errors, omissions, negligence, or fraud, or for any other
          reason under such coverage;

         

        (ll)  The
          Mortgage Loan was originated by a savings and loan association, a savings
          bank,
          a commercial bank, a credit union, an insurance company, or similar institution
          which is supervised and examined by a federal or state authority, or by
          a
          mortgagee approved by the Secretary of HUD pursuant to Sections 203 and
          211 of
          the National Housing Act;

         

        (mm)  No
          Mortgaged Property is subject to a ground lease;

         

        (nn)  With
          respect to any broker fees collected and paid on any of the Mortgage Loans,
          all
          broker fees have been properly assessed to the Mortgagor and no claims
          will
          arise as to broker fees that are double charged and for which the Mortgagor
          would be entitled to reimbursement;

         

        (oo)  With
          respect to any Mortgage Loan as to which an affidavit has been delivered
          to the
          Purchaser certifying that the original Mortgage Note has been lost or destroyed
          and not been replaced, if such Mortgage Loan is subsequently in default,
          the
          enforcement of such Mortgage Loan will not be materially adversely affected
          by
          the absence of the original Mortgage Note;

         

        (pp)  Each
          Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
          of
          the Code and Treasury Regulations Section 1.860G-2(a)(1);

         

        (qq)  Except
          as
          provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
          of
          Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
          and
          required to be delivered on the related Closing Date have been delivered
          to the
          Purchaser or its designee all in compliance with the specific requirements
          of
          this Agreement. With respect to each Mortgage Loan, the Company is in possession
          of a complete Mortgage File and Servicing File except for such documents
          as have
          been delivered to the Purchaser or its designee;

         

        (rr)  To
          the
          best of the Company’s knowledge, all information supplied by, on behalf of, or
          concerning the Mortgagor is true, accurate and complete and does not contain
          any
          statement that is or will be inaccurate or misleading in any material respect;
          

         

        (ss)  
          To the
          best of the Company’s knowledge, there does not exist on the related Mortgaged
          Property any hazardous substances, hazardous wastes or solid wastes, as
          such
          terms are defined in the Comprehensive Environmental Response Compensation
          and
          Liability Act, the Resource Conservation and Recovery Act of 1976, or other
          federal, state or local environmental legislation; 

         

        (tt)  No
          Mortgage Loan had a Loan-to-Value Ratio at the time of origination of more
          than
          100% and no Mortgage Loan had a Combined Loan-to-Value Ratio at the time
          of
          origination of more than 100%;

         

        (uu)  No
          Mortgage Loan is (a) subject to, covered by or in violation of the Home
          Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
          cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
          law, including any predatory or abusive lending laws (or a similarly classified
          loan using different terminology under a law imposing heightened regulatory
          scrutiny or additional legal liability for a residential mortgage loan
          having
          high interest rates, points and/or fees), (c) a High Cost Loan or Covered
          Loan,
          as applicable (as such terms are defined in the current version of Standard
          & Poor’s LEVELS® Glossary, Appendix E) or (d) in violation of any state law
          or ordinance comparable to HOEPA; 

         

        (vv)  No
          Mortgagor was required to purchase any credit life, disability, accident,
          unemployment, property or health insurance product or debt cancellation
          agreement as a condition of obtaining the extension of credit. No Mortgagor
          obtained a prepaid single premium credit life, disability, unemployment,
          property, mortgage, accident or health insurance policy in connection with
          the
          origination of the Mortgage Loan; No proceeds from any Mortgage Loan were
          used
          to purchase or finance single-premium insurance policies or debt cancellation
          agreements as part of the origination of or as a condition to closing,
          such
          Mortgage Loan;

         

        (ww)  Any
          principal advances made to the Mortgagor prior to the related Closing Date
          have
          been consolidated with the outstanding principal amount secured by the
          Mortgage,
          and the secured principal amount, as consolidated, bears a single interest
          rate
          and single repayment term. The lien of the Mortgage securing the consolidated
          principal amount is expressly insured as having (A) first lien priority
          with
          respect to each Mortgage Loan which is indicated by the Company to be a
          First
          Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien priority
          with respect to each Mortgage Loan which is indicated by the Company to
          be a
          Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
          in either case, by a title insurance policy, an endorsement to the policy
          insuring the mortgagee’s consolidated interest or by other title evidence
          acceptable to Fannie Mae and Freddie Mac. The consolidated principal amount
          does
          not exceed the original principal amount of the Mortgage Loan;

         

        (xx)  Interest
          on each Mortgage Loan is calculated on the basis of a 360-day year consisting
          of
          twelve 30-day months;

         

        (yy)  Unless
          otherwise set forth on the related Mortgage Loan Schedule, no Mortgage
          Loan is a
          Balloon Mortgage Loan;

         

        (zz)  With
          respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
          such MIN
          is accurately provided on the related Mortgage Loan Schedule. The related
          assignment of Mortgage to MERS has been duly and properly recorded;

         

        (aaa)  With
          respect to each MERS Mortgage Loan, the Company has not received any notice
          of
          liens or legal actions with respect to such Mortgage Loan and no such notices
          have been electronically posted by MERS;

         

        (bbb)  Any
          Mortgaged Property that is considered manufactured housing is legally classified
          as real property, is permanently affixed to a foundation, is the principal
          residence of the Mortgagor, meets the characteristics of site built housing
          and
          is deemed to be "modular housing" as such term is defined by the Mortgage
          Bankers Association;

         

        (ccc)  [Reserved];

         

        (ddd)  The
          Company has complied with all applicable anti-money laundering laws and
          regulations, including without limitation the USA Patriot Act of 2001
          (collectively, the “Anti-Money
          Laundering Laws”);
          the
          Company has established an anti-money laundering compliance program as
          required
          by the Anti-Money Laundering Laws, has conducted the requisite due diligence
          in
          connection with the origination of each Mortgage Loan for purposes of the
          Anti-Money Laundering Laws, including with respect to the legitimacy of
          the
          applicable Mortgagor and the origin of the assets used by the said Mortgagor
          to
          purchase the property in question, and maintains, and will maintain, sufficient
          information to identify the applicable Mortgagor for purposes of the Anti-Money
          Laundering Laws. No Mortgage Loan is subject to nullification pursuant
          to
          Executive Order 13224 (the “Executive Order”) or the regulations promulgated by
          the Office of Foreign Assets Control of the United States Department of
          the
          Treasury (the “OFAC Regulations”) or in violation of the Executive Order or the
          OFAC Regulations, and no Mortgagor is subject to the provisions of such
          Executive Order or the OFAC Regulations nor listed as a “blocked person” for
          purposes of the OFAC Regulations;

         

        (eee)  With
          respect to each Mortgage Loan which is a Second Lien Mortgage Loan if the
          related first lien provides for negative amortization, the LTV was calculated
          at
          the maximum principal balance of such first lien that could result upon
          application of such negative amortization feature;

         

        (fff)  No
          predatory or deceptive lending practices, including but not limited to,
          the
          extension of credit to the applicable Mortgagor without regard for said
          Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
          said Mortgagor which has no apparent benefit to said Mortgagor, were employed
          by
          the originator of the Mortgage Loan in connection with the origination
          of the
          Mortgage Loan;

         

        (ggg)  No
          Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
          Act, as amended (the “Georgia Act”) or New York Banking Law 6-1. No Mortgage
          Loan secured by owner occupied real property or an owner occupied manufactured
          home located in the State of Georgia was originated (or modified) on or
          after
          October 1, 2002 through and including March 6, 2003;

         

        (hhh)  No
          Mortgagor was encouraged or required to select a Mortgage Loan product
          offered
          by the Mortgage Loan’s originator which is a higher cost product designed for
          less creditworthy borrowers, taking into account such facts as, without
          limitation, the mortgage loan’s requirements and the Mortgagor’s credit history,
          income, assets and liabilities. Any Mortgagor who sought financing through
          the
          Mortgage Loan originator’s higher priced subprime lending channel was directed
          towards or offered the Mortgage Loan’s originator standard mortgage line if the
          Borrower was able to qualify for one of the standard products. If, at the
          time
          of loan application, the Mortgagor may have qualified for a lower cost
          credit
          product then the Mortgagor was offered such lower cost credit product by
          the
          Mortgage Loan’s originator;

         

        (iii)  The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          did not rely on the extent of the Mortgagor’s equity in the collateral as the
          principal determining factor in approving such extension of credit. The
          methodology employed objective criteria that related to such facts as,
          without
          limitation, the Mortgagor’s credit history, income, assets or liabilities, to
          the proposed mortgage payment and, based on such methodology, the Mortgage
          Loan’s originator made a reasonable determination that at the time of
          origination the Mortgagor had the ability to make timely payments on the
          Mortgage Loan; 

         

        (jjj)  All
          points, fees and charges (including finance charges) and whether or not
          financed, assessed, collected or to be collected in connection with the
          origination and servicing of each Mortgage Loan have been disclosed in
          writing
          to the Mortgagor in accordance with applicable state and federal law and
          regulation;

         

        (kkk) 
All
          points and fees related to each Mortgage Loan were disclosed in writing
          to the
          Mortgagor in accordance with applicable state and federal law and
          regulation;

         

        (lll)  [Reserved];
          

         

        (mmm) [Reserved];

         

        (nnn)  No
          Mortgage Loan is a "High-Cost Home Loan" under the New Jersey Home Ownership
          Security Act of 2002 (the "NJ Act"); and each Mortgage Loan subject to
          the NJ
          Act is considered under the NJ Act as, either, a (1) purchase money Home
          Loan,
          (2) purchase money Covered Loan (with respect to Mortgage Loans which were
          originated between November 26, 2003 and July 7, 2004),  (3) a rate/term
          refinance Home Loan, or (4) a cash-out refinance Home Loan for which the
          related
          Mortgage File contains a statement signed by the Mortgagor stating that
          the
          proceeds of the loan will not be used for the purpose of home
          improvement;

         

        (ooo)  No
          Mortgagor agreed to submit to arbitration to resolve any dispute arising
          out of
          or relating in any way to the Mortgage Loan transaction; 

         

        (ppp)  The
          Mortgagor has not made or caused to be made any payment in the nature of
          an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
          has not been fully disclosed to the Mortgagor;

         

        (qqq)  No
          Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
          of
          Massachusetts was made to pay off or refinance an existing loan or other
          debt of
          the related borrower (as the term "borrower" is defined in the regulations
          promulgated by the Massachusetts Secretary of State in connection with
          the
          Massachusetts General Laws Chapter 183, Section 28C (the “Mass AF Law”) unless
          (a) the related Mortgage Interest Rate (that would be effective once the
          introductory rate expires, with respect to Adjustable Rate Mortgage Loans)
          did
          or would not exceed by more than 2.50% the yield on United States Treasury
          securities having comparable periods of maturity to the maturity of the
          related
          Mortgage Loan as of the fifteenth day of the month immediately preceding
          the
          month in which the application for the extension of credit was received
          by the
          related lender or (b) the Mortgage Loan is an “open-end home loan” (as such term
          is used in the Mass AF Law or the regulations promulgated in connection
          therewith) and the related Mortgage Note provides that the related Mortgage
          Interest Rate may not exceed at any time the Prime rate index as published
          in
          the Wall
          Street Journal
          plus a
          margin of one percent,
          or if
          (i) the refinancing transaction was in the “borrower’s interest” as determined
          in accordance with the Mass AF Law and (ii) the related Servicing File
          contains
          evidence of the Company’s determination of “borrower’s interest” in accordance
          with the Mass AF Law; and 

         

        (rrr)  No
          Mortgage Loan is a Convertible Mortgage Loan.

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

          ASSIGNMENT
            AND RECOGNITION AGREEMENT

           

          THIS
            ASSIGNMENT AND RECOGNITION AGREEMENT, dated August 30, 2006, (“Agreement”)
            among
            UBS Real Estate Securities Inc. (“Assignor”),
            Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
            and
            Meritage Mortgage Corporation (the “Company”):

           

          For
            and
            in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
            consideration the receipt and sufficiency of which hereby are acknowledged,
            and
            of the mutual covenants herein contained, the parties hereto hereby agree
            as
            follows:

           

          Assignment
            and Conveyance

          

          The
            Assignor hereby conveys, sells, grants, transfers and assigns to the
            Assignee
            (x) all of the right, title and interest of the Assignor, as purchaser,
            in, to
            and under (a) those certain Mortgage Loans listed as being originated
            by the
            Company on the schedule (the “Mortgage
            Loan Schedule”)
            attached hereto as Exhibit A (the “Mortgage
            Loans”)
            and
            (b) except as described below, that certain Master
            Seller’s Purchase and Warranties and Interim Servicing Agreement dated as of
            May
            1, 2006,
            as
            amended (the “Purchase
            Agreement”),
            between the Assignor, as initial purchaser (the “Purchaser”),
            and
            the Company, as seller, solely insofar as the Purchase Agreement relates
            to the
            Mortgage Loans and (y) other than as provided below with respect to the
            enforcement of representations and warranties, none of the obligations
            of the
            Assignor under the Purchase Agreement.

           

          The
            Assignor specifically reserves and does not assign to the Assignee hereunder
            any
            and all right, title and interest in, to and under and any obligations
            of the
            Assignor with respect to any mortgage loans subject to the Purchase Agreement
            which are not the mortgage loans set forth on the Mortgage Loan Schedule
            and are
            not the subject of this Agreement.

           

          

          Recognition
            of the Company

          

          From
            and
            after the date hereof, the Company shall and does hereby recognize that
            the
            Assignee will transfer the Mortgage Loans and assign its rights under
            the
            Purchase Agreement (solely to the extent set forth herein) and this Agreement
            to
            MASTR Asset-Backed Securities Trust 2006-HE3 (the “Trust”) created pursuant to a
            Pooling and Servicing Agreement, dated as of August 1, 2006 (the “Pooling
            Agreement”), among
            the
            Assignee, Wells Fargo Bank, N.A. as master servicer and trust administrator
            (including its successors in interest and any successor servicers under
            the
            Pooling Agreement, the “Master Servicer” or “Trust Administrator”), HomEq
            Servicing Corporation as servicer and U.S. Bank National Association,
            as trustee
(including
            its successors in interest and any successor trustees under the Pooling
            Agreement,
            the
“Trustee”).
            The
            Company hereby acknowledges and agrees that from and after the date hereof
            (i) the Trust will be the owner of the Mortgage Loans, (ii) the
            Company shall look solely to the Trust for performance of any obligations
            of the
            Assignor insofar as they relate to the enforcement of the representations,
            warranties and covenants with respect to the Mortgage Loans, (iii) the
            Trust (including the Trustee and the Servicer acting on the Trust’s behalf)
            shall have all the rights and remedies available to the Assignor, insofar
            as
            they relate to the Mortgage Loans, under the Purchase Agreement, including,
            without limitation, the enforcement of the document delivery requirements
            and
            remedies with respect to breaches of representations and warranties set
            forth in
            the Purchase Agreement, and shall be entitled to enforce all of the obligations
            of the Company thereunder insofar as they relate to the Mortgage Loans,
            and
            (iv) all references to the Purchaser (insofar as they relate to the rights,
            title and interest and, with respect to obligations of the Purchaser,
            only
            insofar as they relate to the enforcement of the representations, warranties
            and
            covenants of the Company) or the Custodian under the Purchase Agreement
            insofar
            as they relate to the Mortgage Loans, shall be deemed to refer to the
            Trust
            (including the Trustee and the Servicer acting on the Trust’s behalf). Neither
            the Company nor the Assignor shall amend or agree to amend, modify, waiver,
            or
            otherwise alter any of the terms or provisions of the Purchase Agreement
            which
            amendment, modification, waiver or other alteration would in any way
            affect the
            Mortgage Loans or the Company’s performance under the Purchase Agreement with
            respect to the Mortgage Loans without the prior written consent of the
            Trustee.

           

          Representations
            and Warranties of the Company

          

          1.  The
            Company warrants and represents to the Assignor, the Assignee and the
            Trust as
            of the date hereof that:

           

          (a)  The
            Company is duly organized, validly existing and in good standing under
            the laws
            of the jurisdiction of its incorporation;

           

          (b)  The
            Company has full power and authority to execute, deliver and perform
            its
            obligations under this Agreement and has full power and authority to
            perform its
            obligations under the Purchase Agreement. The execution by the Company
            of this
            Agreement is in the ordinary course of the Company’s business and will not
            conflict with, or result in a breach of, any of the terms, conditions
            or
            provisions of the Company’s charter or bylaws or any legal restriction, or any
            material agreement or instrument to which the Company is now a party
            or by which
            it is bound, or result in the violation of any law, rule, regulation,
            order,
            judgment or decree to which the Company or its property is subject. The
            execution, delivery and performance by the Company of this Agreement
            have been
            duly authorized by all necessary corporate action on part of the Company.
            This
            Agreement has been duly executed and delivered by the Company, and, upon
            the due
            authorization, execution and delivery by the Assignor and the Assignee,
            will
            constitute the valid and legally binding obligation of the Company, enforceable
            against the Company in accordance with its terms except as enforceability
            may be
            limited by bankruptcy, reorganization, insolvency, moratorium or other
            similar
            laws now or hereafter in effect relating to creditors’ rights generally, and by
            general principles of equity regardless of whether enforceability is
            considered
            in a proceeding in equity or at law; 

           

          (c)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            the Company in connection with the execution, delivery or performance
            by the
            Company of this Agreement; and

           

          (d)  There
            is
            no action, suit, proceeding or investigation pending or threatened against
            the
            Company, before any court, administrative agency or other tribunal, which
            would
            draw into question the validity of this Agreement or the Purchase Agreement,
            or
            which, either in any one instance or in the aggregate, would result in
            any
            material adverse change in the ability of the Company to perform its
            obligations
            under this Agreement or the Purchase Agreement, and the Company is solvent.
            

           

          2.  Pursuant
            to Section 8 of the Purchase Agreement, the Company hereby represents
            and
            warrants, for the benefit of the Assignor, the Assignee and the Trust,
            that the
            representations and warranties set forth in Sections 3.01 and 3.02 (other
            than
            3.02(d), (e), (i), (j) (second sentence), (m) (last sentence), (n) (second
            sentence), (p), (r), (v), (w), (ff), (hh), (ii), (qq) (second sentence
            with
            respect to the Servicing File), (ss), (ww) (second sentence), (aaa),
            (ccc),
            (ddd) and (rrr), which are made as of the Servicing Transfer Date as
            defined in
            the Purchase Agreement and 3.02(c), (f), (j) (the last clause of the
            last
            sentence with respect Company’s right to sell and assign), (l), (n) (first
            clause of first compound sentence) and (qq) (second sentence with respect
            to the
            Mortgage File, which are made as of the Closing Date as defined in the
            Purchase
            Agreement) of the Purchase Agreement (set forth on Schedule 1 hereto),
            are true
            and correct as of the date of this Agreement as if such representations
            and
            warranties were made as of the date hereof.

           

          3.  The
            Assignor hereby makes the following representations and warranties as
            of the
            date hereof:

           

          (a)  Each
            Mortgage Loan at the time it was made complied in all material respects
            with
            applicable local, state, and federal laws, including, but not limited
            to, all
            applicable predatory and abusive lending laws;

           

          (b)  None
            of
            the Mortgage Loans are High Cost as defined by any applicable predatory
            and
            abusive lending laws; 

           

          (c)  No
            Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as
            such terms
            are defined in the then current Standard & Poor’s LEVELS®
            Glossary
            which is now Version 5.7 Revised, Appendix E); 

           

          (d)  No
            Mortgage Loan originated on or after October 1, 2002 through March 6,
            2003 is
            governed by the Georgia Fair Lending Act; and

           

          (e)  To
            the
            best of the Assignor’s knowledge, with respect to the
            representations and warranties set forth in Section
            3.02(d), (e), (i), (j) (second sentence), (m) (last sentence), (n) (second
            sentence), (p), (r), (v), (w), (ff), (hh), (ii), (qq) (second sentence
            with
            respect to the Servicing File), (ss), (ww) (second sentence), (aaa),
            (ccc),
            (ddd) and (rrr), nothing has occurred in the period of time from the
            Servicing
            Transfer Date (as defined in the Purchase Agreement) to the date hereof
            which
            would cause such representation and warranties to be untrue in any material
            respect as of the date hereof. With respect to the representations and
            warranties set forth in Section 3.02(c), (f), (j) (the last clause of
            the last
            sentence with respect Company’s right to sell and assign), (l), (n) (first
            clause of first compound sentence) and (qq) (second sentence with respect
            to the
            Mortgage File nothing has occurred in the period of time from the Closing
            Date
            (as defined in the Purchase Agreement) to the date hereof which would
            cause such
            representation and warranties to be untrue in any material respect as
            of the
            date hereof.

           

          Remedies
            for Breach of Representations and Warranties

          

          The
            Company hereby acknowledges and agrees that the remedies available to
            the
            Assignor, the Assignee and the Trust (including the Trustee and the Servicer
            acting on the Trust’s behalf) in connection with any breach of the
            representations and warranties made by the Company set forth in Sections
            3 and 4
            hereof shall be as set forth in Subsection 3.01 of the Purchase Agreement
            as if
            they were set forth herein (including without limitation the repurchase
            and
            indemnity obligations set forth therein). In addition, the Company hereby
            acknowledges and agrees that any breach of the representations set forth
            in
            Section 3.02(e), (h) (first sentence), (n) (clause (v)), (ee) (third
            and fifth
            sentences), (pp), (uu), (vv) (second sentence), (bbb), (ccc), (ggg) (with
            respect to Georgia), (hhh) (first two sentences), (iii), (kkk) (second
            sentence), (nnn) or (ooo) of the Purchase Agreement shall be deemed to
            materially and adversely affect the value of the related mortgage loans
            or the
            interests of the Trust in the related mortgage loans. 

           

          The
            Assignor hereby acknowledges and agrees that the remedies available to
            the
            Assignee and the Trust (including the Trustee and the Master Servicer
            acting on
            the Trust’s behalf) in connection with any breach of the representations and
            warranties made by the Assignor set forth in Section 3 hereof shall be
            as set
            forth in Section 2.03 of the Pooling Agreement as if they were set forth
            herein.
The
            Assignor hereby acknowledges and agrees that a breach of any one of the
            representations set forth in Section 3 above will be deemed to materially
            adversely affect the interests of the certificateholders and shall require
            a
            repurchase of the affected Mortgage Loan(s).

           

           

          Miscellaneous

          

          4.  This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws. 

           

          5.  No
            term
            or provision of this Agreement may be waived or modified unless such
            waiver or
            modification is in writing and signed by the party against whom such
            waiver or
            modification is sought to be enforced, with the prior written consent
            of the
            Trustee. 

           

          6.  This
            Agreement shall inure to the benefit of (i) the successors and assigns
            of the
            parties hereto and (ii) the Trust (including the Trustee and the Servicer
            acting
            on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
            be merged or consolidated shall, without the requirement for any further
            writing, be deemed Assignor, Assignee or Company, respectively,
            hereunder.

           

          7.  Each
            of
            this Agreement and the Purchase Agreement shall survive the conveyance
            of the
            Mortgage Loans and the assignment of the Purchase Agreement (to the extent
            assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
            and
            nothing contained herein shall supersede or amend the terms of the Purchase
            Agreement.

           

          8.  This
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument. 

           

          9.  In
            the
            event that any provision of this Agreement conflicts with any provision
            of the
            Purchase Agreement with respect to the Mortgage Loans, the terms of this
            Agreement shall control. 

           

          10.  Capitalized
            terms used in this Agreement (including the exhibits hereto) but not
            defined in
            this Agreement shall have the meanings given to such terms in the Purchase
            Agreement.

           

           

          [SIGNATURE
            PAGE FOLLOWS]

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          IN
            WITNESS WHEREOF, the parties have caused this Agreement to be executed
            by their
            duly authorized officers as of the date first above written.

           

          

          
            	 	
                    UBS
                      REAL ESTATE SECURITIES INC.

                  
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	 	 
	 	
                    MORTGAGE
                      ASSET SECURITIZATION TRANSACTIONS, INC.

                  
	 	 	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	 	 
	 	
                    MERITAGE
                      MORTGAGE CORPORATION

                  
	 	 	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 

          

           

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            A

          

          Mortgage
            Loan Schedule

          

          AVAILABLE
            UPON REQUEST

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            1

          

          Limitations
            on Representations and Warranties

          

          Capitalized
            terms used herein but not defined in this Schedule 1 shall have the meanings
            given to such terms in the Purchase Agreement:

           

          Section
            3.01 Representations
            and Warranties of the Company.
            

           

          The
            Company represents, warrants and covenants to the Purchaser that as of
            each
            Closing Date and as of each Servicing Transfer Date or as of such date
            specifically provided herein:

           

          (a)  The
            Company is a corporation duly organized and validly existing under the
            laws of
            Oregon. The Company has all licenses necessary to carry out its business
            as now
            being conducted, and is licensed and qualified to transact business in
            and is in
            good standing under the laws of each state in which any Mortgaged Property
            is
            located or is otherwise exempt under applicable law from such licensing
            or
            qualification or is otherwise not required under applicable law to effect
            such
            licensing or qualification and no demand for such licensing or qualification
            has
            been made upon the Company by any such state, and in any event the Company
            is in
            compliance with the laws of any such state to the extent necessary to
            ensure the
            enforceability of each Mortgage Loan and the interim servicing of the
            Mortgage
            Loans in accordance with the terms of this Agreement. No licenses or
            approvals
            obtained by the Company have been suspended or revoked by any court,
            administrative agency, arbitrator or governmental body and no proceedings
            are
            pending which might result in such suspension or revocation;

           

          (b)  The
            Company has the full power and authority and legal right to hold, transfer
            and
            convey each Mortgage Loan, to sell each Mortgage Loan and to execute,
            deliver
            and perform, and to enter into and consummate all transactions contemplated
            by
            this Agreement and the related Confirmation and to conduct its business
            as
            presently conducted; the Company has duly authorized the execution, delivery
            and
            performance of this Agreement and any agreements contemplated hereby,
            has duly
            executed and delivered this Agreement and the related Confirmation, and
            any
            agreements contemplated hereby, and this Agreement and the related Confirmation
            and each Assignment of Mortgage to the Purchaser and any agreements contemplated
            hereby, constitute the legal, valid and binding obligations of the Company,
            enforceable against it in accordance with their respective terms, except
            as such
            enforceability may be limited by bankruptcy, insolvency, moratorium,
            reorganization and similar laws, and by equitable principles affecting
            the
            enforceability of the rights of creditors; and all requisite corporate
            action
            has been taken by the Company to make this Agreement, the related Confirmation
            and all agreements contemplated hereby valid and binding upon the Company
            in
            accordance with their terms;

           

          (c)  Neither
            the execution and delivery of this Agreement, the related Confirmation,
            the sale
            of the Mortgage Loans to the Purchaser, the consummation of the transactions
            contemplated hereby, nor the fulfillment of or compliance with the terms
            and
            conditions of this Agreement and the related Confirmation will conflict
            with any
            of the terms, conditions or provisions of the Company’s charter or by-laws or
            materially conflict with or result in a material breach of any of the
            terms,
            conditions or provisions of any legal restriction or any agreement or
            instrument
            to which the Company is now a party or by which it is bound, or constitute
            a
            default or result in an acceleration under any of the foregoing, or result
            in
            the material violation of any law, rule, regulation, order, judgment
            or decree
            to which the Company or its property is subject;

           

          (d)  There
            is
            no litigation, suit, proceeding or investigation pending or to the Company’s
            knowledge threatened, or any order or decree outstanding, which is reasonably
            likely to have a material adverse effect on the sale of the Mortgage
            Loans, the
            execution, delivery, performance or enforceability of this Agreement
            or the
            related Confirmation, or which is reasonably likely to have a material
            adverse
            effect on the financial condition of the Company;

           

          (e)  No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Company
            of
            or compliance by the Company with this Agreement and the related Confirmation,
            except for consents, approvals, authorizations and orders which have
            been
            obtained;

           

          (f)  The
            consummation of the transactions contemplated by this Agreement and the
            related
            Confirmation are in the ordinary course of business of the Company, and
            the
            transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
            by
            the Company pursuant to this Agreement and the related Confirmation are
            not
            subject to bulk transfer or any similar statutory provisions in effect
            in any
            applicable jurisdiction;

           

          (g)  The
            Company has not used selection procedures that identified the Mortgage
            Loans as
            being less desirable or valuable than other comparable mortgage loans
            in the
            Company’s portfolio at the related Closing Date; 

           

          (h)  The
            Company will treat the transfer of the Mortgage Loans to the Purchaser
            as a sale
            for reporting and accounting purposes and, to the extent appropriate,
            for
            federal income tax purposes. The Company shall maintain a complete set
            of books
            and records for each Mortgage Loan which shall be clearly marked to reflect
            the
            ownership of such Mortgage Loan by the Purchaser; 

           

          (i)  The
            Company is an approved seller/servicer of residential mortgage loans
            for Fannie
            Mae, Freddie Mac or HUD, with such facilities, procedures and personnel
            necessary for the sound servicing of such mortgage loans. The Company
            is duly
            qualified, licensed, registered and otherwise authorized under all applicable
            federal, state and local laws and regulations to conduct its business
            as
            presently conducted in each location where a Mortgaged Property is located;
            

           

          (j)  The
            Company does not believe, nor does it have any cause or reason to believe,
            that
            it cannot perform each and every covenant contained in this Agreement
            and the
            related Confirmation applicable to it. The Company is solvent and the
            sale of
            the Mortgage Loans will not cause the Company to become insolvent. The
            sale of
            the Mortgage Loans is not undertaken with the intent to hinder, delay
            or defraud
            any of the Company’s creditors;

           

          (k)  No
            statement, tape, diskette, form, report or other document prepared by,
            or on
            behalf of, the Company pursuant to this Agreement, the related Confirmation
            or
            in connection with the transactions contemplated hereby, contains or
            will
            contain any statement that is or will be inaccurate or misleading in
            any
            material respect. The Company has prudently originated and underwritten
            each
            Mortgage Loan;

           

          (l)  The
            consideration received by the Company upon the sale of the Mortgage Loans
            constitutes fair consideration and reasonably equivalent value for such
            Mortgage
            Loans;

           

          (m)  The
            Company has delivered to the Initial Purchaser public financial statements
            of
            its parent holding company as to its last two complete fiscal years.
            All such
            financial statements fairly present the pertinent results of operations
            and
            changes in financial position for each of such periods and the financial
            position at the end of each such period of the Company and its subsidiaries
            and
            have been prepared in accordance with GAAP consistently applied throughout
            the
            periods involved, except as set forth in the notes thereto. There has
            been no
            change in the business, operations, financial condition, properties or
            assets of
            the Company since the date of the Company’s financial statements that would have
            a material adverse effect on its ability to perform its obligations under
            this
            Agreement or the related Confirmation; 

           

          (n)  The
            Company has not dealt with any broker, investment banker, agent or other
            person
            that may be entitled to any commission or compensation in connection
            with the
            sale of the Mortgage Loans; and

           

          (o)  The
            Company is a member of MERS in good standing, and has been in compliance
            in all
            material respects with the rules and procedures of MERS in connection
            with the
            servicing of the MERS Mortgage Loans for as long as such Mortgage Loans
            are
            registered with MERS.

           

          Section
            3.02 Representations
            and Warranties as to Individual Mortgage Loans.

           

          The
            Company hereby represents and warrants to the Purchaser, as to each Mortgage
            Loan, as of the related Closing Date and as of the related Servicing
            Transfer
            Date as follows:

           

          (a)  The
            information set forth in the related Mortgage Loan Schedule, including
            any
            diskette or other related data tapes sent to the Initial Purchaser, is
            complete,
            true and correct in all material respects;

           

          (b)  [Reserved];

           

          (c)  All
            payments due on or prior to the related Closing Date for such Mortgage Loan have
            been made as of the related Closing Date, the Mortgage Loan is not delinquent
            in
            payment more than 30 days and has not been dishonored, there are no material
            defaults under the terms of the Mortgage Loan, the Company has not advanced
            funds, or induced, solicited or knowingly received any advance of funds
            from a
            party other than the owner of the Mortgaged Property subject to the Mortgage,
            directly or indirectly, for the payment of any amount required by the
            Mortgage
            Loan and no payment with respect to each Mortgage Loan has been delinquent
            during the preceding twelve-month period by more than thirty (30) days
            from the
            Due Date of the payment;

           

          (d)  All
            taxes, governmental assessments, insurance premiums, water, sewer and
            municipal
            charges, leasehold payments or ground rents which previously became due
            and
            owing have been paid, or escrow funds have been established in an amount
            sufficient to pay for every such escrowed item which remains unpaid and
            which
            has been assessed but is not yet due and payable;

           

          (e)  The
            terms
            of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or
            modified in any respect, except by written instruments which have been
            recorded
            to the extent any such recordation is required by law. No instrument
            of waiver,
            alteration or modification has been executed, and no Mortgagor has been
            released, in whole or in part, from the terms thereof except in connection
            with
            an assumption agreement and which assumption agreement is part of the
            Mortgage
            File and the terms of which are reflected in the related Mortgage Loan
            Schedule;
            the substance of any such waiver, alteration or modification has been
            approved
            by the issuer of any related title insurance policy, to the extent required
            by
            the related policy. With respect to each Second Lien Mortgage Loan (a)
            the
            related first lien is in full force and effect, (b) there is no default,
            breach,
            violation or event of acceleration existing under the related first lien
            mortgage or the mortgage note related to such first lien mortgage, (c)
            either no
            consent for the Mortgage Loan is required by the holder of the first
            lien or
            such consent has been obtained and is contained in the Mortgage Loan
            File, (d)
            no event which, with the passage of time or with notice and the expiration
            of
            any grace or cure period, would constitute a default, breach, violation
            or event
            of acceleration under the related first lien mortgage loan, and either
            (1) the
            related first lien mortgage contains a provision which allows or (2)
            applicable
            law requires, the mortgagee under the Second Lien Mortgage Loan to receive
            notice of, and affords such mortgagee an opportunity to cure any default
            by
            payment in full or otherwise under the related first lien mortgage, and
            (e) such
            Second Lien Mortgage Loan is secured by a one- to four-family residence
            that is
            the principal residence of the Mortgagor;

           

          (f)  The
            Mortgage Note and the Mortgage (1) are not subject to any right of rescission,
            set-off, counterclaim or defense, including, without limitation, the
            defense of
            usury, (2) nor will the operation of any of the terms of the Mortgage
            Note or
            the Mortgage, or the exercise of any right thereunder, render the Mortgage
            Note
            or Mortgage unenforceable, in whole or in part, or subject to any right
            of
            rescission, set-off, counterclaim or defense, including the defense of
            usury and
            (3) no such right of rescission, set-off, counterclaim or defense has
            been
            asserted with respect thereto; the Mortgagor was not a debtor in any
            state or
            federal bankruptcy or insolvency proceeding at the time the Mortgage
            Loan was
            originated;

           

          (g)  All
            buildings or other customarily insured improvements upon the Mortgaged
            Property
            are insured by an insurer acceptable under the Fannie Mae Guides, against
            loss
            by fire, hazards of extended coverage and such other hazards as are provided
            for
            in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing
            coverage not less than the lesser of (i) the maximum insurable value
            of the
            improvements securing such Mortgage Loans, and (ii) the greater of (a)
            either
            (1) the outstanding principal balance of the Mortgage Loan with respect
            to each
            Mortgage Loan which is indicated by the Company to be a First Lien (as
            reflected
            on the Mortgage Loan Schedule) or (2) with respect to each Second Lien
            Mortgage
            Loan, the sum of the outstanding principal balance of the first lien
            on such
            Mortgage Loan and the outstanding principal balance of such Second Lien
            Mortgage
            Loan, and (b) an amount such that the proceeds thereof shall be sufficient
            to
            prevent the Mortgagor and/or the mortgagee from becoming a co-insurer,
            but in no
            event greater than the maximum amount permitted under applicable law.
            All such
            standard hazard policies are in full force and effect and on the date
            of
            origination contained a standard mortgagee clause naming the Company
            and its
            successors in interest and assigns as loss payee and (x) such clause
            is still in
            effect and (y) all premiums due thereon have been paid. If required by
            the Flood
            Disaster Protection Act of 1973, as amended, the Mortgage Loan is covered
            by a
            flood insurance policy meeting the requirements of the current guidelines
            of the
            Federal Insurance Administration which policy conforms to Fannie Mae
            and Freddie
            Mac requirements, in an amount not less than the amount required by the
            Flood
            Disaster Protection Act of 1973, as amended. Such policy was issued by
            an
            insurer acceptable under Fannie Mae or Freddie Mac guidelines. The Mortgage
            (u)
            obligates the Mortgagor thereunder to maintain all such insurance at
            the
            Mortgagor’s cost and expense, and (v) upon the Mortgagor’s failure to do so,
            authorizes the holder of the Mortgage to maintain such insurance at the
            Mortgagor’s cost and expense and to seek reimbursement therefor from the
            Mortgagor;

           

          (h)  Any
            and
            all requirements of any federal, state or local law including, without
            limitation, usury, truth-in-lending, real estate settlement procedures,
            consumer
            credit protection, equal credit opportunity, fair housing, disclosure
            or
            predatory, fair and abusive lending laws applicable to the Mortgage Loan
            or any
            related Prepayment Penalty have been complied with in all material respects.
            The
            consummation of the transactions contemplated hereby will not involve
            the
            violation of any such laws;

           

          (i)  The
            Mortgage has not been satisfied, canceled or subordinated (other than
            the
            subordination of any Second Lien Mortgage Loan to the related First Lien),
            in
            whole or in part, or rescinded, the Mortgaged Property has not been released
            from the lien of the Mortgage, in whole or in part, nor has any instrument
            been
            executed that would effect any such release, cancellation, subordination
            or
            rescission. The Company has not waived the performance by the Mortgagor
            of any
            action, if the Mortgagor’s failure to perform such action would cause the
            Mortgage Loan to be in default, and the Company has not waived any default
            resulting from any action or inaction by the Mortgagor;

           

          (j)  Subject
            to the items listed in (1)-(4) below, the related Mortgage is a valid,
            subsisting, enforceable and perfected (A) first lien and first priority
            security
            interest with respect to each Mortgage Loan which is indicated by the
            Company to
            be a First Lien (as reflected on the Mortgage Loan Schedule), or (B)
            second lien
            and second priority security interest with respect to each Mortgage Loan
            which
            is indicated by the Company to be a Second Lien Mortgage Loan (as reflected
            on
            the Mortgage Loan Schedule), in either case, on the Mortgaged Property
            including
            all buildings on the Mortgaged Property and all installations and mechanical,
            electrical, plumbing, heating and air conditioning systems affixed to
            such
            buildings, and all additions, alterations and replacements made at any
            time with
            respect to the foregoing securing the Mortgage Note’s original principal
            balance. Such lien is free and clear of all adverse claims, liens and
            encumbrances having priority over the first lien of the Mortgage subject
            only to
            (1) the lien of non-delinquent current real property taxes and assessments
            not
            yet due and payable, (2) covenants, conditions and restrictions, rights
            of way,
            easements and other matters of the public record as of the date of recording
            which are acceptable to mortgage lending institutions generally and either
            (A)
            which are referred to or otherwise considered in the appraisal made for
            the
            originator of the Mortgage Loan, or (B) which do not adversely affect
            the
            appraised value of the Mortgaged Property as set forth in such appraisal,
            (3)
            other matters to which like properties are commonly subject which do
            not
            materially interfere with the benefits of the security intended to be
            provided
            by the Mortgage or the use, enjoyment, value or marketability of the
            related
            Mortgaged Property or (4) with respect to each Mortgage Loan which is
            indicated
            by the Company to be a Second Lien Mortgage Loan (as reflected on the
            Mortgage
            Loan Schedule) a First Lien on the Mortgaged Property. Any security agreement,
            chattel mortgage or equivalent document related to and delivered in connection
            with the Mortgage Loan establishes and creates a valid, subsisting, enforceable
            and perfected (A) first lien and first priority security interest with
            respect
            to each Mortgage Loan which is indicated by the Company to be a First
            Lien (as
            reflected on the Mortgage Loan Schedule), or (B) second lien and second
            priority
            security interest with respect to each Mortgage Loan which is indicated
            by the
            Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
            Loan
            Schedule), in either case, on the property described therein, and the
            Company
            has the full right to sell and assign the same to the Purchaser;

           

          (k)  The
            Mortgage Note and the related Mortgage are original and genuine and each
            is the
            legal, valid and binding obligation of the maker thereof, enforceable
            in all
            respects in accordance with its terms subject to bankruptcy, insolvency,
            moratorium, reorganization and other laws of general application affecting
            the
            rights of creditors and by general equitable principles and the Company
            has
            taken all action necessary to transfer such rights of enforceability
            to the
            Purchaser. All parties to the Mortgage Note and the Mortgage had the
            legal
            capacity to enter into the Mortgage Loan and to execute and deliver the
            Mortgage
            Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
            and
            properly executed by such parties. No fraud, error, omission, misrepresentation,
            negligence or similar occurrence with respect to a Mortgage Loan has
            taken place
            on the part of the Company, the Mortgagor, or any other party involved
            in the
            origination or servicing of the Mortgage Loan. The proceeds of the Mortgage
            Loan
            have been fully disbursed and there is no requirement for future advances
            thereunder, and any and all requirements as to completion of any on-site
            or
            off-site improvements and as to disbursements of any escrow funds therefor
            have
            been complied with. All costs, fees and expenses incurred in making or
            closing
            the Mortgage Loan and the recording of the Mortgage were paid or are
            in the
            process of being paid, and the Mortgagor is not entitled to any refund
            of any
            amounts paid or due under the Mortgage Note or Mortgage;

           

          (l)  The
            Company is the sole owner of record and holder of the Mortgage Loan and
            the
            indebtedness evidenced by the Mortgage Note, and upon recordation of
            the
            Assignment of Mortgage the Purchaser or its designee will be the owner
            of record
            of the Mortgage and the indebtedness evidenced by the Mortgage Note,
            and upon
            the sale of the Mortgage Loan to the Purchaser, the Company will retain
            the
            Servicing File in trust for the Purchaser only for the purpose of interim
            servicing and supervising the interim servicing of the Mortgage Loan.
            Immediately prior to the transfer and assignment to the Purchaser on
            the related
            Closing Date, the Mortgage Loan, including the Mortgage Note and the
            Mortgage,
            were not subject to an assignment or pledge, and the Company had good
            and
            marketable title to and was the sole owner thereof (except for a security
            interest in each Mortgage Note and Mortgage in favor of the Company’s warehouse
            lender(s) which security interest will be terminated simultaneously with
            the
            sale of such Mortgage Note and Mortgage to the Purchaser) and had full
            right to
            transfer and sell the Mortgage Loan to the Purchaser free and clear of
            any
            encumbrance, equity, lien, pledge, charge, claim or security interest
            and has
            the full right and authority subject to no interest or participation
            of, or
            agreement with, any other party, to sell and assign the Mortgage Loan
            pursuant
            to this Agreement and following the sale of the Mortgage Loan, the Purchaser
            will own such Mortgage Loan free and clear of any encumbrance, equity,
            participation interest, lien, pledge, charge, claim or security interest.
            The
            Company intends to relinquish all rights to possess, control and monitor
            the
            Mortgage Loan, except for the purposes of interim servicing the Mortgage
            Loan as
            set forth in this Agreement. Either the Mortgagor is a natural person
            or the
            Mortgagor is an inter-vivos trust acceptable to Fannie Mae. With respect
            to each
            inter-vivos trust, holding title to the Mortgaged Property in such trust
            will
            not diminish any rights as a creditor including the right to full title
            to the
            Mortgaged Property in the event foreclosure proceedings are
            initiated;

           

          (m)  Each
            Mortgage Loan is covered by an ALTA lender’s title insurance policy issued by a
            title insurer acceptable to Fannie Mae or Freddie Mac and qualified to
            do
            business in the jurisdiction where the Mortgaged Property is located,
            insuring
            (subject to the exceptions contained in (j)(1), (2) and (3) above and,
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a Second
            Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) clause
            (4)) the
            Company, its successors and assigns, as to the first (or, where applicable,
            second) priority lien of the Mortgage in the original principal amount
            of the
            Mortgage Loan and, with respect to each Adjustable Rate Mortgage Loan,
            against
            any loss by reason of the invalidity or unenforceability of the lien
            resulting
            from the provisions of the Mortgage providing for adjustment in the Mortgage
            Interest Rate and Monthly Payment; provided that for Mortgage Loans secured
            by
            Mortgaged Property located in Iowa, the Company has obtained an attorney’s
            opinion as to title matters. Additionally, such policy affirmatively
            insures
            ingress and egress to and from the Mortgaged Property. Where required
            by
            applicable state law or regulation, the Mortgagor has been given the
            opportunity
            to choose the carrier of the required mortgage title insurance. The Company,
            its
            successors and assigns, are the sole insureds of such lender’s title insurance
            policy, such title insurance policy has been duly and validly endorsed
            to the
            Purchaser or the assignment to the Purchaser of the Company’s interest therein
            does not require the consent of or notification to the insurer and such
            lender’s
            title insurance policy is in full force and effect and will be in full
            force and
            effect upon the consummation of the transactions contemplated by this
            Agreement
            and the related Confirmation. No claims have been made under such lender’s title
            insurance policy, and no prior holder of the related Mortgage, including
            the
            Company, has done, by act or omission, anything which would impair the
            coverage
            of such lender’s title insurance policy;

           

          (n)  There
            is
            no default, breach, violation or event of acceleration existing under
            the
            Mortgage or the related Mortgage Note and no event which, with the passage
            of
            time or with notice and the expiration of any grace or cure period, would
            constitute a default, breach, violation or event permitting acceleration;
            and
            neither the Company nor any prior mortgagee has waived any default, breach,
            violation or event permitting acceleration. With respect to each Mortgage
            Loan
            which is indicated by the Company to be a Second Lien Mortgage Loan (as
            reflected on the Mortgage Loan Schedule) (i) the First Lien is in full
            force and
            effect, (ii) there is no default, breach, violation or event of acceleration
            existing under such First Lien mortgage or the related mortgage note,
            (iii)
            either no consent for the Mortgage Loan is required by the holder of
            the First
            Lien or such consent has been obtained and is contained in the Mortgage
            File,
            (iv) to the best of Company’s knowledge, no event which, with the passage of
            time or with notice and the expiration of any grace or cure period, would
            constitute a default, breach, violation or event of acceleration thereunder,
            and
            either (A) the First Lien mortgage contains a provision which allows
            or (B)
            applicable law requires, the mortgagee under the Second Lien Mortgage
            Loan to
            receive notice of, and affords such mortgagee an opportunity to cure
            any default
            by payment in full or otherwise under the First Lien mortgage, and (v)
            such
            Second Lien Mortgage Loan is secured by a one- to four-family residence
            that was
            (or would be) the principal residence of the Mortgagor upon the origination
            of
            the Second Lien Mortgage Loan;

           

          (o)  There
            are
            no mechanics’ or similar liens or claims which have been filed for work, labor
            or material (and no rights are outstanding that under law could give
            rise to
            such liens) affecting the related Mortgaged Property which are or may
            be liens
            prior to or equal to the lien of the related Mortgage;

           

          (p)  All
            improvements subject to the Mortgage which were considered in determining
            the
            Appraised Value of the Mortgaged Property lie wholly within the boundaries
            and
            building restriction lines of the Mortgaged Property (and wholly within
            the
            project with respect to a condominium unit) and no improvements on adjoining
            properties encroach upon the Mortgaged Property except those which are
            insured
            against by the title insurance policy referred to in clause (m) above
            and all
            improvements on the property comply with all applicable zoning and subdivision
            laws and ordinances;

           

          (q)  The
            Mortgage Loan was originated by or for the Company. The Mortgage Loan
            complies
            with all the terms, conditions and requirements of the Company’s Underwriting
            Standards in effect at the time of origination of such Mortgage Loan.
            The
            Mortgage Notes and Mortgages (exclusive of any riders) are on forms generally
            acceptable to Fannie Mae or Freddie Mac. The Mortgage Loan bears interest
            at the
            Mortgage Interest Rate set forth in the related Mortgage Loan Schedule,
            and
            Monthly Payments under the Mortgage Note are due and payable on the first
            day of
            each month. The Mortgage contains the usual and enforceable provisions
            of the
            originator at the time of origination for the acceleration of the payment
            of the
            unpaid principal amount of the Mortgage Loan if the related Mortgaged
            Property
            is sold without the prior consent of the mortgagee thereunder;

           

          (r)  The
            Mortgaged Property is not subject to any material damage by waste, fire,
            earthquake, windstorm, flood or other casualty, and is in good repair.
            At
            origination of the Mortgage Loan there was, and there currently is, no
            proceeding pending for the total or partial condemnation of the Mortgaged
            Property. There have not been any condemnation proceedings with respect
            to the
            Mortgaged Property and there are no such proceedings scheduled to commence
            at a
            future date;

           

          (s)  The
            related Mortgage contains customary and enforceable provisions such as
            to render
            the rights and remedies of the holder thereof adequate for the realization
            against the Mortgaged Property of the benefits of the security provided
            thereby.
            There is no homestead or other exemption available to the Mortgagor which
            would
            interfere with the right to sell the Mortgaged Property at a trustee’s sale or
            the right to foreclose the Mortgage;

           

          (t)  If
            the
            Mortgage constitutes a deed of trust, a trustee, authorized and duly
            qualified
            if required under applicable law to act as such, has been properly designated
            and currently so serves and is named in the Mortgage, and no fees or
            expenses
            are or will become payable by the Purchaser to the trustee under the
            deed of
            trust, except in connection with a trustee’s sale or attempted sale after
            default by the Mortgagor;

           

          (u)  The
            Mortgage File contains an appraisal of the related Mortgaged Property
            which, (a)
            with respect to First Lien Mortgage Loans, was on appraisal form 1004
            or form
            2055 with an interior inspection, or (b) with respect to Second Lien
            Mortgage
            Loans, was on appraisal form 704, 2065 or 2055 with an exterior only
            inspection,
            and (c) with respect to (a) or (b) above was signed prior to the final
            approval
            of the mortgage loan application by a Qualified Appraiser, who had no
            interest,
            direct or indirect, in the Mortgaged Property or in any loan made on
            the
            security thereof, and whose compensation is not affected by the approval
            or
            disapproval of the Mortgage Loan, and the appraisal and appraiser both
            satisfy
            the requirements of Fannie Mae or Freddie Mac and Title XI of FIRREA
            and the
            regulations promulgated thereunder, all as in effect on the date the
            Mortgage
            Loan was originated. The appraisal is in a form acceptable to Fannie
            Mae or
            Freddie Mac;

           

          (v)  All
            parties which have had any interest in the Mortgage, whether as mortgagee,
            assignee, pledgee or otherwise, are (or, during the period in which they
            held
            and disposed of such interest, were) (A) in compliance with any and all
            applicable licensing requirements of the laws of the state wherein the
            Mortgaged
            Property is located, and (B) (1) organized under the laws of such state,
            or (2)
            qualified to do business in such state, or (3) federal savings and loan
            associations or national banks or a Federal Home Loan Bank or savings
            bank
            having principal offices in such state, or (4) not doing business in
            such
            state;

           

          (w)  The
            related Mortgage Note is not and has not been secured by any collateral
            except
            the lien of the corresponding Mortgage and the security interest of any
            applicable security agreement or chattel mortgage referred to in (j)
            above and
            such collateral does not serve as security for any other obligation except
            with
            respect to a junior Mortgage Loan identified on the Mortgage Loan
            Schedule;

           

          (x)  The
            Mortgagor has received all disclosure materials required by applicable
            law with
            respect to the making of such mortgage loans;

           

          (y)  The
            Mortgage Loan does not contain “graduated payment” features and does not have a
            shared appreciation or other contingent interest feature; no Mortgage
            Loan
            contains any buydown provisions;

           

          (z)  The
            Mortgagor is not in bankruptcy as of the origination of the Mortgage
            Loan and,
            to the best of Company’s knowledge, the Mortgagor is not insolvent and the
            Company has no knowledge of any circumstances or condition with respect
            to the
            Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit
            standing that could reasonably be expected to cause investors to regard
            the
            Mortgage Loan as an unacceptable investment, cause the Mortgage Loan
            to become
            delinquent, or materially adversely affect the value or marketability
            of the
            Mortgage Loan;

           

          (aa)  Principal
            payments on the Mortgage Loan (except for interest only Mortgage Loans)
            commenced no more than sixty (60) days after the funds were disbursed
            in
            connection with the Mortgage Loan. The Mortgage Loans have an original
            term to
            maturity of not more than 30 years, with interest payable in arrears
            on the
            first day of each month. Each Mortgage Note (other than with respect
            to a
            Balloon Mortgage Loan) requires a monthly payment which is sufficient
            to fully
            amortize the original principal balance over the original term thereof
            (other
            than during the interest-only period with respect to a Mortgage Loan
            identified
            on the related Mortgage Loan Schedule as an interest-only Mortgage Loan)
            and to
            pay interest at the related Mortgage Interest Rate. With respect to each
            Mortgage Loan identified on the Mortgage Loan Schedule as an interest-only
            Mortgage Loan, the interest-only period does not exceed ten (10) years
            (or such
            lesser period specified on the Mortgage Loan Schedule) and following
            the
            expiration of such interest-only period, the remaining Monthly Payments
            shall be
            sufficient to fully amortize the original principal balance over the
            remaining
            term of the Mortgage Loan. With respect to each Balloon Mortgage Loan,
            the
            Mortgage Note requires a monthly payment which is sufficient to fully
            amortize
            the original principal balance over the original term thereof and to
            pay
            interest at the related Mortgage Interest Rate and requires a final Monthly
            Payment substantially greater than the preceding monthly payment which
            is
            sufficient to repay the remained unpaid principal balance of the Balloon
            Mortgage Loan as the Due Date of such monthly payment. No Mortgage Loan
            contains
            terms or provisions which would result in negative amortization. No Mortgage
            Loan provides for the capitalization or forbearance of interest;

           

          (bb)  No
            Mortgage Loan is subject to a lender-paid mortgage insurance policy;
            

           

          (cc)  As
            to any
            Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
            is
            in recordable form and is acceptable for recording under the laws of
            the
            jurisdiction in which the Mortgaged Property is located;

           

          (dd)  The
            Mortgaged Property is located in the state identified in the related
            Mortgage
            Loan Schedule and consists of a single parcel of real property with a
            detached
            single family residence erected thereon, or a townhouse, or a two-to
            four-family
            dwelling, or an individual condominium unit in a condominium project,
            or an
            individual unit in a planned unit development or a de minimis planned
            unit
            development, provided, however, that no residence or dwelling is a single
            parcel
            of real property with a cooperative housing corporation erected thereon,
            or a
            mobile home. As of the date of origination, no portion of the Mortgaged
            Property
            was used for commercial purposes, and since the date of origination no
            portion
            of the Mortgaged Property has been used for commercial purposes;

           

          (ee)  Except
            as
            set forth on the related Mortgage Loan Schedule, none of the Mortgage
            Loans are
            subject to a Prepayment Penalty. For any Mortgage Loan originated prior
            to
            October 1, 2002 that is subject to a Prepayment Penalty, such prepayment
            penalty
            does not extend beyond five years after the date of origination. For
            any
            Mortgage Loan originated on or following October 1, 2002 that is subject
            to a
            Prepayment Penalty, such prepayment penalty does not extend beyond three
            years
            after the date of origination.
            Any such
            prepayment penalty is permissible and enforceable in accordance with
            its terms
            upon the Mortgagor’s full and voluntary principal prepayment under applicable
            law. With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a penalty upon a prepayment prior to maturity: (i) the Mortgage Loan
            provides
            some benefit to the Mortgagor (e.g., a rate or fee reduction) in exchange
            for
            accepting such prepayment penalty; (ii) the Mortgage Loan’s originator had a
            written policy of offering the Mortgagor, or requiring third-party brokers
            to
            offer the Mortgagor, the option of obtaining a Mortgage Loan that did
            not
            require payment of such a prepayment penalty; and (iii) the prepayment
            penalty
            was adequately disclosed to the Mortgagor in the loan documents pursuant
            to
            applicable state and federal law;

           

          (ff)  The
            Mortgaged Property is lawfully occupied under applicable law, and all
            inspections, licenses and certificates required to be made or issued
            with
            respect to all occupied portions of the Mortgaged Property and, with
            respect to
            the use and occupancy of the same, including but not limited to certificates
            of
            occupancy and fire underwriting certificates, have been made or obtained
            from
            the appropriate authorities;

           

          (gg)  If
            the
            Mortgaged Property is a condominium unit or a planned unit development
            (other
            than a de minimis planned unit development), such condominium or planned
            unit
            development project meets the eligibility requirements of Fannie Mae
            and Freddie
            Mac;

           

          (hh)  
            There is
            no pending action or proceeding directly involving the Mortgaged Property
            in
            which compliance with any environmental law, rule or regulation is an
            issue;
            there is no violation of any environmental law, rule or regulation with
            respect
            to the Mortgaged Property; and nothing further remains to be done to
            satisfy in
            full all requirements of each such law, rule or regulation constituting
            a
            prerequisite to use and enjoyment of said property;

           

          (ii)  The
            Mortgagor has not notified the Company requesting relief under the Soldiers’ and
            Sailors’ Civil Relief Act of 1940 or the Servicemembers Civil Relief Act, and
            the Company has no knowledge of any relief requested or allowed to the
            Mortgagor
            under the Soldiers’ and Sailors’ Civil Relief Act of 1940 or the Servicemembers
            Civil Relief Act or any similar state laws;

           

          (jj)  As
            of the
            related Closing Date, no Mortgage Loan was in construction or rehabilitation
            status or has facilitated the trade-in or exchange of a Mortgaged
            Property;

           

          (kk)  No
            action
            has been taken or failed to be taken on or prior to the related Closing
            Date
            which has resulted or will result in an exclusion from, denial of, or
            defense to
            coverage under any insurance policy related to a Mortgage Loan (including,
            without limitation, any exclusions, denials or defenses which would limit
            or
            reduce the availability of the timely payment of the full amount of the
            loss
            otherwise due thereunder to the insured) whether arising out of actions,
            representations, errors, omissions, negligence, or fraud, or for any
            other
            reason under such coverage;

           

          (ll)  The
            Mortgage Loan was originated by a savings and loan association, a savings
            bank,
            a commercial bank, a credit union, an insurance company, or similar institution
            which is supervised and examined by a federal or state authority, or
            by a
            mortgagee approved by the Secretary of HUD pursuant to Sections 203 and
            211 of
            the National Housing Act;

           

          (mm)  With
            respect to each Mortgage Loan secured in whole or in part by the interest
            of the
            Borrower as a lessee under a ground lease of a Mortgaged Property (a
“Ground
            Lease”) the real property securing such Mortgage Loan is located in a
            jurisdiction in which the use of leasehold estates for residential properties
            is
            a widely-accepted practice and:

           

          (a)  The
            Mortgagor is the owner of a valid and subsisting interest as tenant under
            the
            Ground Lease;

           

          (b)  The
            Ground Lease is in full force and effect, unmodified and not supplemented
            by any
            writing or otherwise;

           

          (c)  The
            mortgagor is not in default under any of the terms thereof and there
            are no
            circumstances which, with the passage of time or the giving of notice
            or both,
            would constitute an event of default thereunder;

           

          (d)  The
            lessor under the Ground Lease is not in default under any of the terms
            or
            provisions thereof on the part of the lessor to be observed or
            performed;

           

          (e)  The
            term
            of the Ground Lease exceeds the maturity date of the related Mortgage
            Loan by at
            least ten years;

           

          (f)  The
            Ground Lease or a memorandum thereof has been recorded and by its terms
            permits
            the leasehold estate to be mortgaged. The Ground Lease grants any leasehold
            mortgagee standard protection necessary to protect the security of a
            leasehold
            mortgagee;

           

          (g)  The
            Ground Lease does not contain any default provisions that could give
            rise to
            forfeiture or termination of the Ground Lease except for the non-payment
            of the
            Ground Lease rents;

           

          (h)  The
            execution, delivery and performance of the Mortgage do not require the
            consent
            (other than those consents which have been obtained and are in full force
            and
            effect) under, and will not contravene any provision of or cause a default
            under, the Ground Lease; and

           

          (i)  The
            Ground Lease provides that the leasehold can be transferred, mortgaged
            and
            sublet an unlimited number of times either without restriction or on
            payment of
            a reasonable fee and delivery of reasonable documentation to the
            lessor;

           

          (nn)  With
            respect to any broker fees collected and paid on any of the Mortgage
            Loans, all
            broker fees have been properly assessed to the Mortgagor and no claims
            will
            arise as to broker fees that are double charged and for which the Mortgagor
            would be entitled to reimbursement;

           

          (oo)  With
            respect to any Mortgage Loan as to which an affidavit has been delivered
            to the
            Purchaser certifying that the original Mortgage Note has been lost or
            destroyed
            and not been replaced, if such Mortgage Loan is subsequently in default,
            the
            enforcement of such Mortgage Loan will not be materially adversely affected
            by
            the absence of the original Mortgage Note;

           

          (pp)  Each
            Mortgage Loan constitutes a qualified mortgage within the meaning of
            Section
            860G(a)(3)(A) of the Code and Treasury Regulations Section
            1.860G-2(a)(1);

           

          (qq)  Except
            as
            provided in Section 2.06, the Mortgage Note, the Mortgage, the Assignment
            of
            Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
            and
            required to be delivered on the related Closing Date have been delivered
            to the
            Purchaser or its designee all in compliance with the specific requirements
            of
            this Agreement. With respect to each Mortgage Loan, the Company is in
            possession
            of a complete Mortgage File and Servicing File except for such documents
            as have
            been delivered to the Purchaser or its designee;

           

          (rr)  All
            information supplied by, on behalf of, or concerning the Mortgagor is
            true,
            accurate and complete and does not contain any statement that is or will
            be
            inaccurate or misleading in any material respect; 

           

          (ss)  
            There
            does not exist on the related Mortgaged Property any hazardous substances,
            hazardous wastes or solid wastes, as such terms are defined in the Comprehensive
            Environmental Response Compensation and Liability Act, the Resource Conservation
            and Recovery Act of 1976, or other federal, state or local environmental
            legislation; 

           

          (tt)  No
            Mortgage Loan had a Loan-to-Value Ratio at the time of origination of
            more than
            100% and no Mortgage Loan had a Combined Loan-to-Value Ratio at the time
            of
            origination of more than 100%;

           

          (uu)  No
            Mortgage Loan is (a) subject to, covered by or in violation of the Home
            Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
            cost,” “covered,” “high risk home”, “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
            law, including any predatory or abusive lending laws (or a similarly
            classified
            loan using different terminology under a law imposing heightened regulatory
            scrutiny or additional legal liability for a residential mortgage loan
            having
            high interest rates, points and/or fees), (c) a High Cost Loan or Covered
            Loan,
            as applicable (as such terms are defined in the current version of Standard
            & Poor’s LEVELS® Glossary which is now Version 5.6(d) Revised, Appendix E)
            or (d) in violation of any state law or ordinance comparable to HOEPA.
            No
            Mortgage Loan has an “annual percentage rate” or total Points and Fees payable
            by the Mortgagor (as each such term is defined in HOEPA) that equal or
            exceed
            the applicable thresholds defined under HOEPA (Section 32 of Regulation
            Z, 12
            C.F.R. Section 226.32(a)(1)(i) and (ii));

           

          (vv)  No
            Mortgagor was required to purchase any credit life, disability, accident,
            unemployment, personal property or health insurance product or debt cancellation
            agreement as a condition of obtaining the extension of credit. No Mortgagor
            obtained a prepaid single premium credit life, disability, unemployment,
            personal property, mortgage, accident or health insurance policy in connection
            with the origination of the Mortgage Loan. No proceeds from any Mortgage
            Loan
            were used to purchase or finance single-premium insurance policies or
            debt
            cancellation agreements as part of the origination of or as a condition
            to
            closing, such Mortgage Loan;

           

          (ww)  Any
            principal advances made to the Mortgagor prior to the related Closing
            Date have
            been consolidated with the outstanding principal amount secured by the
            Mortgage,
            and the secured principal amount, as consolidated, bears a single interest
            rate
            and single repayment term. The lien of the Mortgage securing the consolidated
            principal amount is expressly insured as having (A) first lien priority
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien
            priority
            with respect to each Mortgage Loan which is indicated by the Company
            to be a
            Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
            in either case, by a title insurance policy, an endorsement to the policy
            insuring the mortgagee’s consolidated interest or by other title evidence
            acceptable to Fannie Mae and Freddie Mac. The consolidated principal
            amount does
            not exceed the original principal amount of the Mortgage Loan;

           

          (xx)  Interest
            on each Mortgage Loan is calculated on the basis of a 360-day year consisting
            of
            twelve 30-day months;

           

          (yy)  Unless
            otherwise set forth on the related Mortgage Loan Schedule, no Mortgage
            Loan is a
            Balloon Mortgage Loan;

           

          (zz)  With
            respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
            such MIN
            is accurately provided on the related Mortgage Loan Schedule. The related
            assignment of Mortgage to MERS has been duly and properly recorded;

           

          (aaa)  With
            respect to each MERS Mortgage Loan, the Company has not received any
            notice of
            liens or legal actions with respect to such Mortgage Loan and no such
            notices
            have been electronically posted by MERS;

           

          (bbb)  Any
            Mortgaged Property that is considered manufactured housing shall be legally
            classified as real property, is permanently affixed to a foundation and
            must
            assume the characteristics of site-built housing and must otherwise conform
            to
            the requirements of Fannie Mae and Freddie Mac, including without limitation
            the
            requirement that such manufactured housing will be the principal residence
            of
            the Mortgagor upon origination of the Mortgage Loan;

           

          (ccc)  With
            respect to each Mortgage Loan, the Company has fully and accurately furnished
            complete information (e.g. favorable and unfavorable) on the related
            borrower
            credit files to Equifax, Experian and Trans Union Credit Information
            Company
            (three of the credit repositories), in accordance with the Fair Credit
            Reporting
            Act and its implementing regulations, on a monthly basis and the Company
            will
            fully furnish, in accordance with the Fair Credit Reporting Act and its
            implementing regulations, accurate and complete information (e.g. favorable
            and
            unfavorable) on its borrower credit files to Equifax, Experian, and Trans
            Union
            Credit Information Company (three of the credit repositories), on a monthly
            basis.

           

          (ddd)  The
            Company has complied with all applicable anti-money laundering laws and
            regulations, including without limitation the USA Patriot Act of 2001
            (collectively, the “Anti-Money Laundering Laws”). The Company has established an
            anti-money laundering compliance program as required by the Anti-Money
            Laundering Laws, has conducted the requisite due diligence in connection
            with
            the origination of each Mortgage Loan for purposes of the Anti-Money
            Laundering
            Laws, including with respect to the legitimacy of the applicable Mortgagor
            and
            the origin of the assets used by the said Mortgagor to purchase the property
            in
            question, and maintains, and will maintain, sufficient information to
            identify
            the applicable Mortgagor for purposes of the Anti-Money Laundering Laws.
            No
            Mortgage Loan is subject to nullification pursuant to Executive Order
            13224 (the
“Executive Order”) or the regulations promulgated by the Office of Foreign
            Assets Control of the United States Department of the Treasury (the “OFAC
            Regulations”) or in violation of the Executive Order or the OFAC Regulations,
            and no Mortgagor is subject to the provisions of such Executive Order
            or the
            OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
            Regulations;

           

          (eee)  With
            respect to each Mortgage Loan which is a Second Lien Mortgage Loan if
            the
            related first lien provides for negative amortization, the LTV was calculated
            at
            the maximum principal balance of such first lien that could result upon
            application of such negative amortization feature;

           

          (fff)  No
            predatory or deceptive lending practices, including but not limited to,
            the
            extension of credit to the applicable Mortgagor without regard for said
            Mortgagor’s ability to repay the Mortgage Loan and the extension of credit to
            said Mortgagor which has no apparent benefit to said Mortgagor, were
            employed by
            the originator of the Mortgage Loan in connection with the origination
            of the
            Mortgage Loan. Each
            Mortgage Loan is in compliance with the anti-predatory lending eligibility
            for
            purchase requirements of Fannie Mae’s Selling Guide;

           

          (ggg)  No
            Mortgage Loan is a “High Cost Home Loan” as defined in the Georgia Fair Lending
            Act, as amended (the “Georgia Act”) or New York Banking Law 6-1. No Mortgage
            Loan secured by owner occupied real property or an owner occupied manufactured
            home located in the State of Georgia was originated (or modified) on
            or after
            October 1, 2002 through and including March 6, 2003;

           

          (hhh)  No
            Mortgagor was encouraged or required to select a Mortgage Loan product
            offered
            by the Mortgage Loan’s originator which is a higher cost product designed for
            less creditworthy borrowers, taking into account such facts as, without
            limitation, the Mortgage Loan’s requirements and the Mortgagor’s credit history,
            income, assets and liabilities. Any Mortgagor who sought financing through
            the
            Mortgage Loan originator’s higher-priced subprime lending channel was directed
            towards or offered the Mortgage Loan originator’s standard mortgage line if the
            Mortgagor was able to qualify for one of the standard products;

           

          (iii)  The
            methodology used in underwriting the extension of credit for each Mortgage
            Loan
            did not rely on the extent of the Mortgagor’s equity in the collateral as the
            principal determining factor in approving such extension of credit. The
            methodology employed objective criteria that related such facts as, without
            limitation, the Mortgagor’s credit history, income, assets or liabilities, to
            the proposed mortgage payment and, based on such methodology, the Mortgage
            Loan’s originator made a reasonable determination that at the time of
            origination the Mortgagor had the ability to make timely payments on
            the
            Mortgage Loan; 

           

          (jjj)  All
            points, fees and charges (including finance charges) and whether or not
            financed, assessed, collected or to be collected in connection with the
            origination and servicing of each Mortgage Loan have been disclosed in
            writing
            to the Mortgagor in accordance with applicable state and federal law
            and
            regulation;

           

          (kkk)  All
            Points and Fees related to each Loan were disclosed in writing to the
            Mortgagor
            in accordance with applicable state and federal law and regulation. Except
            as
            otherwise disclosed in the Mortgage Loan Schedule, no Mortgagor was charged
            Points and Fees (whether or not financed) in an amount that exceeds the
            greater
            of (1) 5% of the principal amount of such Mortgage Loan (such 5% limitation
            is
            calculated in accordance with Fannie Mae’s requirements as set forth in the
            Fannie Mae Selling Guide) or (2) $1,000;

           

          (lll)  The
            Company will transmit full-file credit reporting data for each Mortgage
            Loan
            pursuant to Fannie Mae Guide Announcement 95-19 and for each Mortgage
            Loan,
            Company agrees it shall report one of the following statuses each month
            as
            follows: new origination, current, delinquent (30-, 60-, 90-days, etc.),
            foreclosed, or charged-off; 

           

          (mmm)  Each
            Mortgage Loan is eligible for sale in the secondary mortgage market or
            for
            securitization without unreasonable credit enhancement;

           

          (nnn)  No
            Mortgage Loan is a “High-Cost Home Loan” under the New Jersey Home Ownership
            Security Act of 2002 (the “NJ Act”); and each Mortgage Loan subject to the NJ
            Act is considered under the NJ Act as, either, a (1) purchase money Home
            Loan,
            (2) purchase money Covered Loan (with respect to Mortgage Loans which
            were
            originated between November 26, 2003 and July 7, 2004), or (3) a rate/term
            refinance Home Loan; 

           

          (ooo)  No
            Mortgagor agreed to submit to arbitration to resolve any dispute arising
            out of
            or relating in any way to the Mortgage Loan transaction; 

           

          (ppp)  The
            Mortgagor has not made or caused to be made any payment in the nature
            of an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
            has not been fully disclosed to the Mortgagor;

           

          (qqq)  No
            Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
            of
            Massachusetts was made to pay off or refinance an existing loan or other
            debt of
            the related borrower (as the term "borrower" is defined in the regulations
            promulgated by the Massachusetts Secretary of State in connection with
            the
            Massachusetts General Laws Chapter 183, Section 28C) unless (a) the related
            Mortgage Interest Rate (that would be effective once the introductory
            rate
            expires, with respect to Adjustable Rate Mortgage Loans) did or would
            not exceed
            by more than 2.50% the yield on United States Treasury securities having
            comparable periods of maturity to the maturity of the related Mortgage
            Loan as
            of the fifteenth day of the month immediately preceding the month in
            which the
            application for the extension of credit was received by the related lender
            or
            (b) the Mortgage Loan is an “open-end home loan” (as such term is used in the
            Massachusetts General Laws Chapter 183, Section 28C or the regulations
            promulgated in connection therewith) and the related Mortgage Note provides
            that
            the related Mortgage Interest Rate may not exceed at any time the Prime
            rate
            index as published in the Wall
            Street Journal
            plus a
            margin of one percent;
            and

           

          (rrr)  The
            origination, servicing and collection practices with respect to each
            Mortgage
            Note and Mortgage have been legal and in accordance with applicable laws
            and
            regulations, and in all material respects in accordance with Accepted
            Servicing
            Practices. The Company further represents and warrants that: with respect
            to
            escrow deposits and payments that the Company is entitled to collect,
            all such
            payments are in the possession of, or under the control of, the Company
            or its
            delegate, and there exist no deficiencies in connection therewith for
            which
            customary arrangements for repayment thereof have not been made; all
            escrow
            payments have been collected and are being maintained in full compliance
            with
            applicable state and federal law and the provisions of the related Mortgage
            Note
            and Mortgage; as to any Mortgage Loan that is the subject of an escrow,
            escrow
            of funds is not prohibited by applicable law and has been established
            in an
            amount sufficient to pay for every escrowed item that remains unpaid
            and has
            been assessed but is not yet due and payable; no escrow deposits or other
            charges or payments due under the Mortgage Note have been capitalized
            under any
            Mortgage or the related Mortgage Note; all Mortgage Interest Rate adjustments
            have been made in strict compliance with state and federal law and the
            terms of
            the related Mortgage Note; and any interest required to be paid pursuant
            to
            state and local law has been properly paid and credited.

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        

          ASSIGNMENT
            AND RECOGNITION AGREEMENT

           

          THIS
            ASSIGNMENT AND RECOGNITION AGREEMENT, dated August 30, 2006, (“Agreement”)
            among
            UBS Real Estate Securities Inc. (“Assignor”),
            Mortgage Asset Securitization Transactions, Inc. (“Assignee”)
            and
            WMC Mortgage Corp. (the “Company”):

           

          For
            and
            in consideration of the sum of TEN DOLLARS ($10.00) and other valuable
            consideration the receipt and sufficiency of which hereby are acknowledged,
            and
            of the mutual covenants herein contained, the parties hereto hereby agree
            as
            follows:

           

          Assignment
            and Conveyance

          

          The
            Assignor hereby conveys, sells, grants, transfers and assigns to the
            Assignee
            (x) all of the right, title and interest of the Assignor, as purchaser,
            in, to
            and under (a) those certain Mortgage Loans listed as being originated
            by the
            Company on the schedule (the “Mortgage
            Loan Schedule”)
            attached hereto as Exhibit A (the “Mortgage
            Loans”)
            and
            (b) except as described below, that certain Amended
            and Restated Master Seller’s Purchase and Warranties Agreement dated as of
            December 1, 2005,
            as
            amended (the “Purchase
            Agreement”),
            between the Assignor, as initial purchaser (the “Purchaser”),
            and
            the Company, as seller, solely insofar as the Purchase Agreement relates
            to the
            Mortgage Loans and (y) other than as provided below with respect to the
            enforcement of representations and warranties, none of the obligations
            of the
            Assignor under the Purchase Agreement.

           

          The
            Assignor specifically reserves and does not assign to the Assignee hereunder
            any
            and all right, title and interest in, to and under and any obligations
            of the
            Assignor with respect to any mortgage loans subject to the Purchase Agreement
            which are not the mortgage loans set forth on the Mortgage Loan Schedule
            and are
            not the subject of this Agreement.

           

          

          Recognition
            of the Company

          

          From
            and
            after the date hereof, the Company shall and does hereby recognize that
            the
            Assignee will transfer the Mortgage Loans and assign its rights under
            the
            Purchase Agreement (solely to the extent set forth herein) and this Agreement
            to
            MASTR Asset-Backed Securities Trust 2006-HE3 (the “Trust”) created pursuant to a
            Pooling and Servicing Agreement, dated as of August 1, 2006 (the “Pooling
            Agreement”), among
            the
            Assignee, Wells Fargo Bank, N.A. as master servicer and trust administrator
            (including its successors in interest and any successor servicers under
            the
            Pooling Agreement, the “Master Servicer” or “Trust Administrator”), HomEq
            Servicing Corporation as servicer and U.S. Bank National Association,
            as trustee
(including
            its successors in interest and any successor trustees under the Pooling
            Agreement,
            the
“Trustee”).
            The
            Company hereby acknowledges and agrees that from and after the date hereof
            (i) the Trust will be the owner of the Mortgage Loans, (ii) the
            Company shall look solely to the Trust for performance of any obligations
            of the
            Assignor insofar as they relate to the enforcement of the representations,
            warranties and covenants with respect to the Mortgage Loans, (iii) the
            Trust (including the Trustee and the Servicer acting on the Trust’s behalf)
            shall have all the rights and remedies available to the Assignor, insofar
            as
            they relate to the Mortgage Loans, under the Purchase Agreement, including,
            without limitation, the enforcement of the document delivery requirements
            and
            remedies with respect to breaches of representations and warranties set
            forth in
            the Purchase Agreement, and shall be entitled to enforce all of the obligations
            of the Company thereunder insofar as they relate to the Mortgage Loans,
            and
            (iv) all references to the Purchaser (insofar as they relate to the rights,
            title and interest and, with respect to obligations of the Purchaser,
            only
            insofar as they relate to the enforcement of the representations, warranties
            and
            covenants of the Company) or the Custodian under the Purchase Agreement
            insofar
            as they relate to the Mortgage Loans, shall be deemed to refer to the
            Trust
            (including the Trustee and the Servicer acting on the Trust’s behalf). Neither
            the Company nor the Assignor shall amend or agree to amend, modify, waiver,
            or
            otherwise alter any of the terms or provisions of the Purchase Agreement
            which
            amendment, modification, waiver or other alteration would in any way
            affect the
            Mortgage Loans or the Company’s performance under the Purchase Agreement with
            respect to the Mortgage Loans without the prior written consent of the
            Trustee.

           

          Representations
            and Warranties of the Company

          

          1.  The
            Company warrants and represents to the Assignor, the Assignee and the
            Trust as
            of the date hereof that:

           

          (a)  The
            Company is duly organized, validly existing and in good standing under
            the laws
            of the jurisdiction of its incorporation;

           

          (b)  The
            Company has full power and authority to execute, deliver and perform
            its
            obligations under this Agreement and has full power and authority to
            perform its
            obligations under the Purchase Agreement. The execution by the Company
            of this
            Agreement is in the ordinary course of the Company’s business and will not
            conflict with, or result in a breach of, any of the terms, conditions
            or
            provisions of the Company’s charter or bylaws or any legal restriction, or any
            material agreement or instrument to which the Company is now a party
            or by which
            it is bound, or result in the violation of any law, rule, regulation,
            order,
            judgment or decree to which the Company or its property is subject. The
            execution, delivery and performance by the Company of this Agreement
            have been
            duly authorized by all necessary corporate action on part of the Company.
            This
            Agreement has been duly executed and delivered by the Company, and, upon
            the due
            authorization, execution and delivery by the Assignor and the Assignee,
            will
            constitute the valid and legally binding obligation of the Company, enforceable
            against the Company in accordance with its terms except as enforceability
            may be
            limited by bankruptcy, reorganization, insolvency, moratorium or other
            similar
            laws now or hereafter in effect relating to creditors’ rights generally, and by
            general principles of equity regardless of whether enforceability is
            considered
            in a proceeding in equity or at law; 

           

          (c)  No
            consent, approval, order or authorization of, or declaration, filing
            or
            registration with, any governmental entity is required to be obtained
            or made by
            the Company in connection with the execution, delivery or performance
            by the
            Company of this Agreement; and

           

          (d)  There
            is
            no action, suit, proceeding or investigation pending or threatened against
            the
            Company, before any court, administrative agency or other tribunal, which
            would
            draw into question the validity of this Agreement or the Purchase Agreement,
            or
            which, either in any one instance or in the aggregate, would result in
            any
            material adverse change in the ability of the Company to perform its
            obligations
            under this Agreement or the Purchase Agreement, and the Company is solvent.
            

           

          2.  Pursuant
            to Section 8 of the Purchase Agreement, the Company hereby represents
            and
            warrants, for the benefit of the Assignor, the Assignee and the Trust,
            that the
            representations and warranties set forth in Sections 3.01 and 3.02 (other
            than Section 3.02 (c), (d), (e), (f), (g), (i), (j), the last sentence
            of (m),
            (n), (o) (to the Company’s knowledge), (r), (w), (z), (ff), (hh), (ii), (aaa),
            and (ccc), which are made as of the Transfer Date as defined in the Purchase
            Agreement and Section 3.02 (l) and (qq), which are made as of the Closing
            Date
            as defined in the Purchase Agreement) (set forth on Schedule 1 hereto),
            of the
            Purchase Agreement are true and correct as of the date of this Agreement
            as if
            such representations and warranties were made as of the date
            hereof.

           

          3.  The
            Assignor hereby makes the following representations and warranties as
            of the
            date hereof:

           

          (a)  Each
            Mortgage Loan at the time it was made complied in all material respects
            with
            applicable local, state, and federal laws, including, but not limited
            to, all
            applicable predatory and abusive lending laws;

           

          (b)  None
            of
            the Mortgage Loans are High Cost as defined by any applicable predatory
            and
            abusive lending laws; 

           

          (c)  No
            Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as
            such terms
            are defined in the then current Standard & Poor’s LEVELS®
            Glossary
            which is now Version 5.7 Revised, Appendix E); 

           

          (d)  No
            Mortgage Loan originated on or after October 1, 2002 through March 6,
            2003 is
            governed by the Georgia Fair Lending Act; and

           

          (e)  To
            the
            best of the Assignor’s knowledge, with respect to the
            representations and warranties set forth in
            Section
            3.02 (c), (d), (e), (f), (g), (i), (j), the last sentence of (m), (n),
            (o) (to
            the Company’s knowledge), (r), (w), (z), (ff), (hh), (ii), (aaa), and (ccc),
            nothing has occurred in the period of time from the Transfer Date (as
            defined in
            the Purchase Agreement) to the date hereof which would cause such representation
            and warranties to be untrue in any material respect as of the date hereof.
            With
            respect to the representations and warranties set forth in Section 3.02
            (l) and
            (qq) nothing has occurred in the period of time from the Closing Date
            (as
            defined in the Purchase Agreement) to the date hereof which would cause
            such
            representation and warranties to be untrue in any material respect as
            of the
            date hereof.

           

          Remedies
            for Breach of Representations and Warranties

          

          The
            Company hereby acknowledges and agrees that the remedies available to
            the
            Assignor, the Assignee and the Trust (including the Trustee and the Servicer
            acting on the Trust’s behalf) in connection with any breach of the
            representations and warranties made by the Company set forth in Sections
            3 and 4
            hereof shall be as set forth in Subsection 3.01 of the Purchase Agreement
            as if
            they were set forth herein (including without limitation the repurchase
            and
            indemnity obligations set forth therein). In addition, the Company hereby
            acknowledges and agrees that any breach of the representations set forth
            in
            Section 3.02(h), Section 3.02(n)(iv), the second sentence of Section
            3.02(ee),
            Section 3.02(bbb)(iv), Sections 3.02(ccc) and (eee), Section 3.02(hhh)(a)
            and(b), or Sections 3.02(kkk), (lll), (nnn), (ooo), (ppp) or (dddd) of
            the
            Purchase Agreement shall be deemed to materially and adversely affect
            the value
            of the related mortgage loans or the interests of the Trust in the related
            mortgage loans. 

           

          The
            Assignor hereby acknowledges and agrees that the remedies available to
            the
            Assignee and the Trust (including the Trustee and the Master Servicer
            acting on
            the Trust’s behalf) in connection with any breach of the representations and
            warranties made by the Assignor set forth in Section 3 hereof shall be
            as set
            forth in Section 2.03 of the Pooling Agreement as if they were set forth
            herein.
The
            Assignor hereby acknowledges and agrees that a breach of any one of the
            representations set forth in Section 3 above will be deemed to materially
            adversely affect the interests of the certificateholders and shall require
            a
            repurchase of the affected Mortgage Loan(s).

           

           

          Miscellaneous

          

          4.  This
            Agreement shall be construed in accordance with the laws of the State
            of New
            York, without regard to conflicts of law principles, and the obligations,
            rights
            and remedies of the parties hereunder shall be determined in accordance
            with
            such laws. 

           

          5.  No
            term
            or provision of this Agreement may be waived or modified unless such
            waiver or
            modification is in writing and signed by the party against whom such
            waiver or
            modification is sought to be enforced, with the prior written consent
            of the
            Trustee. 

           

          6.  This
            Agreement shall inure to the benefit of (i) the successors and assigns
            of the
            parties hereto and (ii) the Trust (including the Trustee and the Servicer
            acting
            on the Trust’s behalf). Any entity into which Assignor, Assignee or Company may
            be merged or consolidated shall, without the requirement for any further
            writing, be deemed Assignor, Assignee or Company, respectively,
            hereunder.

           

          7.  Each
            of
            this Agreement and the Purchase Agreement shall survive the conveyance
            of the
            Mortgage Loans and the assignment of the Purchase Agreement (to the extent
            assigned hereunder) by Assignor to Assignee and by Assignee to the Trust
            and
            nothing contained herein shall supersede or amend the terms of the Purchase
            Agreement.

           

          8.  This
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original and all such counterparts
            shall
            constitute one and the same instrument. 

           

          9.  In
            the
            event that any provision of this Agreement conflicts with any provision
            of the
            Purchase Agreement with respect to the Mortgage Loans, the terms of this
            Agreement shall control. 

           

          10.  Capitalized
            terms used in this Agreement (including the exhibits hereto) but not
            defined in
            this Agreement shall have the meanings given to such terms in the Purchase
            Agreement.

           

           

          [SIGNATURE
            PAGE FOLLOWS]

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          IN
            WITNESS WHEREOF, the parties have caused this Agreement to be executed
            by their
            duly authorized officers as of the date first above written.

           

          

          
            	 	
                    UBS
                      REAL ESTATE SECURITIES INC.

                  
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	 	 
	 	
                    MORTGAGE
                      ASSET SECURITIZATION TRANSACTIONS, INC.

                  
	 	 	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 
	 	 	 
	 	 	 
	 	
                    WMC
                      MORTGAGE CORP.

                  
	 	 	 
	 	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  	 
	 	
                    Title:

                  	 

          

           

          

           

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          EXHIBIT
            A

          

          Mortgage
            Loan Schedule

          

          AVAILABLE
            UPON REQUEST

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          SCHEDULE
            1

          

          Limitations
            on Representations and Warranties

          

          Capitalized
            terms used herein but not defined in this Schedule 1 shall have the meanings
            given to such terms in the Purchase Agreement:

           

          Section
            3.01 Representations
            and Warranties of the Company. 

           

          The
            Company represents, warrants and covenants to the Purchaser that as of
            each
            Closing Date or as of such date specifically provided herein:

           

          (a)  The
            Company is a corporation duly organized and validly existing under the
            laws of
            California. The Company has all licenses necessary to carry out its business
            as
            now being conducted, and is licensed and qualified to transact business
            in and
            is in good standing under the laws of each state in which any Mortgaged
            Property
            is located or is otherwise exempt under applicable law from such licensing
            or
            qualification or is otherwise not required under applicable law to effect
            such
            licensing or qualification and no demand for such licensing or qualification
            has
            been made upon the Company by any such state, and in any event the Company
            is in
            compliance with the laws of any such state to the extent necessary to
            ensure the
            enforceability of each Mortgage Loan. No licenses or approvals obtained
            by the
            Company have been suspended or revoked by any court, administrative agency,
            arbitrator or governmental body and no proceedings are pending which
            might
            result in such suspension or revocation, which is reasonably likely to
            have a
            material adverse effect on any Mortgage Loan (including the Purchaser’s interest
            therein) or is reasonable likely to have a material adverse effect on
            the
            transactions contemplated by this Agreement;

           

          (b)  The
            Company has the full power and authority and legal right to hold, transfer
            and
            convey each Mortgage Loan, to sell each Mortgage Loan and to execute,
            deliver
            and perform, and to enter into and consummate all transactions contemplated
            by
            this Agreement and the related Confirmation and to conduct its business
            as
            presently conducted; the Company has duly authorized the execution, delivery
            and
            performance of this Agreement and any agreements contemplated hereby,
            has duly
            executed and delivered this Agreement and the related Confirmation, and
            any
            agreements contemplated hereby, and this Agreement and the related Confirmation
            and each Assignment of Mortgage to the Purchaser and any agreements contemplated
            hereby, constitute the legal, valid and binding obligations of the Company,
            enforceable against it in accordance with their respective terms, except
            as such
            enforceability may be limited by bankruptcy, insolvency, moratorium,
            reorganization and similar laws, and by equitable principles affecting
            the
            enforceability of the rights of creditors; and all requisite corporate
            action
            has been taken by the Company to make this Agreement, the related Confirmation
            and all agreements contemplated hereby valid and binding upon the Company
            in
            accordance with their terms;

           

          (c)  Neither
            the execution and delivery of this Agreement, the related Confirmation,
            the sale
            of the Mortgage Loans to the Purchaser, the consummation of the transactions
            contemplated hereby, nor the fulfillment of or compliance with the terms
            and
            conditions of this Agreement and the related Confirmation will conflict
            with any
            of the terms, conditions or provisions of the Company’s charter or by-laws or
            materially conflict with or result in a material breach of any of the
            terms,
            conditions or provisions of any legal restriction or any agreement or
            instrument
            to which the Company is now a party or by which it is bound, or constitute
            a
            default or result in an acceleration under any of the foregoing, or result
            in
            the material violation of any law, rule, regulation, order, judgment
            or decree
            to which the Company or its property is subject;

           

          (d)  There
            is
            no litigation, suit, proceeding or investigation pending or, to the Company’s
            knowledge threatened, or any order or decree outstanding, which is reasonably
            likely to have a material adverse effect on the sale of the Mortgage
            Loans, the
            execution, delivery, performance or enforceability of this Agreement
            or the
            related Confirmation, or which is reasonably likely to have a material
            adverse
            effect on the financial condition of the Company;

           

          (e)  No
            consent, approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Company
            of
            or compliance by the Company with this Agreement and the related Confirmation,
            except for consents, approvals, authorizations and orders which have
            been
            obtained;

           

          (f)  The
            consummation of the transactions contemplated by this Agreement and the
            related
            Confirmation are in the ordinary course of business of the Company, and
            the
            transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
            by
            the Company pursuant to this Agreement and the related Confirmation are
            not
            subject to bulk transfer or any similar statutory provisions in effect
            in any
            applicable jurisdiction;

           

          (g)  The
            origination, servicing and collection practices with respect to each
            Mortgage
            Note and Mortgage have been legal and in accordance with applicable laws
            and
            regulations, and in all material respects in accordance with Accepted
            Servicing
            Practices. The Company further represents and warrants that no escrow
            payments
            are required under the related Mortgage Loan and no such payments are
            in the
            possession of, or under the control of, the Company or its delegate;
            no escrow
            deposits or other charges or payments due under the Mortgage Note have
            been
            capitalized under any Mortgage or the related Mortgage Note; all Mortgage
            Interest Rate adjustments have been made in strict compliance with state
            and
            federal law and the terms of the related Mortgage Note; and any interest
            required to be paid pursuant to state and local law has been properly
            paid and
            credited;

           

          (h)  The
            Company has not used selection procedures that identified the Mortgage
            Loans as
            being less desirable or valuable than other comparable mortgage loans
            in the
            Company’s portfolio at the related Closing Date; 

           

          (i)  The
            Company will treat the transfer of the Mortgage Loans to the Purchaser
            as a sale
            for reporting and accounting purposes and, to the extent appropriate,
            for
            federal income tax purposes. The Company shall maintain a complete set
            of books
            and records for each Mortgage Loan which shall be clearly marked to reflect
            the
            ownership of such Mortgage Loan by the Purchaser; 

           

          (j)  The
            Company is an approved seller of residential mortgage loans for Fannie
            Mae or
            Freddie Mac and HUD. The Company is duly qualified, licensed, registered
            and
            otherwise authorized under all applicable federal, state and local laws
            and
            regulations and is in good standing to sell mortgage loans for Fannie
            Mae or
            Freddie Mac and no event has occurred which would make the Company unable
            to
            comply with eligibility requirements or which would require notification
            to
            either Fannie Mae or Freddie Mac; 

           

          (k)  The
            Company does not believe, nor does it have any cause or reason to believe,
            that
            it cannot perform each and every covenant contained in this Agreement
            and the
            related Confirmation applicable to it. The Company is solvent and the
            sale of
            the Mortgage Loans will not cause the Company to become insolvent. The
            sale of
            the Mortgage Loans is not undertaken with the intent to hinder, delay
            or defraud
            any of the Company’s creditors;

           

          (l)  reserved;

           

          (m)  The
            consideration received by the Company upon the sale of the Mortgage Loans
            constitutes fair consideration and reasonably equivalent value for such
            Mortgage
            Loans;

           

          (n)  The
            Company has delivered to the Purchaser audited financial statements.
            All such
            financial statements fairly present the pertinent results of operations
            and
            changes in financial position for each of such periods and the financial
            position at the end of each such period of the Company and its subsidiaries
            and
            have been prepared in accordance with GAAP consistently applied throughout
            the
            periods involved, except as set forth in the notes thereto. There has
            been no
            change in the business, operations, financial condition, properties or
            assets of
            the Company since the date of the Company’s financial statements that would have
            a material adverse effect on its ability to perform its obligations under
            this
            Agreement or the related Confirmation; 

           

          (o)  The
            Company has not dealt with any broker, investment banker, agent or other
            person
            that may be entitled to any commission or compensation in connection
            with the
            sale of the Mortgage Loans; and

           

          (p)  The
            Company is a member of MERS in good standing, and will comply in all
            material
            respects with the rules and procedures of MERS in performing its obligations
            under the Agreement.

           

          Section
            3.02 Representations
            and Warranties as to Individual Mortgage Loans.

           

          The
            Company hereby represents and warrants to the Purchaser, as to each Mortgage
            Loan, as of the related Closing Date as follows:

           

          (a)  The
            information set forth in the related Mortgage Loan Schedule, including
            any
            diskette or other related data tapes sent to the Purchaser, is true and
            correct
            in all material respects;

           

          (b)  The
            Mortgage creates a (A) first lien and first priority security interest
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule) or (B) second lien
            and second
            priority security interest with respect to each Mortgage Loan which is
            indicated
            by the Company to be a Second Lien (as reflected on the Mortgage Loan
            Schedule),
            in either case, in the related Mortgaged Property securing the related
            Mortgage
            Note;

           

          (c)  All
            payments due prior to the related Cut-off Date for such Mortgage Loan
            have been
            made as of the related Closing Date; there are no material defaults under
            the
            terms of the Mortgage Loan; the Company has not advanced funds, or induced,
            solicited or knowingly received any advance of funds from a party other
            than the
            owner of the Mortgaged Property subject to the Mortgage, directly or
            indirectly,
            for the payment of any amount required by the Mortgage Loan; no payment
            with
            respect to each Mortgage Loan has been 30 days or more delinquent during
            the
            preceding twelve-month period;

           

          (d)  All
            taxes, governmental assessments, insurance premiums, water, sewer and
            municipal
            charges, leasehold payments or ground rents which previously became due
            and
            owing have been paid;

           

          (e)  The
            terms
            of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or
            modified in any respect, except by written instruments which have been
            recorded
            to the extent any such recordation is required by law. No instrument
            of waiver,
            alteration or modification has been executed, and no Mortgagor has been
            released, in whole or in part, from the terms thereof except in connection
            with
            an assumption agreement and which assumption agreement is part of the
            Mortgage
            File and the terms of which are reflected in the related Mortgage Loan
            Schedule;
            the substance of any such waiver, alteration or modification has been
            approved
            by the issuer of the title insurance policy, to the extent required by
            the
            related policy;

           

          (f)  The
            Mortgage Note and the Mortgage are not subject to any valid right of
            rescission,
            set-off, counterclaim or defense, including, without limitation, the
            defense of
            usury, nor will the operation of any of the terms of the Mortgage Note
            or the
            Mortgage, or the exercise of any right thereunder, render the Mortgage
            Note or
            Mortgage unenforceable, in whole or in part, or subject to any valid
            right of
            rescission, set-off, counterclaim or defense, including the defense of
            usury,
            and no such right of rescission, set-off, counterclaim or defense has
            been
            asserted with respect thereto; and the Mortgagor was not a debtor in
            any state
            or federal bankruptcy or insolvency proceeding at the time the Mortgage
            Loan was
            originated;

           

          (g)  All
            buildings or other customarily insured improvements upon the Mortgaged
            Property
            are insured by a Qualified Insurer against loss by fire and hazards of
            extended
            coverage, in an amount representing coverage not less than the lesser
            of (i) the
            maximum insurable value of the improvements securing such Mortgage Loans,
            and
            (ii) the greater of (a) either (1) the outstanding principal balance
            of the
            Mortgage Loan with respect to each Mortgage Loan which is indicated by
            the
            Company to be a First Lien (as reflected on the Mortgage Loan Schedule)
            or (2)
            with respect to each Second Lien Mortgage Loan, the sum of the outstanding
            principal balance of the first lien on such Mortgage Loan and the outstanding
            principal balance of such Second Lien Mortgage Loan, and (b) an amount
            such that
            the proceeds thereof shall be sufficient to prevent the Mortgagor and/or
            the
            mortgagee from becoming a co-insurer, but in no event greater than the
            maximum
            amount permitted under applicable law. All such standard hazard policies
            are in
            full force and effect and on the date of origination contained a standard
            mortgagee clause naming the originator of the Mortgage Loan and its successors
            in interest and assigns as loss payee and such clause is still in effect
            and all
            premiums due thereon have been paid. If required by the Flood Disaster
            Protection Act of 1973, as amended, the Mortgage Loan is covered by a
            flood
            insurance policy meeting the requirements of the current guidelines of
            the
            Federal Insurance Administration, in an amount not less than the amount
            required
            by the Flood Disaster Protection Act of 1973, as amended. Such policy
            was issued
            by a Qualified Insurer. The Mortgage obligates the Mortgagor thereunder
            to
            maintain all such insurance at the Mortgagor’s cost and expense, and upon the
            Mortgagor’s failure to do so, authorizes the holder of the Mortgage to maintain
            such insurance at the Mortgagor’s cost and expense and to seek reimbursement
            therefor from the Mortgagor;

           

          (h)  Any
            and
            all requirements of any federal, state or local law including, without
            limitation, usury, truth-in-lending, real estate settlement procedures,
            consumer
            credit protection, equal credit opportunity, fair housing, borrower-related
            disclosure, predatory, fair and abusive lending laws applicable to the
            Mortgage
            Loan or any related Prepayment Penalty have been complied with in all
            material
            respects and the consummation of the transactions contemplated hereby
            will not
            involve the violation of any such laws;

           

          (i)  The
            Mortgage has not been satisfied, canceled or subordinated (other than
            the
            subordination of any Second Lien Mortgage Loan to the related First Lien),
            in
            whole or in part, or rescinded, and the Mortgaged Property has not been
            released
            from the lien of the Mortgage, in whole or in part nor has any instrument
            been
            executed that would effect any such release, cancellation, subordination
            or
            rescission. The Company has not waived the performance by the Mortgagor
            of any
            action, if the Mortgagor’s failure to perform such action would cause the
            Mortgage Loan to be in default, nor has the Company waived any default
            resulting
            from any action or inaction by the Mortgagor;

           

          (j)  The
            related Mortgage is a valid, subsisting, enforceable and perfected (A)
            first
            lien and first priority security interest with respect to each Mortgage
            Loan
            which is indicated by the Company to be a First Lien (as reflected on
            the
            Mortgage Loan Schedule), or (B) second lien and second priority security
            interest with respect to each Mortgage Loan which is indicated by the
            Company to
            be a Second Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule),
            in
            either case, on the Mortgaged Property including all buildings on the
            Mortgaged
            Property and all installations and mechanical, electrical, plumbing,
            heating and
            air conditioning systems affixed to such buildings, and all additions,
            alterations and replacements consisting of real property or fixtures
            made at any
            time with respect to the foregoing securing the Mortgage Note’s original
            principal balance. Such lien is free and clear of all adverse claims,
            liens and
            encumbrances having priority over the first lien of the Mortgage subject
            only to
            (1) the lien of non-delinquent current real property taxes and assessments
            not
            yet due and payable, (2) covenants, conditions and restrictions, rights
            of way,
            easements and other matters of the public record as of the date of recording
            which are acceptable to mortgage lending institutions generally and either
            (A)
            which are referred to or otherwise considered in the appraisal made for
            the
            originator of the Mortgage Loan, or (B) which do not adversely affect
            the
            appraised value of the Mortgaged Property as set forth in such appraisal,
            (3)
            other matters which are disclosed in the applicable title commitment
            or policy,
            or to which like properties are commonly subject which do not materially
            interfere with the benefits of the security intended to be provided by
            the
            Mortgage or the use, enjoyment, value or marketability of the related
            Mortgaged
            Property and (4) with respect to each Mortgage Loan which is indicated
            by the
            Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
            Loan
            Schedule) a First Lien on the Mortgaged Property. Any security agreement,
            chattel mortgage or equivalent document related to and delivered in connection
            with the Mortgage Loan establishes and creates a valid, subsisting, enforceable
            and perfected (A) first lien and first priority security interest with
            respect
            to each Mortgage Loan which is indicated by the Company to be a First
            Lien (as
            reflected on the Mortgage Loan Schedule), or (B) second lien and second
            priority
            security interest with respect to each Mortgage Loan which is indicated
            by the
            Company to be a Second Lien Mortgage Loan (as reflected on the Mortgage
            Loan
            Schedule), in either case, on the property described therein, and the
            Company
            has the full right to sell and assign the same to the Purchaser;

           

          (k)  The
            Mortgage Note and the related Mortgage are original and genuine and each
            is the
            legal, valid and binding obligation of the maker thereof, enforceable
            in all
            respects in accordance with its terms subject to bankruptcy, insolvency,
            moratorium, reorganization and other laws of general application affecting
            the
            rights of creditors and by general equitable principles and the Company
            has
            taken all action necessary to transfer such rights of enforceability
            to the
            Purchaser. All parties to the Mortgage Note and the Mortgage had the
            legal
            capacity to enter into the Mortgage Loan and to execute and deliver the
            Mortgage
            Note and the Mortgage. The Mortgage Note and the Mortgage have been duly
            and
            properly executed by such parties. No fraud, error, misrepresentation,
            gross
            negligence or similar occurrence with respect to a Mortgage Loan has
            taken place
            on the part of the Company or the Mortgagor, or, on the part of any other
            party
            involved in the origination of the Mortgage Loan. The proceeds of the
            Mortgage
            Loan have been fully disbursed and there is no requirement for future
            advances
            thereunder, and any and all requirements as to completion of any on-site
            or
            off-site improvements and as to disbursements of any escrow funds therefor
            have
            been complied with. All costs, fees and expenses incurred in making or
            closing
            the Mortgage Loan and the recording of the Mortgage were paid or are
            in the
            process of being paid, and the Mortgagor is not entitled to any refund
            of any
            amounts paid or due under the Mortgage Note or Mortgage;

           

          (l)  The
            Company is the sole owner of record and holder of the Mortgage Loan and
            the
            indebtedness evidenced by the Mortgage Note, and upon recordation the
            Purchaser
            or its designee will be the owner of record of the Mortgage and the indebtedness
            evidenced by the Mortgage Note. Immediately prior to the transfer and
            assignment
            to the Purchaser on the related Closing Date, the Mortgage Loan, including
            the
            Mortgage Note and the Mortgage, were not subject to an assignment or
            pledge
            (except with respect to any Mortgage Loan that is subject
            to the assignment or the pledge of such Mortgage Loan by the Company
            to a lender
            of the Company whose lien on such Mortgage Loan will be released simultaneously
            with the Purchaser’s purchase hereunder pursuant to a duly executed security
            release certification substantially in the form attached hereto as Exhibit
            I),
            and the Company had good and marketable title to and was the sole owner
            thereof
            and had full right to transfer and sell the Mortgage Loan to the Purchaser
            free
            and clear of any encumbrance, equity, lien, pledge, charge, claim or
            security
            interest and has the full right and authority subject to no interest
            or
            participation of, or agreement with, any other party, to sell and assign
            the
            Mortgage Loan pursuant to this Agreement and following the sale of the
            Mortgage
            Loan, the Purchaser will own such Mortgage Loan free and clear of any
            encumbrance, equity, participation interest, lien, pledge, charge, claim
            or
            security interest. The Company intends to relinquish all rights to possess,
            control and monitor the Mortgage Loan.
            Either
            the Mortgagor is a natural person or the Mortgagor is an inter-vivos
            trust
            acceptable to Fannie Mae. With respect to each inter-vivos trust, holding
            title
            to the Mortgaged Property in such trust will not diminish any rights
            as a
            creditor including the right to full title to the Mortgaged Property
            in the
            event foreclosure proceedings are initiated;

           

          (m)  Each
            Mortgage Loan is covered by an ALTA or, in the case of Mortgage Loans
            secured by
            property in California, a CLTA lender’s title insurance policy issued by a title
            insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business
            in
            the jurisdiction where the Mortgaged Property is located, insuring (subject
            to
            the exceptions contained in (j)(1), (2) and (3) above and, with respect
            to each
            Mortgage Loan which is indicated by the Company to be a Second Lien Mortgage
            Loan (as reflected on the Mortgage Loan Schedule) clause (4)) the Company,
            its
            successors and assigns, as to the first (or, where applicable, second)
            priority
            lien of the Mortgage in the original principal amount of the Mortgage
            Loan and,
            with respect to each Adjustable Rate Mortgage Loan, against any loss
            by reason
            of the invalidity or unenforceability of the lien resulting from the
            provisions
            of the Mortgage providing for adjustment in the Mortgage Interest Rate
            and
            Monthly Payment. Additionally, such policy affirmatively insures ingress
            and
            egress to and from the Mortgaged Property. Where required by applicable
            state
            law or regulation, the Mortgagor has been given the opportunity to choose
            the
            carrier of the required mortgage title insurance. The originator, its
            successors
            and assigns, are the sole insureds of such lender’s title insurance policy, such
            title insurance policy has been duly and validly endorsed to the Purchaser
            or
            the assignment to the Purchaser of the Company’s interest therein does not
            require the consent of or notification to the insurer and such lender’s title
            insurance policy is in full force and effect and will be in full force
            and
            effect upon the consummation of the transactions contemplated by this
            Agreement
            and the related Confirmation. No claims have been made under such lender’s title
            insurance policy, and no prior holder of the related Mortgage, including
            the
            Company, has done, by act or omission, anything which would impair the
            coverage
            of such lender’s title insurance policy;

           

          (n)  There
            is
            no default, breach, violation or event of acceleration existing under
            the
            Mortgage or the related Mortgage Note and, to the best of Company’s knowledge,
            no event which, with the passage of time or with notice and the expiration
            of
            any grace or cure period, would constitute a default, breach, violation
            or event
            permitting acceleration; and neither the Company nor any prior mortgagee
            has
            waived any default, breach, violation or event permitting acceleration.
            With
            respect to each Mortgage Loan which is indicated by the Company to be
            a Second
            Lien Mortgage Loan (as reflected on the Mortgage Loan Schedule) (i) the
            First
            Lien is in full force and effect, (ii) there is no default, breach, violation
            or
            event of acceleration existing under such First Lien mortgage or the
            related
            mortgage note, (iii) to the best of Company’s knowledge, no event which, with
            the passage of time or with notice and the expiration of any grace or
            cure
            period, would constitute a default, breach, violation or event of acceleration
            thereunder, and either (A) the First Lien mortgage contains a provision
            which
            allows or (B) applicable law requires, the mortgagee under the Second
            Lien
            Mortgage Loan to receive notice of, and affords such mortgagee an opportunity
            to
            cure any default by payment in full or otherwise under the First Lien
            mortgage,
            and
            (iv) such Second Lien Mortgage Loan is secured by a one- to four-family
            residence that is the principal residence of the Mortgagor upon the origination
            of the Second Lien Mortgage Loan; 

           

          (o)  There
            are
            no mechanics’ or similar liens or claims which have been filed for work, labor
            or material (and no rights are outstanding that under law could give
            rise to
            such liens) affecting the related Mortgaged Property which are or may
            be liens
            prior to or equal to the lien of the related Mortgage, unless insured
            against by
            the related title insurance policy;

           

          (p)  All
            improvements subject to the Mortgage which were considered in determining
            the
            Appraised Value of the Mortgaged Property lie wholly within the boundaries
            and
            building restriction lines of the Mortgaged Property (and wholly within
            the
            project with respect to a condominium unit) and no improvements on adjoining
            properties encroach upon the Mortgaged Property except those which are
            insured
            against by the title insurance policy referred to in clause (m) above
            and all
            improvements on the property comply un all material respects with all
            applicable
            zoning and subdivision laws and ordinances;

           

          (q)  The
            Mortgage Loan was originated by the Company or a third-party originator
            and sold
            to the Company. The Mortgage Loan complies with all the terms, conditions
            and
            requirements of the Company’s Underwriting Standards in effect at the time of
            origination of such Mortgage Loan, subject to exceptions thereto made
            in the
            ordinary course of business. The Mortgage Notes and Mortgages (exclusive
            of any
            riders) are on forms generally acceptable to Fannie Mae or Freddie Mac.
            The
            Mortgage Loan bears interest at the Mortgage Interest Rate set forth
            in the
            related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
            Note are
            due and payable on the first day of each month (subject to any grace
            period set
            forth in the Mortgage Note). The Mortgage contains the usual and enforceable
            provisions of the originator at the time of origination for the acceleration
            of
            the payment of the unpaid principal amount of the Mortgage Loan if the
            related
            Mortgaged Property is sold without the prior consent of the mortgagee
            thereunder, subject to bankruptcy, insolvency, moratorium, reorganization
            and
            other laws of general application affecting the rights of creditors and
            by
            general equitable principles;

           

          (r)  The
            Mortgaged Property is not subject to any material damage by waste, fire,
            earthquake, windstorm, flood or other casualty. At origination of the
            Mortgage
            Loan there was, and there currently is, no proceeding pending or scheduled
            for
            the total or partial condemnation of the Mortgaged Property;

           

          (s)  The
            related Mortgage contains customary and enforceable provisions such as
            to render
            the rights and remedies of the holder thereof adequate for the realization
            against the Mortgaged Property of the benefits of the security provided
            thereby.
            There is no homestead or other exemption available to the Mortgagor which
            would
            interfere with the right to sell the Mortgaged Property at a trustee’s sale or
            the right to foreclose the Mortgage;

           

          (t)  If
            the
            Mortgage constitutes a deed of trust, a trustee, authorized and duly
            qualified
            if required under applicable law to act as such, has been properly designated
            and currently so serves and is named in the Mortgage, and no fees or
            expenses
            are or will become payable by the Purchaser to the trustee under the
            deed of
            trust, except in connection with a trustee’s sale or attempted sale after
            default by the Mortgagor;

           

          (u)  The
            Mortgage File contains an appraisal of the related Mortgaged Property
            which,
            (a) with respect to First Lien Mortgage Loans, was on appraisal form
            1004 or
            form 2055 with an interior inspection, (b) with respect to Second Lien
            Mortgage
            Loans, was on appraisal form 704, 1004, 2065 or 2055 with an exterior
            only
            inspection, and (c) with respect to (a) or (b) above, was signed prior
            to the
            final approval of the mortgage loan application by a Qualified Appraiser,
            who
            had no interest, direct or indirect, in the Mortgaged Property or in
            any loan
            made on the security thereof, and whose compensation is not affected
            by the
            approval or disapproval of the Mortgage Loan, and the appraisal satisfies
            the
            requirements of Fannie Mae or Freddie Mac and the appraisal and the appraiser
            both satisfy Title XI of FIRREA and the regulations promulgated thereunder,
            all
            as in effect on the date the Mortgage Loan was originated;

           

          (v)  Each
            of
            the Company, any third-party originator, any servicer and any intervening
            mortgagee which have had any interest in the Mortgage, whether as mortgagee,
            assignee or otherwise, are (or, during the period in which they held
            and
            disposed of such interest, were) (A) in compliance with any and all applicable
            licensing requirements of the laws of the state wherein the Mortgaged
            Property
            is located, and (B) (1) organized under the laws of such state, or (2)
            qualified
            to do business in such state, or (3) federal savings and loan associations
            or
            national banks or a Federal Home Loan Bank or savings bank having principal
            offices in such state, or (4) not doing business in such state or (5)
            not
            required to be so qualified;

           

          (w)  The
            related Mortgage Note is not and has not been secured by any collateral
            except
            the lien of the corresponding Mortgage and the security interest of any
            applicable security agreement or chattel mortgage referred to in (j)
            above;

           

          (x)  The
            Mortgagor has received all disclosure materials required by applicable
            law with
            respect to the making of such mortgage loans;

           

          (y)  The
            Mortgage Loan does not contain “graduated payment” features and does not have a
            shared appreciation or other contingent interest feature; no Mortgage
            Loan
            contains any buydown provisions;

           

          (z)  The
            Mortgagor is not in bankruptcy;

           

          (aa)  Principal
            payments on the Mortgage Loan commenced no more than sixty (60) days
            after the
            funds were disbursed in connection with the Mortgage Loan. The Mortgage
            Loans
            have an original term to maturity of not more than 30 years, with interest
            payable in arrears on the first day of each month. Each Mortgage Note,
            other
            than with respect to a Balloon Mortgage Loan or other than during the
            interest-only period with respect to a Mortgage Loan identified on the
            related
            Mortgage Loan Schedule as an interest-only Mortgage Loan, requires a
            monthly
            payment which is sufficient to fully amortize the original principal
            balance
            over the original term thereof and to pay interest at the related Mortgage
            Interest Rate. With respect to each Balloon Mortgage Loan, the Mortgage
            Note
            requires a monthly payment which is sufficient to fully amortize the
            original
            principal balance over the original term thereof and to pay interest
            at the
            related Mortgage Interest Rate and requires a final Monthly Payment
            substantially greater than the preceding monthly payment which is sufficient
            to
            repay the remained unpaid principal balance of the Balloon Mortgage Loan
            as the
            Due Date of such monthly payment. With respect to each Mortgage Loan
            identified
            on the Mortgage Loan Schedule as an interest-only Mortgage Loan, the
            interest-only period does not exceed ten (10) years (or such lesser period
            specified on the Mortgage Loan Schedule) and following the expiration
            of such
            interest-only period, the remaining Monthly Payments shall be sufficient
            to
            fully amortize the original principal balance over the remaining term
            of the
            Mortgage Loan. No Mortgage Loan contains terms or provisions which would
            result
            in negative amortization;

           

          (bb)  No
            Mortgage Loan is subject to a lender-paid mortgage insurance policy;
            

           

          (cc)  As
            to any
            Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage
            is
            in recordable form and is acceptable for recording under the laws of
            the
            jurisdiction in which the Mortgaged Property is located;

           

          (dd)  The
            Mortgaged Property is located in the state identified in the related
            Mortgage
            Loan Schedule and consists of a single parcel or contiguous parcels of
            real
            property with a detached single family residence erected thereon, or
            a
            townhouse, or a two-to four-family dwelling, or an individual condominium
            unit
            in a condominium project, or an individual unit in a planned unit development
            or
            a de minimis planned unit development, provided, however, that no residence
            or
            dwelling is a single parcel of real property with a cooperative housing
            corporation erected thereon, or a mobile home. As of the date of origination,
            no
            portion of the Mortgaged Property was used for commercial purposes (other
            than a
            de minimis use), and since the date or origination no portion of the
            Mortgaged
            Property has been used for commercial purposes (other than a de minimis
            use);

           

          (ee)  Except
            as
            set forth on the related Mortgage Loan Schedule, none of the Mortgage
            Loans are
            subject to a Prepayment Penalty. For any Mortgage Loan originated prior
            to
            October 1, 2002 that is subject to a Prepayment Penalty, such prepayment
            penalty
            does not extend beyond five years after the date of origination. For
            any
            Mortgage Loan originated on or following October 1, 2002 that is subject
            to a
            Prepayment Penalty, such prepayment penalty does not extend beyond three
            years
            after the date of origination.
            Any such
            prepayment penalty is permissible and enforceable in accordance with
            its terms
            upon the Mortgagor’s full and voluntary principal prepayment under applicable
            law. With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a premium upon a prepayment prior to maturity: (i) prior to the loan’s
            origination, the Mortgagor agreed to such premium in exchange for a monetary
            benefit, including but not limited to a rate or fee reduction, (ii) prior
            to the
            loan’s origination, the Mortgagor was offered the option of obtaining a Mortgage
            Loan that did not require payment of such a premium, (iii) the prepayment
            premium is disclosed to the Mortgagor in the loan documents pursuant
            to
            applicable state and federal law, (iv) for Mortgage Loans originated
            on or after
            September 1, 2004, the duration of the prepayment period shall not exceed
            three
            (3) years from the date of the Mortgage Note, unless the Mortgage Loan
            was
            modified to reduce the prepayment period to no more than three years
            from the
            date of the Mortgage Note and the Mortgagor was notified in writing of
            such
            reduction in prepayment period, and (v) notwithstanding any state or
            federal law
            to the contrary, the Company shall not impose such prepayment premium
            in any
            instance when the Mortgage Loan is accelerated or paid off in connection
            with
            the Mortgagor’s failure to make the Monthly Payments;

           

          (ff)  The
            Mortgaged Property is lawfully occupied under applicable law, and all
            inspections, licenses and certificates required to be made or issued
            with
            respect to all occupied portions of the Mortgaged Property and, with
            respect to
            the use and occupancy of the same, including but not limited to certificates
            of
            occupancy and fire underwriting certificates, have been made or obtained
            from
            the appropriate authorities;

           

          (gg)  If
            the
            Mortgaged Property is a condominium unit or a planned unit development
            (other
            than a de minimis planned unit development), or stock in a cooperative
            housing
            corporation, such condominium, cooperative or planned unit development
            project
            meets the eligibility requirements of Fannie Mae and Freddie Mac;

           

          (hh)  
            There is
            no pending action or proceeding directly involving the Mortgaged Property
            in
            which compliance with any environmental law, rule or regulation is an
            issue; the
            Company has received no notice of any violation of any environmental
            law, rule
            or regulation with respect to the Mortgaged Property;

           

          (ii)  The
            Mortgagor has not notified the Company requesting relief under the
            Servicemembers Civil Relief Act of 2003 and any similar state or local
            statute,
            or any similar state law, and the Company has no knowledge of any relief
            requested or allowed to the Mortgagor under the Servicemembers Civil
            Relief Act
            of 2003 and any similar state or local statute, or any similar state
            law;

           

          (jj)  As
            of the
            related Closing Date, no Mortgage Loan was in construction or rehabilitation
            status or has facilitated the trade-in or exchange of a Mortgaged
            Property;

           

          (kk)  No
            action
            has been taken or failed to be taken on or prior to the related Closing
            Date
            which has resulted or will result in an exclusion from, denial of, or
            defense to
            coverage under any insurance policy related to a Mortgage Loan (including,
            without limitation, any exclusions, denials or defenses which would limit
            or
            reduce the availability of the timely payment of the full amount of the
            loss
            otherwise due thereunder to the insured) whether arising out of actions,
            representations, errors, omissions, negligence, or fraud, or for any
            other
            reason under such coverage;

           

          (ll)  Except
            with respect to each Mortgage Loan identified on the Mortgage Loan Schedule
            as a
            correspondent loan, the Mortgage Loan was originated by a mortgagee approved
            by
            the Secretary of Housing and Urban Development pursuant to sections 203
            and 211
            of the National Housing Act, a savings and loan association, a savings
            bank, a
            commercial bank, credit union, insurance company or similar institution
            which is
            supervised and examined by a federal or state authority. With respect
            to
each
            Mortgage Loan identified on the Mortgage Loan Schedule as a correspondent
            loan,
            the Mortgage Loan was re-underwritten by the Company prior to Company’s purchase
            thereof.

           

          (mm)  Unless
            otherwise set forth on the related Mortgage Loan Schedule, no Mortgaged
            Property
            is subject to a ground lease.
            With
            respect to each ground lease to which the Mortgaged Property is subject
            (a
            "Ground Lease"): (i) the Mortgagor is the owner of a valid and subsisting
            interest as tenant under the Ground Lease; (ii) the Ground Lease is in
            full
            force and effect, unmodified and not supplemented by any writing or otherwise;
            (iii) all rent, additional rent and other charges reserved therein have
            been
            paid to the extent they are payable to the date hereof; (iv) the Mortgagor
            enjoys the quiet and peaceful possession of the estate demised thereby,
            subject
            to any sublease; (v) the Mortgagor is not in default under any of the
            terms
            thereof and there are no circumstances which, with the passage of time
            or the
            giving of notice or both, would constitute an event of default thereunder;
            (vii)
            the lessor under the Ground Lease is not in default under any of the
            terms or
            provisions thereof on the part of the lessor to be observed or performed;
            (vii)
            the lessor under the Ground Lease has satisfied all of its repair or
            construction obligations, if any, to date pursuant to the terms of the
            Ground
            Lease; and (ix) the execution, delivery and performance of the Mortgage
            do not
            require the consent (other than those consents which have been obtained
            and are
            in full force and effect) under, and will not contravene any provision
            of or
            cause a default under, the Ground Lease;

           

          (nn)  With
            respect to any broker fees collected and paid on any of the Mortgage
            Loans, all
            broker fees have been properly assessed to the Mortgagor and no claims
            will
            arise as to broker fees that are double charged and for which the Mortgagor
            would be entitled to reimbursement;

           

          (oo)  With
            respect to any Mortgage Loan as to which an affidavit has been delivered
            to the
            Purchaser certifying that the original Mortgage Note has been lost or
            destroyed
            and not been replaced, if such Mortgage Loan is subsequently in default,
            the
            enforcement of such Mortgage Loan will not be materially adversely affected
            by
            the absence of the original Mortgage Note;

           

          (pp)  Each
            Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A)
            of
            the Code and Treasury Regulations Section 1.860G-2(a)(1);

           

          (qq)  Except
            as
            provided in Section 2.07, the Mortgage Note, the Mortgage, the Assignment
            of
            Mortgage and the other Mortgage Loan Documents set forth in Exhibit A-1
            and
            required to be delivered on the related Closing Date have been delivered
            to the
            Purchaser or its designee all in compliance with the specific requirements
            of
            this Agreement. With respect to each Mortgage Loan, the Company is in
            possession
            of a complete Mortgage File and Servicing File except for such documents
            as have
            been delivered to the Purchaser or its designee;

           

          (rr)  [reserved];
            

           

          (ss)  
            [reserved]; 

           

          (tt)  No
            Mortgage Loan had a Loan-to-Value Ratio at the time of origination of
            more than
            100%;

           

          (uu)  None
            of
            the Mortgage Loans are subject to, covered by, or in violation of, the
            Home
            Ownership and Equity Protection Act of 1994 or any comparable state
            law;

           

          (vv)  None
            of
            the proceeds of the Mortgage Loan were used to finance single-premium
            credit
            insurance policies;

           

          (ww)  Any
            principal advances made to the Mortgagor prior to the related Closing
            Date have
            been consolidated with the outstanding principal amount secured by the
            Mortgage,
            and the secured principal amount, as consolidated, bears a single interest
            rate
            and single repayment term. The lien of the Mortgage securing the consolidated
            principal amount is expressly insured as having (A) first lien priority
            with
            respect to each Mortgage Loan which is indicated by the Company to be
            a First
            Lien (as reflected on the Mortgage Loan Schedule), or (B) second lien
            priority
            with respect to each Mortgage Loan which is indicated by the Company
            to be a
            Second Lien Mortgage Loan (as reflected on the Mortgage Loan Data Transmission),
            in either case, by a title insurance policy, an endorsement to the policy
            insuring the mortgagee’s consolidated interest or by other title evidence
            acceptable to Fannie Mae and Freddie Mac. The consolidated principal
            amount does
            not exceed the original principal amount of the Mortgage Loan;

           

          (xx)  Interest
            on each Mortgage Loan is calculated on the basis of a 360-day year consisting
            of
            twelve 30-day months;

           

          (yy)  Except
            with respect to each Mortgage Loan identified as a Balloon Loan on the
            related
            Mortgage Loan Schedule, no Loan has a balloon payment feature;

           

          (zz)  With
            respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and
            such MIN
            is accurately provided on the related Mortgage Loan Schedule. The related
            assignment of Mortgage to MERS has been duly and properly recorded;

           

          (aaa)  With
            respect to each MERS Mortgage Loan, the Company has not received any
            notice of
            liens or legal actions with respect to such Mortgage Loan and no such
            notices
            have been electronically posted by MERS;

           

          (bbb)   Any
            Mortgaged Property that is considered manufactured housing shall be legally
            classified as real property, is permanently affixed to a foundation and
            must
            assume the characteristics of site-built housing and must otherwise conform
            to
            the requirements (A) for inclusion in residential mortgage backed securities
            transactions rated by Standard & Poor's and (B) of Fannie Mae and Freddie
            Mac, including, but not limited to, the requirements that (i) the related
            Mortgage Note or contract, as applicable, be secured by a “single family
            residence” within the meaning of Section 25(e)(10) of the Code, (ii) the fair
            market value of the manufactured home securing each related Mortgage
            Note or
            contract, as applicable, was at least equal to 80% of the original principal
            balance of such Mortgage Note or contract, as applicable, (iii) each
            related
            Mortgage Note or contract, as applicable, is a “qualified mortgage” under
            Section 860G(a)(3) of the Code amd (iv) such manufactured housing will
            be the
            principal residence of the Mortgagor upon origination of the Mortgage
            Loan;

           

          (ccc)  With
            respect to each Mortgage Loan, the Company (i) has fully furnished, in
            accordance with the Fair Credit Reporting Act and its implementing regulations,
            accurate and complete information (i.e., favorable and unfavorable) on
            the
            related Mortgagor credit files to Equifax, Experian, and Trans Union
            Credit
            Information Company (three of the credit repositories) and (ii) until
            the
            expiration of the Interim Servicing Period, will fully furnish, in accordance
            with the Fair Credit Reporting Act and its implementing regulations,
            accurate
            and complete information (i.e., favorable and unfavorable) on the related
            Mortgagor credit files to Equifax, Experian, and Trans Union Credit Information
            Company (three of the credit repositories); 

           

          (ddd)  The
            Company has complied with all applicable anti-money laundering laws and
            regulations, including without limitation the USA Patriot Act of 2001
            (collectively, the “Anti-Money Laundering Laws”); the Company has established an
            anti-money laundering compliance program to the extent required by the
            Anti-Money Laundering Laws, has conducted the due diligence in connection
            with
            the origination of each Mortgage Loan required by the Anti-Money Laundering
            Laws, including with respect to the legitimacy of the applicable Mortgagor
            and
            the origin of the assets used by the said Mortgagor to purchase the property
            in
            question, and maintains, and will maintain, information to identify the
            applicable Mortgagor to the extent required by the Anti-Money Laundering
            Laws.
            No Mortgage Loan is subject to nullification pursuant to Executive Order
            13224
            (the “Executive Order”) or the regulations promulgated by the Office of Foreign
            Assets Control of the United States Department of the Treasury (the “OFAC
            Regulations”) or in violation of the Executive Order or the OFAC Regulations,
            and no Mortgagor is subject to the provisions of such Executive Order
            or the
            OFAC Regulations nor listed as a “blocked person” for purposes of the OFAC
            Regulations;

           

          (eee)  No
            Mortgage Loan originated on or after October 1, 2002 and before March
            7, 2003 is
            secured by a Mortgaged Property located in the State of Georgia; and
            no Mortgage
            Loan originated on or after March 7, 2003 is a “high cost home loan” as defined
            under the Georgia Fair Lending Act. No
            Mortgage Loan is (a) subject to, covered by or in violation of the provisions
            of
            the Home Ownership and Equity Protection Act of 1994, as amended, (b)
            a “high
            cost”, “covered”, “abusive”, “predatory”, “Oklahoma Section 10” or “high risk”
mortgage loan (or a similarly designated loan using different terminology)
            under
            any federal, state or local law, including without limitation, the provisions
            of
            the Georgia Fair Lending Act, New York Banking Law, Section 6-1, the
            Arkansas
            Home Loan Protection Act, effective as of June 14, 2003, Kentucky State
            Statute
            KRS 360.100, effective as of June 25, 2003, the New Jersey Home Ownership
            Security Act of 2002, as amended (the “NJ Act”), the New Mexico Home Loan
            Protection Act (N.M. Stat. Ann. §§ 58-21A-1 et seq.), the Illinois High-Risk
            Home Loan Act (815 Ill. Comp. Stat. 137/1 et seq.), the Oklahoma Home
            Ownership
            and Equity Protection Act, Nevada Assembly Bill No. 284, effective as
            of Oct. 1,
            2003, the Minnesota Residential Mortgage Originator and Servicer Licensing
            Act
            (MN Stat. §58.137), the South Carolina High-Cost and Consumer Home Loans Act,
            effective January 1, 2004, or any other statute or regulation providing
            assignee
            liability to holders of such mortgage loans, or (c) subject to or in
            violation
            of any such or comparable federal, state or local statutes or regulations.
            No
            Mortage Loan (including purchase money loans or refinance transactions)
            has an
“annual percentage rate” or “total points and fees” payable by the Borrower (as
            each such term is defined under HOEPA) that equal or exceed the applicable
            thresholds defined under HOEPA (Section 32 of Regulation Z, 12 C.F.R.
            Section
            226.32(a)(1)(i) and (ii)); 

           

          (fff)  With
            respect to each Mortgage Loan which is a Second Lien Mortgage Loan (i)
            if the
            related first lien provides for negative amortization, the LTV was calculated
            at
            the maximum principal balance of such first lien that could result upon
            application of such negative amortization feature, and (ii) either no
            consent
            for the Mortgage Loan is required by the holder of the first lien or
            such
            consent has been obtained and is contained in the Mortgage File;

           

          (ggg)  Each
            Mortgage Loan at the time it was made complied in all material respects
            with
            applicable local, state, and federal laws, including, but not limited
            to, all
            applicable predatory and abusive lending laws;

           

          (hhh)  
            No
            Mortgage Loan is (a) subject to, covered by or in violation of the Home
            Ownership and Equity Protection Act of 1994 (“HOEPA”), (b) classified as a “high
            cost,” “covered,” “high risk home,” “high-rate, high-fee,” “threshold,” or
“predatory” loan under HOEPA or any other applicable state, federal or local
            law, including any predatory or abusive lending laws (or a similarly
            classified
            loan using different terminology under a law imposing heightened regulatory
            scrutiny or additional legal liability for a residential mortgage loan
            having
            high interest rates, points and/or fees), (c) a High Cost Loan or Covered
            Loan,
            as applicable (as such terms are defined in current the Standard & Poor’s
            LEVELS® Glossary, Appendix E) or (d) in violation of any state law or ordinance
            comparable to HOEPA. No Loan (including purchase money loans or refinance
            transactions) has an “annual percentage rate” or “total points and fees” payable
            by the Mortgagor (as each such term is defined under HOEPA) that equal
            or exceed
            the applicable thresholds defined under HOEPA (Section 32 of Regulation
            Z, 12
            C.F.R. Section 226.32(a)(1)(i) and (ii));

           

          (iii)  No
            Mortgage Loan originated before October 1, 2002 has a Prepayment Penalty
            term
            longer than five years after its origination and no Mortgage Loan originated
            on
            or after October 1, 2002 has a Prepayment Penalty term longer than three
            years
            after its origination;

           

          (jjj)  Each
            Mortgage Loan is in compliance with the anti-predatory lending eligibility
            for
            purchase requirements of Fannie Mae’s Selling Guide (this representation and
            warranty shall be construed only to mean that none of the representations
            and
            warranties specified in clauses (kkk) through (qqq) below have been breached);
            

           

          (kkk)  With
            respect to each Mortgage Loan, the Mortgage Loan’s originator offered the
            Mortgagor mortgage loan products offered by such Mortgage Loan’s originator, or
            any affiliate of such Mortgage Loan’s originator, for which the Mortgagor
            qualified;

           

          (lll)  The
            methodology used in underwriting the extension of credit for each Mortgage
            Loan
            employs objective mathematical principles which relate the borrower’s income,
            assets and liabilities to the proposed payment and such underwriting
            methodology
            does not rely on the extent of the borrower’s equity in the collateral as the
            principal determining factor in approving such credit extension. Such
            underwriting methodology is designed to determine, among other things,
            that at
            the time of origination the borrower had a reasonable ability to make
            timely
            payments on the Mortgage Loan;

           

          (mmm)  With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a premium upon a prepayment prior to maturity: (i) prior to such Mortgage
            Loan’s
            origination, the Mortgagor agreed to such premium in exchange for a monetary
            benefit (i.e., such Mortgage Loan would have been more costly (including
            but not
            limited to a rate or fee increase) if it did not contain such prepayment
            premium) (ii) prior to such Mortgage Loan’s origination, the Mortgagor was
            offered the option of obtaining a Mortgage Loan that did not require
            payment of
            such a premium; provided, that such offer may have been evidenced by
            the
            Company’s rate sheet/pricing grid relating to such Mortgage Loan, which provided
            that the Mortgage Loan had a full prepayment premium buy-out pricing
            adjustment
            available; and (iii) the prepayment premium is disclosed to the Mortgagor
            in the
            loan documents pursuant to applicable state and federal law;

           

          (nnn)  No
            Mortgagor was required to purchase any credit life, disability, accident
            or
            health insurance product as a condition of obtaining the extension of
            credit. No
            Mortgagor obtained a prepaid single premium credit life, disability,
            unemployment, property, mortgage, accident or health insurance policy
            in
            connection with the origination of the Mortgage Loan; None of the proceeds
            of
            the Mortgage Loan were used to purchase or finance single-premium credit
            life or
            disability insurance policies or any comparable insurance;

           

          (ooo)  All
            Points and Fees related to each Mortgage Loan were disclosed in writing
            to the
            Mortgagor in accordance with applicable state and federal law and regulation.
            Except as otherwise set forth on the Mortgage Loan Schedule, no
            Mortgagor was charged Points and Fees (whether or not financed) in an
            amount
            greater than (a) $1,000 or (b) 5% of the principal amount of the related
            Mortgage Loan, whichever is greater. For
            purposes of this representation, “points and fees” (x) include origination,
            underwriting, broker and finder’s fees and charges that the lender imposed as a
            condition of making the Mortgage Loan, whether they are paid to the lender
            or a
            third party; and (y) exclude bona fide discount points, fees paid for
            actual
            services rendered in connection with the origination of the Mortgage
            (such as
            attorneys’ fees, notaries fees and fees paid for property appraisals, credit
            reports, surveys, title examinations and extracts, flood and tax certifications,
            and home inspections); the cost of mortgage insurance or credit-risk
            price
            adjustments; the costs of title, hazard, and flood insurance policies;
            state and
            local transfer taxes or fees; escrow deposits for the future payment
            of taxes
            and insurance premiums; and other miscellaneous fees and charges that,
            in total,
            do not exceed 0.25 percent of the loan amount;

           

          (ppp)  All
            points, fees and charges (including finance charges) whether or not financed,
            assessed, collected or to be collected in connection with the origination
            and
            servicing of each Mortgage Loan, have been disclosed in writing to the
            Mortgagor
            in accordance with applicable state and federal law and regulation;

           

          (qqq)  Each
            Prepayment Penalty is permissible, enforceable and collectible in accordance
            with its terms (except to the extent that the enforceability or collectibility
            thereof may be limited by bankruptcy, insolvency, moratorium, receivership
            and
            other similar laws affecting creditor’s rights generally) under all applicable
            federal, state and local laws. Each Prepayment Penalty was originated
            in
            compliance with all applicable federal, state and local laws;

           

          (rrr)  No
            Mortgage Loan (a) is secured by property located in the State of New
            York; (b)
            had an original principal balance of $300,000 or less, and (c) has an
            application date on or after April 1, 2003, the terms of which loan equal
            or
            exceed either the APR or the points and fees threshold for "high-cost
            home
            loans," as defined in Section 6-L of the New York State Banking
            Law;

           

          (sss)  
            No
            Mortgage Loan is a “High Cost Home Loan” as defined in the Arkansas Home Loan
            Protection Act effective July 16, 2003 (Act 1340 or 2003);

           

          (ttt)  No
            Mortgage Loan is a “High Cost Home Loan” as defined in the Kentucky high-cost
            loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100);
            

           

          (uuu)  No
            Mortgage Loan is a “home loan” as defined in the Nevada Assembly Bill No. 284;

           

          (vvv)  As
            of the
            related Closing Date, in connection with requirements of anti-predatory
            lending
            laws or regulations, no nationally recognized rating agency would prohibit
            the
            Mortgage Loan at any time from being included in a securitization or
            otherwise
            require unreasonable credit enhancement which would have a material adverse
            economic effect on the value of the Mortgage Loan if included in such
            securitization;

           

          (www)  Each
            Loan
            originated on or after November 27, 2003 and subject to the New Jersey
            Home
            Ownership Security Act of 2002 (the “NJ Act”) is considered under the NJ Act as,
            either, a (1) purchase money Home Loan, (2) purchase money Covered Loan,
            or (3)
            a rate/term refinance Home Loan; 

           

          (xxx)  
            [Reserved]; 

           

          (yyy)  No
            Loan
            is a subsection 10 mortgage under the Oklahoma Home Ownership and Equity
            Protection Act;

           

          (zzz)  No
            Loan
            is a “High-Risk Home Loan” as defined in the Illinois High-Risk Home Loan Act
            effective January 1, 2004 (815 Ill. Comp. Stat. 137/1 et seq.);

           

          (aaaa)  No
            Loan
            is a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act
            effective January 1, 2004 (N.M. Stat. Ann. §§ 58-21A-1 et seq.);

           

          (bbbb)  [Reserved];

           

          (cccc)  No
            Mortgage Loan that is secured by property located within the State of
            Maine
            meets the definition of a (i) “high-rate, high-fee” mortgage loan under Article
            VIII, Title 9-A of the Maine Consumer Credit Code or (ii) “High-Cost Home Loan”
as defined under the Maine House Bill 383 L.D. 494, effective as of September
            13, 2003;

           

          (dddd)  No
            Mortgage Loan originated on or after August 1, 2004 requires the Mortgagor
            to
            submit to arbitration to resolve any dispute arising out of or relating
            in any
            way to the mortgage loan transaction; 

           

          (eeee)  [Reserved];

           

          (ffff)  The
            Mortgagor has not made or caused to be made any payment in the nature
            of an
‘average’ or ‘yield spread premium’ to a mortgage broker or a like Person which
            has not been disclosed to the Mortgagor; provided, however disclosure
            shall be
            acceptable if made in accordance with any applicable laws and made as
            a line
            item on the good faith estimate and on the final HUD-1 settlement statement;
            and

           

          (gggg)  No
            Mortgage Loan secured by a Mortgaged Property located in the Commonwealth
            of
            Massachusetts was made that does not comply with Massachusetts P. L.
            2004, ch.
            268 as codified at M.G.C.L. 183, § 28C and the regulations promulgated by the
            Massachusetts Division of Banks at 209 CMR 53.00 et seq. (as published
            in 1017
            Mass. Reg. 61 (January 14, 2005)) in connection therewith (collectively,
            the
“Massachusetts Refinancing Provisions”). Pursuant to the Massachusetts
            Refinancing Provisions, no Mortgage Loan secured by a Mortgaged Property
            located
            in the Commonwealth of Massachusetts was made to refinance or pay off
            all or
            part of an existing home loan that was consummated within 60 months prior
            to the
            lender’s receipt of an application for a new home loan or other debt of Borrower
            unless the Mortgage Loan complies in all material respects with the laws
            of the
            Commonwealth of Massachusetts and the Mortgage Loan is made in accordance
            with
            the "borrower's interest" standard under the Massachusetts Refinancing
            Provisions.

           

          

        

      

       

       

       

       

       

       

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
        E

       

      REQUEST
        FOR RELEASE

       

       

      
        	To:	
                U.S.
                  Bank National Association 

                
                  1133
                    Rankin Street, Suite 100

                  EP-MN-TMZD

                  St.
                    Paul, MN 55116

                  Attn:
                    Document Collateral Services/ MASTR
                    2006-HE3

                

              

      

       

      Wells
        Fargo Bank, N.A.

      Attn:
        Inventory Control

      1015
        10th
        Avenue SE

      Minneapolis,
        MN 55414

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of August 1, 2006, 

                among
                  Mortgage Asset Securitization Transactions, Inc., Wells Fargo

                Bank,
                  N.A., HomEq Servicing Corporation and U.S. Bank National 

                Association,
                  Mortgage
                  Pass-Through Certificates, Series
                  2006-HE3

              

      

       

       

      In
        connection with the administration of the Mortgage Loans held by you as
        Custodian pursuant to the above-captioned Pooling and Servicing Agreement,
        we
        request the release, and hereby acknowledge receipt of the [Custodian’s]
        [Trustee’s] Mortgage File Or the Mortgage Loan described below, for the reason
        indicated.

       

      In
        addition, all amounts have been received in connection with such payment,
        repurchase or liquidation and have been credited to the related Collection
        Account.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name. Address & Zip Code:

       

      Reason
        for Requesting Documents
        (check
        one):

       

      
        	 	
                1.

              	
                Mortgage
                  Paid in Full ____

              
	 	 	 
	 	
                2.
                  

              	
                Foreclosure
                  ____

              
	 	 	 
	 	
                3.
                  

              	
                Substitution
                  ____

              
	 	 	 
	 	
                4.

              	
                Other
                  Liquidation (Repurchases, etc.) ____

              
	 	 	 
	 	
                5.

              	
                Nonliquidation
                  Reason: ______________________________________

              
	 	 	 

      

      Address
        to which Custodian should deliver

      the
        [Custodian's] [Trustee’s] Mortgage File:

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	By: ___________________________________________
	 	
                (authorized
                  signer)

              
	 	
                Issuer:
                  _________________________________________

                
                  Address:
                    _______________________________________

                  
                    Date:
                      __________________________________________

                  

                

              

      

      [Custodian]
        [Trustee]

      [U.S.
        Bank National Association]

      [Wells
        Fargo Bank, N.A.]

      

      Please
        acknowledge the execution of the above request by your signature and date
        below:

       

      _____________________                    
        ___________

      Signature                Date

       

      Documents
        returned to [Custodian][Trustee]:

       

      _____________________             ___________

      [Custodian][Trustee] Date

      

      EXHIBIT
        F-1

       

      FORM
        OF
        TRANSFEROR REPRESENTATION LETTER

       

      [Date]

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Transfer Unit / MASTR 2006-HE3

      

      
        	 	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates, Class ___, r

                epresenting
                  a ___% Class ___ Percentage
                  Interest

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the transfer by ________________ (the “Transferor”) to
        ________________ (the “Transferee”) of the captioned Mortgage Pass-Through
        certificates (the “Certificates”), the Transferor hereby certifies as
        follows:

       

      Neither
        the Transferor 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,
        (e)
        has taken any other action, that (in the case of each of subclauses (a) through
        (e) above) would constitute a distribution of the Certificates under the
        Securities Act of 1933, as amended (the “1933 Act”), or would render the
        disposition of any Certificate a violation of Section 5 of the 1933 Act or
        any
        state securities law or would require registration or qualification pursuant
        thereto. The Transferor will not act, nor has it authorized or will it authorize
        any person to act, in any manner set forth in the foregoing sentence with
        respect to any Certificate. The Transferor will not sell or otherwise transfer
        any of the Certificates, except in compliance with the provisions of that
        certain Pooling and Servicing Agreement, dated as of August 1, 2006, among
        Mortgage Asset Securitization Transactions, Inc. as Depositor, HomEq Servicing
        Corporation, as Servicer, Wells Fargo Bank, N.A. as Master Servicer, Trust
        Administrator and Custodian and U.S. Bank National Association as Trustee
        (the
“Pooling and Servicing Agreement”), pursuant to which Pooling and Servicing
        Agreement the Certificates were issued.

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

      
        	 	 	 
	 	
                Very
                  truly yours,

                 

                
                  [Transferor]

                

              
	 
 	 
 	 
 
	 	 	
                By:

              
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                

              

      

       

      FORM
        OF
        TRANSFEREE REPRESENTATION LETTER

       

      [Date]

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Transfer Unit / MASTR 2006-HE3

      

      
        	 	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2006-HE3, Mortgage Pass-

                Through
                  Certificates, Series 2006-HE3, Class ___, representing a ___%

                Class
                  ___
                  Percentage Interest

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the purchase from ______________________ (the “Transferor”) on
        the date hereof of the captioned trust certificates (the “Certificates”),
        _______________ (the “Transferee”) hereby certifies as follows:

       

      1. The
        Transferee is a “qualified institutional buyer” as that term is defined in Rule
        144A (“Rule 144A”) under the Securities Act of 1933 (the “1933 Act”) and has
        completed either of the forms of certification to that effect attached hereto
        as
        Annex 1 or Annex 2. The Transferee is aware that the sale to it is being
        made in
        reliance on Rule 144A. The Transferee is acquiring the Certificates for its
        own
        account or for the account of a qualified institutional buyer, and understands
        that such Certificate may be resold, pledged or transferred only (i) to a
        person
        reasonably believed to be a qualified institutional buyer that purchases
        for its
        own account or for the account of a qualified institutional buyer to whom
        notice
        is given that the resale, pledge or transfer is being made in reliance on
        Rule
        144A, or (ii) pursuant to another exemption from registration under the 1933
        Act.

       

      2. The
        Transferee has been furnished with all information regarding (a) the
        Certificates and distributions thereon, (b) the nature, performance and
        servicing of the Mortgage Loans, (c) the Pooling and Servicing Agreement
        referred to below, and (d) any credit enhancement mechanism associated with
        the
        Certificates, that it has requested.

       

      All
        capitalized terms used but not otherwise defined herein have the respective
        meanings assigned thereto in the Pooling and Servicing Agreement, dated as
        of
        August 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
        Depositor, HomEq Servicing Corporation, as Servicer, Wells Fargo Bank, N.A.
        as
        Master Servicer, Trust Administrator and Custodian and U.S. Bank National
        Association as Trustee, pursuant to which the Certificates were
        issued.

      
        	 	 	 
	 	
                [TRANSFEREE]

              
	 
 	 
 	 
 
	 	 	By:  
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                

              

      ANNEX
        1 TO EXHIBIT F-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

      [FOR
        TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trust Administrator, with respect
        to the Mortgage Pass-Through certificates (the “Certificates”) described in the
        Transferee Certificate to which this certification relates and to which this
        certification is an Annex:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the entity purchasing
        the
        Certificates (the “Transferee”).

       

      2.
        In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933 (“Rule 144A”) because (i) the Transferee owned and/or invested on a
        discretionary basis $______________________1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Transferee's most recent fiscal year (such amount being calculated
        in
        accordance with Rule 144A) and (ii) the Transferee satisfies the criteria
        in the
        category marked below.

       

      ___
        CORPORATION, ETC. The Transferee is a corporation (other than a bank, savings
        and loan association or similar institution), Massachusetts or similar business
        trust, partnership, or any organization described in Section 501(c)(3) of
        the
        Internal Revenue Code of 1986.

       

      ___
        BANK.
        The Transferee (a) is a national bank or banking institution organized under
        the
        laws of any State, territory or the District of Columbia, the business of
        which
        is substantially confined to banking and is supervised by the State or
        territorial banking commission or similar official or is a foreign bank or
        equivalent institution, and (b) has an audited net worth of at least $25,000,000
        as demonstrated in its latest annual financial statements, a copy of which
        is
        attached hereto.

       

      ___
        SAVINGS AND LOAN. The Transferee (a) is a savings and loan association, building
        and loan association, cooperative bank, homestead association or similar
        institution, which is supervised and examined by a State or Federal authority
        having supervision over any such institutions or is a foreign savings and
        loan
        association or equivalent institution and (b) has an audited net worth of
        at
        least

       

      ___
        BROKER-DEALER. The Transferee is a dealer registered pursuant to Section
        15 of
        the Securities Exchange Act of 1934.

       

      ___
        INSURANCE COMPANY. The Transferee is an insurance company whose primary and
        predominant business activity is the writing of insurance or the reinsuring
        of
        risks underwritten by insurance companies and which is subject to supervision
        by
        the insurance commissioner or a similar official or agency of a State, territory
        or the District of Columbia.

       

      ___
        STATE
        OR LOCAL PLAN. The Transferee is a plan established and maintained by a State,
        its political subdivisions, or any agency or instrumentality of the State
        or its
        political subdivisions, for the benefit of its employees.

       

      ___
        ERISA
        PLAN. The Transferee is an employee benefit plan within the meaning of Title
        I
        of the Employee Retirement Income Security Act of 1974.

       

      ___
        INVESTMENT ADVISOR. The Transferee is an investment advisor registered under
        the
        Investment Advisers Act of 1940.

       

      3.
        The
        term “SECURITIES” as used herein DOES NOT INCLUDE (i) securities of issuers that
        are affiliated with the Transferee, (ii) securities that are part of an unsold
        allotment to or subscription by the Transferee, if the Transferee is a dealer,
        (iii) securities issued or guaranteed by the U.S. or any instrumentality
        thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
        participations, (vi) repurchase agreements, (vii) securities owned but subject
        to a repurchase agreement and (viii) currency, interest rate and commodity
        swaps.

       

      4.
        For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Transferee, the Transferee used the cost
        of such
        securities to the Transferee and did not include any of the securities referred
        to in the preceding paragraph. Further, in determining such aggregate amount,
        the Transferee may have included securities owned by subsidiaries of the
        Transferee, but only if such subsidiaries are consolidated with the Transferee
        in its financial statements prepared in accordance with generally accepted
        accounting principles and if the investments of such subsidiaries are managed
        under the Transferee's direction. However, such securities were not included
        if
        the Transferee is a majority-owned, consolidated subsidiary of another
        enterprise and the Transferee is not itself a reporting company under the
        Securities Exchange Act of 1934.

       

      5.
        The
        Transferee acknowledges that it is familiar with Rule 144A and understands
        that
        the Transferor and other parties related to the Certificates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Transferee may be in reliance on Rule 144A.

       

      
        	
                ___
                  

              	
                ___
                  

              	
                Will
                  the Transferee be purchasing the Certificates

              
	
                Yes
                  

              	
                No
                  

              	
                only
                  for the Transferee's own account?

              
	 	 	 

      

      6.
        If the
        answer to the foregoing question is “no”, the Transferee agrees that, in
        connection with any purchase of securities sold to the Transferee for the
        account of a third party (including any separate account) in reliance on
        Rule
        144A, the Transferee will only purchase for the account of a third party
        that at
        the time is a “qualified institutional buyer” within the meaning of Rule 144A.
        In addition, the Transferee agrees that the Transferee will not purchase
        securities for a third party unless the Transferee has obtained a current
        representation letter from such third party or taken other appropriate steps
        contemplated by Rule 144A to conclude that such third party independently
        meets
        the definition of “qualified institutional buyer” set forth in Rule
        144A.

       

      7.
        The
        Transferee will notify each of the parties to which this certification is
        made
        of any changes in the information and conclusions herein. Until such notice
        is
        given, the Transferee's purchase of the Certificates will constitute a
        reaffirmation of this certification as of the date of such purchase. In
        addition, if the Transferee is a bank or savings and loan as provided above,
        the
        Transferee agrees that it will furnish to such parties updated annual financial
        statements promptly after they become available.

       

      
        	Dated:
                ___________	 	 
	 	
                ______________________________________________________

                Print
                  Name of Transferee

              
	 
 	 
 	 
 
	 	 	By: ___________________________________________________
	 	
                Name:

              
	 	
                Title:

              

      

       

       

      ANNEX
        2 TO EXHIBIT F-1

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [FOR
        TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

       

      The
        undersigned hereby certifies as follows to [name of Transferor] (the
“Transferor”) and Wells Fargo Bank, N.A., as Trust Administrator, with respect
        to the Mortgage Pass-Through certificates (the “Certificates”) described in the
        Transferee Certificate to which this certification relates and to which this
        certification is an Annex:

       

      1.
        As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the entity purchasing the Certificates (the
“Transferee”) or, if the Transferee is a “qualified institutional buyer” as that
        term is defined in Rule 144A under the Securities Act of 1933 (“Rule 144A”)
        because the Transferee is part of a Family of Investment Companies (as defined
        below), is such an officer of the investment adviser (the
“Adviser”).

       

      2.
        In
        connection with purchases by the Transferee, the Transferee is a “qualified
        institutional buyer” as defined in Rule 144A because (i) the Transferee is an
        investment company registered under the Investment Company Act of 1940, and
        (ii)
        as marked below, the Transferee alone, or the Transferee's Family of Investment
        Companies, owned at least $100,000,000 in securities (other than the excluded
        securities referred to below) as of the end of the Transferee's most recent
        fiscal year. For purposes of determining the amount of securities owned by
        the
        Transferee or the Transferee's Family of Investment Companies, the cost of
        such
        securities was used.

       

      
        	 	
                ____
                  

              	 	
                The
                  Transferee owned $___________________ in securities (other than
                  the
                  excluded securities referred to below) as of the end of the Transferee's
                  most recent fiscal year (such amount being calculated in accordance
                  with
                  Rule 144A).

              

      

       

      
        	 	
                ____
                  

              	 	
                The
                  Transferee is part of a Family of Investment Companies which owned
                  in the
                  aggregate $______________ in securities (other than the excluded
                  securities referred to below) as of the end of the Transferee's
                  most
                  recent fiscal year (such amount being calculated in accordance
                  with Rule
                  144A).

              

      

       

      3.
        The
        term “FAMILY OF INVESTMENT COMPANIES” as used herein means two or more
        registered investment companies (or series thereof) that have the same
        investment adviser or investment advisers that are affiliated (by virtue
        of
        being majority owned subsidiaries of the same parent or because one investment
        adviser is a majority owned subsidiary of the other).

       

      4.
        The
        term “SECURITIES” as used herein does not include (i) securities of issuers that
        are affiliated with the Transferee or are part of the Transferee's Family
        of
        Investment Companies, (ii) securities issued or guaranteed by the U.S. or
        any
        instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
        (iv) loan participations, (v) repurchase agreements, (vi) securities owned
        but
        subject to a repurchase agreement and (vii) currency, interest rate and
        commodity swaps.

       

      5.
        The
        Transferee is familiar with Rule 144A and understands that the parties to
        which
        this certification is being made are relying and will continue to rely on
        the
        statements made herein because one or more sales to the Transferee will be
        in
        reliance on Rule 144A. In addition, the Transferee will only purchase for
        the
        Transferee's own account.

       

      6.
        The
        undersigned will notify the parties to which this certification is made of
        any
        changes in the information and conclusions herein. Until such notice, the
        Transferee's purchase of the Certificates will constitute a reaffirmation
        of
        this certification by the undersigned as of the date of such
        purchase.

       

      
        	Dated:
                __________	 	 
	 	
                ______________________________________________________________

                Print
                  Name of Transferee or Advisor

              
	 
 	 
 	 
 
	 	 	By: ___________________________________________________________
	 	
                Name

              
	 	
                Title

                 

                 

                IF
                  AN ADVISER:

                 

                ______________________________________________________________

                Print
                  Name of Buyer

              

      

      
______________

      
        
          1 Transferee
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Transferee is a dealer, and, in that case, Transferee
            must own
            and/or invest on a discretionary basis at least $10,000,000 in securities.
            $25,000,000 as demonstrated in its latest annual financial statements,
            A COPY OF
            WHICH IS ATTACHED HERETO.

        

      

       

       

      FORM
        OF TRANSFEREE REPRESENTATION LETTER

       

      The
        undersigned hereby certifies on behalf of the purchaser named below (the
        “Purchaser”) as follows:

       

      1.
        I am
        an executive officer of the Purchaser.

       

      2.
        The
        Purchaser is a “qualified institutional buyer”, as defined in Rule 144A, (“Rule
        144A”) under the Securities Act of 1933, as amended.

       

      3.
        As of
        the date specified below (which is not earlier than the last day of the
        Purchaser's most recent fiscal year), the amount of “securities”, computed for
        purposes of Rule 144A, owned and invested on a discretionary basis by the
        Purchaser was in excess of $100,000,000.

      
        	 	 	 
	 	
                Name
                  of
                  Purchaser

                _______________________

              
	 
 	 
 	 
 
	 	 	By:     
                 _________________________________
	 	
                Name:

              
	 	
                Title:

              

      

       

      Date
        of
        this certificate: ______________

       

      Date
        of
        information provided in paragraph 3: ______________

      

      EXHIBIT
        F-2

       

      FORM
        OF
        TRANSFER AFFIDAVIT AND AGREEMENT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      1.  The
        undersigned is an officer of the proposed Transferee of an Ownership Interest
        in
        a Class [R] [R-X] Certificate (the “Certificate”) issued pursuant to the Pooling
        and Servicing Agreement, (the “Agreement”), relating to the above-referenced
        Certificates, dated as of August 1, 2006 (the “Agreement”),
        among
        Mortgage Asset Securitization Transactions, Inc., as depositor (the
“Depositor”),
        HomEq
        Servicing Corporation, as Servicer (the “Servicer”),
        Wells
        Fargo Bank, N.A., master servicer (“the Master
        Servicer”),
        trust
        administrator (the “Trust Administrator”) and custodian (the “Custodian”)
        and
        U.S. Bank National Association, as trustee (the “Trustee”).
        Capitalized terms used, but not defined herein or in Exhibit 1 hereto,
        shall have the meanings ascribed to such terms in the Agreement. The Transferee
        has authorized the undersigned to make this affidavit on behalf of the
        Transferee for the benefit of the Depositor and the Trustee.

       

      2.  The
        Transferee is, as of the date hereof, and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate for its own account. The Transferee has no knowledge
        that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be
        imposed on Transfers of the Certificate to Persons that are not Permitted
        Transferees; (ii) such tax will be imposed on the transferor, or, if such
        Transfer is through an agent (which includes a broker, nominee or middleman)
        for
        a Person that is not a Permitted Transferee, on the agent; and (iii) the
        Person otherwise liable for the tax shall be relieved of liability for the
        tax
        if the subsequent Transferee furnished to such Person an affidavit that such
        subsequent Transferee is a Permitted Transferee and, at the time of Transfer,
        such Person does not have actual knowledge that the affidavit is
        false.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (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
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02 (c) of the Agreement
        and
        understands the legal consequences of the acquisition of an Ownership Interest
        in the Certificate including, without limitation, the restrictions on subsequent
        Transfers and the provisions regarding voiding the Transfer and mandatory
        sales.
        The Transferee expressly agrees to be bound by and to abide by the provisions
        of
        Section 5.02 (c) of the Agreement and the restrictions noted on the face of
        the Certificate. The Transferee understands and agrees that any breach of
        any of
        the representations included herein shall render the Transfer to the Transferee
        contemplated hereby null and void.

       

      6.  The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth as Exhibit L to the
        Agreement (a “Transferor
        Certificate”)
        to the
        effect that such Transferee has no actual knowledge that the Person to which
        the
        Transfer is to be made is not a Permitted Transferee.

       

      7.  The
        Transferee has historically paid its debts as they have come due, intends
        to pay
        its debts as they come due in the future, and understands that the taxes
        payable
        with respect to the Certificate may exceed the cash flow with respect thereto
        in
        some or all periods and intends to pay such taxes as they become due. The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is [_____________].

       

      9.  The
        Transferee is a U.S. Person as defined in Code
        Section 7701(a)(30).

       

      10.  The
        Transferee is aware that the Certificate may be a “noneconomic residual
        interest” within the meaning of proposed 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.

       

      11.  The
        Transferee will not cause income from the Certificate to be attributable
        to a
        foreign permanent establishment or fixed base, within the meaning of an
        applicable income tax treaty, of the Transferee or any other U.S.
        person.

       

      12.  Check
        one
        of the following:

       

        The
        present value of the anticipated tax liabilities associated with holding
        the
        Certificate, as applicable, does not exceed the sum of:

       

      
        	 	
                (i)

              	
                the
                  present value of any consideration given to the Transferee to acquire
                  such
                  Certificate;

              

      

       

      
        	 	
                (ii)

              	
                the
                  present value of the expected future distributions on such Certificate;
                  and

              

      

       

      
        	 	
                (iii)

              	
                the
                  present value of the anticipated tax savings associated with holding
                  such
                  Certificate as the related REMIC generates
                  losses.

              

      

       

      For
        purposes of this calculation, (i) the Transferee is assumed to pay tax at
        the
        highest rate currently specified in Section 11(b) of the Code (but the tax
        rate
        in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate
        specified in Section 11(b) of the Code if the Transferee has been subject
        to the
        alternative minimum tax under Section 55 of the Code in the preceding two
        years
        and will compute its taxable income in the current taxable year using the
        alternative minimum tax rate) and (ii) present values are computed using
        a
        discount rate equal to the short-term Federal rate prescribed by Section
        1274(d)
        of the Code for the month of the transfer and the compounding period used
        by the
        Transferee.

       

        The
        transfer of the Certificate complies with U.S. Treasury Regulations Sections
        1.860E-1(c)(5) and (6) and, accordingly,

       

      
        	 	
                (i)

              	
                the
                  Transferee is an “eligible corporation,” as defined in U.S. Treasury
                  Regulations Section 1.860E-1(c)(6)(i), as to which income from
                  the
                  Certificate will only be taxed in the United
                  States;

              

      

       

      
        	 	
                (ii)

              	
                at
                  the time of the transfer, and at the close of the Transferee’s two fiscal
                  years preceding the year of the transfer, the Transferee had gross
                  assets
                  for financial reporting purposes (excluding any obligation of a
                  person
                  related to the Transferee within the meaning of U.S. Treasury Regulations
                  Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets
                  in
                  excess of $10 million;

              

      

       

      
        	 	
                (iii)

              	
                the
                  Transferee will transfer the Certificate only to another “eligible
                  corporation,” as defined in U.S. Treasury Regulations Section
                  1.860E-1(c)(6)(i), in a transaction that satisfies the requirements
                  of
                  Sections 1.860E-1(c)(4)(i), (ii) and (iii) and Section 1.860E-1(c)(5)
                  of
                  the U.S. Treasury Regulations;
                  and

              

      

       

      
        	 	
                (iv)

              	
                the
                  Transferee determined the consideration paid to it to acquire the
                  Certificate based on reasonable market assumptions (including,
                  but not
                  limited to, borrowing and investment rates, prepayment and loss
                  assumptions, expense and reinvestment assumptions, tax rates and
                  other
                  factors specific to the Transferee) that it has determined in good
                  faith.

              

      

       

        None
        of the above.

       

      13.  The
        Transferee is not an employee benefit plan that is subject to Title I of
        ERISA
        or a plan that is subject to Section 4975 of the Code or a plan subject to
        any Federal, state or local law that is substantially similar to Title I
        of
        ERISA or Section 4975 of the Code, and the Transferee is not acting on behalf
        of
        or investing plan assets of such a plan.

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of __________,
        20__.

      
        	 	 	 
	 	
                [OWNER]

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                Name:
                  
                  Title:
                    [Vice]
                    President

                

              

      

       

       

      ATTEST:

      
        	 	 	 	 
	By:
	 	 	 
	
                
                  

                

              	 	 	
              
	
                Name:

                
                  Title:
                    [Assistant]
                    Secretary

                

              	 	 	 

      

       

       

      Personally
        appeared before me the above-named , known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a [Vice] President of the
        Owner,
        and acknowledged to me that [he/she] executed the same as [his/her] free
        act and
        deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ____ day of __________, 20___.

       

      
        	 	 	 
	 	
                ________________________________________________

                Notary
                  Public

              
	 
 	 
 	 

	 	 	
                County
                  of __________________ 

                State
                  of ___________________

                 

                My
                  Commission expires:

              
	 	
              
	 	 

      

       

      FORM
        OF TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      __________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      1.
         I
        am a
        ____________________ of ____________________________ (the “Owner”), a
        corporation duly organized and existing under the laws of ______________,
        on
        behalf of whom I make this affidavit.

       

      2.
         The
        Owner
        is not transferring the Residual Certificates (the “Residual Certificates”) to
        impede the assessment or collection of any tax.

       

      3.
         The
        Owner
        has no actual knowledge that the Person that is the proposed transferee (the
        “Purchaser”) of the Residual Certificates: (i) has insufficient assets to pay
        any taxes owed by such proposed transferee as holder of the Residual
        Certificates; (ii) may become insolvent or subject to a bankruptcy proceeding
        for so long as the Residual Certificates remain outstanding; and (iii) is
        not a
        Permitted Transferee.

       

      4.
         The
        Owner
        understands that the Purchaser has delivered to the Trust Administrator a
        transfer affidavit and agreement in the form attached to the Pooling and
        Servicing Agreement as Exhibit F-2. The Owner does not know or believe that
        any
        representation contained therein is false.

       

      5.
         At
        the
        time of transfer, the Owner has conducted a reasonable investigation of the
        financial condition of the Purchaser as contemplated by Treasury Regulations
        Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Owner
        has
        determined that the Purchaser has historically paid its debts as they became
        due
        and has found no significant evidence to indicate that the Purchaser will
        not
        continue to pay its debts as they become due in the future. The Owner
        understands that the transfer of a Residual Certificate may not be respected
        for
        United States income tax purposes (and the Owner may continue to be liable
        for
        United States income taxes associated therewith) unless the Owner has conducted
        such an investigation.

       

      6.
         Capitalized
        terms not otherwise defined herein shall have the meanings ascribed to them
        in
        the Pooling and Servicing Agreement.

      IN
        WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of ___________,
        20__.

       

      
        
          	 	 	 
	 	
                  [OWNER]

                
	 
 	 
 	 
 
	 	  	By:
	 	
                  
                    

                  

                
	 	
                  Name:
                    
                    Title:
                      [Vice]
                      President

                  

                

        

         

         

        ATTEST:

        
          	 	 	 	 
	By:
	 	 	 
	
                  
                    

                  

                	 	 	
                
	
                  Name:

                  
                    Title:
                      [Assistant]
                      Secretary

                  

                	 	 	 

        

         

      

       

      Personally
        appeared before me the above-named , known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a [Vice] President of the
        Owner,
        and acknowledged to me that [he/she] executed the same as [his/her] free
        act and
        deed and the free act and deed of the Owner.

       

      Subscribed
        and sworn before me this ____ day of __________, 20___.

       

      
        
          	 	 	 
	 	
                  ________________________________________________

                  Notary
                    Public

                
	 
 	 
 	 

	 	 	
                  County
                    of __________________ 

                  State
                    of ___________________

                   

                  My
                    Commission expires:

                
	 	
                
	 	 

        

        
 

      

      EXHIBIT
        G

       

      FORM
        OF
        CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

       

      _____________,
        [2006]

       

      Mortgage
        Asset Securitization Transactions, Inc.

      1285
        Avenue of the Americas

      New
        York,
        New York 10019

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      U.S.
        Bank
        National Association 

      60
        Livingston Avenue

      EP-MN-WS3D
        

      St.
        Paul,
        MN 55107 

      Attn:
        Structured Finance/ MASTR 2006-HE3

      

       

      
        	 	
                Re:

              	
                MASTR
                  Asset Backed Securities Trust 2006-HE3, 

                Mortgage
                  Pass-Through Certificates, Class

              

      

       

      Dear
        Sirs:

       

      _______________________
        (the “Transferee”) intends to acquire from _____________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of MASTR Asset
        Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series
        2006-HE3, Class [CE] [P] [R](the “Certificates”), issued pursuant to a Pooling
        and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of
        August 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
        depositor (the “Depositor”), Wells Fargo Bank, N.A. as master servicer, trust
        administrator and custodian (the “Master Servicer”, the “Trust Administrator”
and the “Custodian”), Wells Fargo Bank, N.A. as servicer (the “Servicer”) and
        U.S. Bank National Association as trustee (the “Trustee”). Capitalized terms
        used herein and not otherwise defined shall have the meanings assigned thereto
        in the Pooling and Servicing Agreement. The Transferee hereby certifies,
        represents and warrants to, and covenants with the Depositor, the Trust
        Administrator, the Trustee and the Master Servicer that: 

       

      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. ss. 2510.3-101, 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 at 29 C.F.R. ss. 2510.3-101.

      

        	 	 	 
	 	
                Very
                  truly yours,

                _____________________________________________

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                

              

      

      
 

      EXHIBIT
        H

       

      FORM
        OF
        REPORT PURSUANT TO SECTION 4.06

       

      SECURITIES
        AND EXCHANGE COMMISSION

       

      WASHINGTON,
        D.C. 20549

       

      FORM
        10-K

       

      ANNUAL
        REPORT

       

      Pursuant
        to Section 13 or 15(d) of the

      SECURITIES
        EXCHANGE ACT OF 1934 (FEE REQUIRED)

       

      FOR
        FISCAL YEAR ENDED ________________

       

      COMMISSION
        FILE NUMBER: 333-_______

       

      MORTGAGE
        ASSET SECURITIZATION TRANSACTIONS, INC.

      (as
        depositor under the Pooling and Servicing Agreement,

      dated
        as
        of August 1, 2006, providing for the issuance of

      MORTGAGE
        PASS-THROUGH CERTIFICATES, SERIES 2006-HE3)

       

      Mortgage
        Asset Securitization Transactions, Inc.

       

      (EXACT
        NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

       

      
        	 	 	 
	
                __________________Delaware_________________

              	 	
                [__]              

              
	
                (State
                  or Other Jurisdiction

                of
                  Incorporation)

              	 	
                (I.R.S.
                  Employer

                Identification
                  No.)

              
	 	 	 
	
                1285
                  Avenue of the Americas

                New
                  York, New York 10019

              	 	
                10019

              
	
                (Address
                  of Principal Executive Offices)

              	
                (Zip
                  Code)

              

      

      

       

      Registrant's
        telephone number, including area code: [___]

       

       

       

      Securities
        registered pursuant to Section 12(b) of the Act:

       

      None

       

      Securities
        registered pursuant to Section 12(g) of the Act:

       

      None

       

      Indicate
        whether the Registrant: (1) has filed all reports required to be filed by
        Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
        12 months (or for such shorter period that the registrant was required to
        file
        such reports), and (2) has been subject to such filing requirements for the
        past
        90 days.

       

      X
        YES      ___No

      Item
        1.
        Business:

       

      Not
        applicable

       

      Item
        2.
        Properties:

       

      Not
        applicable

       

      Item
        3.
        Legal Proceedings:

       

      None

       

      Item
        4.
        Submission of Matters to a Vote of Security-Holders

       

      None

       

      Item
        5.
        Market for Registrant's Common Equity and Related Stockholder
        Matters

       

      To
        the
        best knowledge of the registrant there is no established public trading market
        for the certificates.

       

      There
        are
        approximately _____ holders of record as of the end of the reporting
        year.

       

      Item
        6.
        Selected Financial Data.

       

      Not
        applicable.

       

      Item
        7.
        Management's Discussion and Analysis of Financial Condition and Results of
        Operations

       

      Not
        applicable

       

      Item
        8.
        Financial Statements and Supplementary Data.

       

      Not
        applicable.

       

      Item
        9.
        Changes in and Disagreements With Accountants on Accounting and Financial
        Disclosure

       

      None

       

      Item
        10.

       

      Not
        applicable

       

      Item
        11.
        Executive Compensation

       

      Not
        applicable

       

      Item
        12.
        Security Ownership of Certain Beneficial Owners and Management

       

      Not
        applicable

       

      Item
        13.
        Certain Relationships and Related Transactions

       

      Not
        applicable

       

      Item
        14.
        Exhibits, Financial Statement Schedules, and Reports on Form 8-K

       

      a)
         The
        company filed on Form 8-K, separately for each distribution date,
        the distribution
        of funds related to the trust for each of the following
        distribution dates:

       

      Distribution
        Date         Form
        8-K Filing Date

      _________________
          ________________

      _________________
          ________________

      _________________
          ________________

       

      b)
         99.1
         Annual
        Report of Independent Public Accountants' as to o master
        servicing activities
        or servicing activities, as applicable 

       

      (a)
        Wells
        Fargo Bank, N.A., as Master Servicer

       

      99.2
         Annual
        Statement of Compliance with obligations under the Pooling and Servicing
        Agreement or servicing agreement, as applicable, of:

       

      (a)
        Wells
        Fargo Bank, N.A., as Master Servicer

       

      Such
        document (i) is not filed herewith since such document was not received by
        the
        Reporting Person at least three business days prior to the due date of this
        report; and (ii) will be included in an amendment to this report on Form
        10-K/A
        to be filed within 30 days of the Reporting Person's receipt of such
        document.

       

      SIGNATURES

       

      Pursuant
        to the requirements of Section 13 or 15(d) of the Securities Exchange Act
        of
        1934, the registrant has duly caused this report to be signed on its behalf
        by
        the undersigned thereunto duly authorized.

       

      Date:
        ___________

      
        	 	 	 
	 	
                Mortgage
                  Asset Securitization Transactions, 

                Inc.,
                  by Wells Fargo Bank, N.A., as Trust 

                Administrator
                  for MASTR Asset Backed 

                Securities
                  Trust 2006-HE3, Mortgage Pass-

                Through
                  Certificates

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                  
                    Company:

                  

                

              

      

       

       

      EXHIBIT
        I

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Loan
        #:
        ____________

      BORROWER:
        _____________

       

      LOST
        NOTE
        AFFIDAVIT

       

      I,
        as
        ____________________ of ______________________, a _______________ corporation
        am
        authorized to make this Affidavit on behalf of _____________________ (the
        “Seller”). In connection with the administration of the Mortgage Loans held by
        ____________________, a _________________ corporation as Seller on behalf
        of
        Mortgage Asset Securitization Transactions, Inc. (the “Purchaser”),
        _____________________ (the “Deponent”), being duly sworn, deposes and says
        that:

       

      1.    The
        Seller's address is:        _____________________

       _____________________

       _____________________

       

      
        	 	
                2.

              	
                The
                  Seller previously delivered to the Purchaser a signed Initial
                  Certification with respect to such Mortgage and/or Assignment of
                  Mortgage;

              

      

       

      
        	
              	3.	
                Such
                  Mortgage Note and/or Assignment of Mortgage was assigned or sold
                  to the
                  Purchaser by ________________________, a ____________ corporation
                   pursuant
                  to the terms and provisions of a Mortgage Loan Purchase Agreement
                  dated as
                  of __________ __, _____;

              

      

       

      
        	 	
                4.

              	
                Such
                  Mortgage Note and/or Assignment of Mortgage is not outstanding
                  pursuant to
                  a request for release of Documents;

              

      

       

      
        	 	
                5.
                  

              	
                Aforesaid
                  Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
                  lost;

              

      

       

      
        	 	
                6.

              	
                Deponent
                  has made or caused to be made a diligent search for the Original
                  and has
                  been unable to find or recover
                  same;

              

      

       

      
        	 	
                7.

              	
                The
                  Seller was the Seller of the Original at the time of the loss;
                  and

              

      

       

      
        	 	
                8.

              	
                Deponent
                  agrees that, if said Original should ever come into Seller's possession,
                  custody or power, Seller will immediately and without consideration
                  surrender the Original to the
                  Purchaser.

              

      

       

      
        	 	
                9.

              	
                Attached
                  hereto is a true and correct copy of (i) the Note, endorsed in
                  blank by
                  the Mortgagee and (ii) the Mortgage or Deed of Trust (strike one)
                  which
                  secures the Note, which Mortgage or Deed of Trust is recorded in
                  the
                  county where the property is
                  located.

              

      

       

      10. Deponent
        hereby agrees that the Seller (a) shall indemnify and hold harmless the
        Purchaser, its successors and assigns, against any loss, liability or damage,
        including reasonable attorney's fees, resulting from the unavailability of
        any
        Notes, including but not limited to any loss, liability or damage arising
        from
        (i) any false statement contained in this Affidavit, (ii) any claim of any
        party
        that has already purchased a mortgage loan evidenced by the Lost Note or
        any
        interest in such mortgage loan, (iii) any claim of any borrower with respect
        to
        the existence of terms of a mortgage loan evidenced by the Lost Note on the
        related property to the fact that the mortgage loan is not evidenced by an
        original note and (iv) the issuance of a new instrument in lieu thereof (items
        (i) through (iv) above hereinafter referred to as the “Losses”) and (b) if
        required by any Rating Agency in connection with placing such Lost Note into
        a
        Pass-Through Transfer, shall obtain a surety from an insurer acceptable to
        the
        applicable Rating Agency to cover any Losses with respect to such Lost
        Note.

       

      11. This
        Affidavit is intended to be relied upon by the Purchaser, its successors
        and
        assigns. _____________________, a ______________ corporation represents and
        warrants that is has the authority to perform its obligations under this
        Affidavit of Lost Note.

       

      Executed
        this ____ day, of ___________ ______.

       

       

      
        	 	 	 
	 	
                SELLER

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                

              

      

       

      On
        this
        _____ day of ________, _____, before me appeared _________________ to me
        personally known, who being duly sworn did say that he is the
        _____________________ of ____________________ a ______________ corporation
        and
        that said Affidavit of Lost Note was signed and sealed on behalf of such
        corporation and said acknowledged this instrument to be the free act and
        deed of
        said corporation.

       

      Signature:

       

      [Seal]

      

      EXHIBIT
        J-1

       

      FORM
        CERTIFICATION TO BE PROVIDED BY THE MASTER SERVICER

      WITH
        FORM
        10-K

       

      Certification

       

      I,
        [identify the certifying individual], certify that:

       

      1. I
        have
        reviewed this annual report on Form 10-K, and all reports on Form 10-D required
        to be filed in respect of the period covered by this report on Form 10-K
        of
        [identify issuing entity] (i.e., the name of the specific deal to which this
        certification relates rather than just the name of the Depositor)] (the
“Exchange Act periodic reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act periodic reports, taken as a whole, do not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, all of the distribution, servicing and other information required
        to be provided under Form 10-D for the period covered by this report is included
        in the Exchange Act periodic reports;

       

      4.
         I
        am
        responsible for reviewing the activities performed by the servicer and based
        on
        my knowledge and the compliance review conducted in preparing the servicer
        compliance statement required in this report under Item 1123 of Regulation
        AB,
        and except as disclosed in the Exchange Act periodic reports, the servicer
        has
        fulfilled its obligations under the servicing agreement; and

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: [_________________].

       

      
        	 	 	 
	 	
                
                  WELLS
                    FARGO BANK, N.A.

                

              
	 
 	 
 	 
 
	 	  	By:
	 	
                
                  

                

              
	 	
                
                  Name:

                  
                    Title:

                    
                      Date:

                    

                  

                

              

      

       

      EXHIBIT
        J-2

       

      FORM
        OF
        CERTIFICATION TO BE PROVIDED TO MASTER SERVICER BY THE SERVICER 

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement, dated as of August 1, 2006, among Mortgage
                  

                Asset
                  Securitization Transactions, Inc., Wells Fargo Bank, N.A., U.S.
                  Bank

                National
                  Association and HomEq Servicing Corporation (the
                  “Agreement”) 

              

      

       

      HomEq
        Servicing Corporation, as Servicer hereby certifies to the Master Servicer
        that:

       

      (A)  I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
        reports, officer’s certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the Depositor pursuant to the Agreement (collectively, the “Company
        Servicing Information”);

       

      (B)  Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (C)  Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the
        Depositor;

       

      (D)  I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (E)  The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the Depositor. Any material instances of
        noncompliance described in such reports have been disclosed to the Depositor.
        Any material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

      
 

       

      
        	 	
                Date:
                  _________________________

              
	 	 
	 	 
	 	
                By: _______________________________

              
	 	
                Name:

              
	 	
                Title:

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      FORM
        OF
        CAP CONTRACT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
           

        BEAR
          STEARNS FINANCIAL PRODUCTS INC.

        383
          MADISON AVENUE

        NEW
          YORK,
          NEW YORK 10179

        212-272-4009

        

        

        

        

        DATE:                                  
             August
          30, 2006

           

        
          	
                  TO:

                	 	 	
                  Wells
                    Fargo Bank, N.A., not individually, but solely as Trust Administrator
                    for
                    the MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through
                    Certificates, Series 2006-HE3

                

        

        ATTENTION:                                   
            Client
          Manager - MABS 2006-HE3  

        TELEPHONE:                                   
            410-884-2000   

        FACSIMILE:                                     
            410-715-2380

         

        FROM:                                 
             Derivatives
          Documentation

        TELEPHONE:                                   
            212-272-2711
          

        FACSIMILE:                                    
             212-272-9857
          

        

        SUBJECT:                                       
             Fixed
          Income Derivatives Confirmation and Agreement 

        

        REFERENCE
          NUMBER:                  
 FXNCC8628

        

        The
          purpose of this letter agreement ("Agreement") is to confirm the terms
          and
          conditions of the Transaction entered into on the Trade Date specified
          below
          (the "Transaction") between Bear Stearns Financial Products Inc. ("BSFP")
          and
          Wells Fargo Bank, N.A., not individually, but solely as Trust Administrator
          for
          MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through
          Certificates, Series 2006-HE3 ("Counterparty") under the Pooling and Servicing
          Agreement, dated as of August 1, 2006, among Wells Fargo Bank, N.A., as
          Master
          Servicer and Trust Administrator, HomeEq Servicing Corporation, as Servicer,
          Mortgage Asset Securitization Transactions, Inc., as Depositor and U.S.
          Bank
          National Association, as Trustee (the “Trustee”) (the “Pooling and Servicing
          Agreement”). This letter agreement constitutes the sole and complete
          "Confirmation," as referred to in the "ISDA Form Master Agreement" (as
          defined
          below), as well as a “Schedule” as referred to in the ISDA Form Master
          Agreement.

        

        1. This
          Agreement is subject to the 2000
          ISDA Definitions (the
          “Definitions”), as published by the International Swaps and Derivatives
          Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
          in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
          (Multicurrency—Cross Border) form (the "ISDA Form Master Agreement") but,
          rather, an ISDA Form Master Agreement shall be deemed to have been executed
          by
          you and us on the date we entered into the Transaction. In the event of
          any
          inconsistency between the provisions of this Agreement and the Definitions
          or
          the ISDA Form Master Agreement, this Agreement shall prevail for purposes
          of the
          Transaction. Terms capitalized but not defined herein shall have the meanings
          attributed to them in the Pooling and Servicing Agreement.

        

        2. The
          terms
          of the particular Transaction to which this Confirmation relates are as
          follows:

        

        Type
          of
          Transaction:                            
 Rate
          Cap

        

        Notional
          Amount:                                 
 With
          respect to any Calculation Period, the amount set forth for such period
          in
          Schedule I attached hereto.

        

        Trade
          Date:                                              August
          23, 2006

        

        Effective
          Date:                                      
  February
          25, 2007

        

        Termination
          Date:                                  
 August
          25, 2011, such date shall be subject to adjustment in accordance with the
          Business Day Convention.

        

        Fixed
          Amount (Premium): 

        

        
          	 	 	
                  Fixed
                    Rate Payer:

                	
                  Counterparty

                

        

        

        Fixed
          Rate Payer

        Payment
          Date:                            
 August
          30, 2006

        

        Fixed
          Amount:                                       
 USD
          484,000

        

        Floating
          Amounts: 

        

        Floating
          Rate
          Payer:                  
 BSFP

        

        
          	 	 	
                  Cap
                    Rate:

                	 	
                  With
                    respect to any Calculation Period, the rate set forth for such
                    period in
                    Schedule I attached hereto 

                

        

        Floating
          Rate Payer

        Period
          End
          Dates:                       The
          25th
          calendar
          day of each month during
          the Term
          of
          this Transaction, commencing March 25, 2007, and ending on the Termination
          Date,
          subject to adjustment in accordance with the Business Day
          Convention.

         

        Floating
          Rate Payer 

        Payment
          Dates:                          
 Early
          Payment shall be applicable. The Floating Rate Payer Payment Date shall
          be one
          Business Day prior to each Floating Rate Payer Period End Date.

        

        
          	 	 	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                

        

         

        Floating
          Amount:                      
 To
          be
          determined in accordance with the following Formula: 

        

                                                       
          Greater of (i) 250 * (Floating Rate Option - Cap Rate) * Notional Amount
          *
          Floating Rate Day Count Fraction; and (ii) zero

        

        Designated
          Maturity:                
 One
          month

        

        Floating
          Rate Day 

        Count
          Fraction:                          
 Actual/360

        

        Reset
          Dates:                               
 The
          first
          day of each Calculation Period.

        

        Compounding:                             Inapplicable

        

        Business
          Days:                                      
 New
          York

        

        Business
          Day
          Convention:                  
 Following

        

        3. Additional
          Provisions:                                
 Each
          party hereto is hereby advised and acknowledges that the other party has
          engaged
          in (or refrained from engaging in) substantial financial transactions and
          has
          taken (or refrained from taking) other material actions in reliance upon
          the
          entry by the parties into the Transaction being entered into on the terms
          and
          conditions set forth herein and in the Confirmation relating to such
          Transaction, as applicable. This paragraph shall be deemed repeated on
          the trade
          date of each Transaction.

         

        4.
 Provisions
          Deemed Incorporated in a Schedule to
          the ISDA Form Master Agreement:

         

        
          	1) 
                    	
                  The
                    parties agree that subparagraph (ii) of Section 2(c) of the ISDA
                    Form
                    Master Agreement will apply to any
                    Transaction.

                

        

        

        2)
          Termination
          Provisions.
          For
          purposes of the ISDA Form Master Agreement:

        

        (a) "Specified
          Entity" is not applicable to BSFP or Counterparty for any purpose. 

        

        (b) “Breach
          of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
          Counterparty.

         

        (c)
“Credit
          Support Default” provisions of Section
          5(a)(iii) will not apply to Counterparty and will not apply to BSFP unless
          BSFP
          has obtained a guarantee or other contingent agreement pursuant to paragraph
          16
          below.

         

        (d) “Misrepresentation”
          provisions or Section 5(a)(iv) will not apply to BSFP or
          Counterparty.

        

        (e) "Specified
          Transaction" is not applicable to BSFP or Counterparty for any purpose,
          and,
          accordingly, Section 5(a)(v) shall not apply to BSFP or
          Counterparty.

        

        (f) The
          "Cross Default" provisions of Section 5(a)(vi) will not apply to BSFP or
          to
          Counterparty. 

        

        (g) The
          "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply
          to BSFP
          or Counterparty.

        

        (h)
           The
          “Bankruptcy” provision of Section 5(a)(vii)(2) will not apply to
          Counterparty.

        

        (i) The
          "Automatic Early Termination" provision of Section 6(a) will not apply
          to BSFP
          or to Counterparty.

        

        (j) Payments
          on Early Termination. For the purpose of Section 6(e) of the ISDA Form
          Master
          Agreement:

        

        (i) Market
          Quotation will apply.

        

        (ii) The
          Second Method will apply. 

        

        (k) "Termination
          Currency" means United States Dollars. 

        

        3)
           Tax Representations. 

        

        (a)
          Payer
          Representations. For the purpose of Section 3(e) of the ISDA Form Master
          Agreement, each of BSFP and the Counterparty will make the following
          representations:

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the ISDA Form Master
          Agreement) to be made by it to the other party under this Agreement. In
          making
          this representation, it may rely on: 

        

        (i) the
          accuracy of any representations made by the other party pursuant to Section
          3(f)
          of this Agreement;

        

        (ii) the
          satisfaction of the agreement contained in Sections 4(a)(i) or 4(a)(iii)
          of the
          ISDA Form Master Agreement and the accuracy and effectiveness of any document
          provided by the other party pursuant to Sections 4(a)(i) or 4(a)(iii) of
          the
          ISDA Form Master Agreement; and

        

        (iii) the
          satisfaction of the agreement of the other party contained in Section 4(d)
          of
          the
          ISDA Form Master Agreement,
          provided that it shall not be a breach of this representation where reliance
          is
          placed on clause (ii) and the other party does not deliver a form or document
          under Section 4(a)(iii) of the ISDA Form Master Agreement by reason of
          material
          prejudice to its legal or commercial position. 

        

        (b)
          Payee
          Representations. For the purpose of Section 3(f) of the ISDA Form Master
          Agreement, each of BSFP and the Counterparty make the following representations.
          

         

        The
          following representation will apply to BSFP: 

        

        BSFP
          is a
          corporation organized under the laws of the State of Delaware and its U.S.
          taxpayer identification number is 13-3866307. 

        

        The
          following representation will apply to the Counterparty: 

        

        Wells
          Fargo Bank N.A. is Trust Administrator under the Pooling and Servicing
          Agreement.

         

        4)
           Tax
          Event. The provisions of Section 2(d)(i)(4) and 2(d)(ii) of the ISDA Form
          Master
          Agreement shall not apply to Counterparty and Counterparty shall not be
          required
          to pay any additional amounts referred to therein. 

        

        5)
          Limitation
          on Events of Default.
          Notwithstanding the terms of Sections 5 and 6 of the ISDA Form Master Agreement,
          if at any time and so long as the Counterparty has satisfied in full all
          its
          payment obligations under Section 2(a)(i) of the ISDA Form Master Agreement
          and
          has at the time no future payment obligations, whether absolute or contingent,
          under such Section, then unless BSFP is required pursuant to appropriate
          proceedings to return to the Counterparty or otherwise returns to the
          Counterparty upon demand of the Counterparty any portion of any such payment,
          (a) the occurrence of an event described in Section 5(a) of the ISDA Form
          Master
          Agreement with respect to the Counterparty shall not constitute an Event
          of
          Default or Potential Event of Default with respect to the Counterparty
          as
          Defaulting Party and (b) BSFP shall be entitled to designate an Early
          Termination Date pursuant to Section 6 of the ISDA Form Master Agreement
          only as
          a result of the occurrence of a Termination Event set forth in either Section
          5(b)(i) or 5(b)(ii) of the ISDA Form Master Agreement with respect to BSFP
          as
          the Affected Party, or Section 5(b)(iii) with respect to BSFP as the Burdened
          Party. Counterparty’s only obligation under Section 2(a)(i) of the ISDA Form
          Master Agreement is to pay the Fixed Amount on the Fixed Rate Payer Payment
          Date.

        

        6)
          Documents
          to be Delivered.
          For the
          purpose of Section 4(a) of the ISDA Form Master Agreement:

        

        (1) Tax
          forms, documents, or certificates to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                
	
                  BSFP
                    and

                  the
                    Counterparty

                	
                  Any
                    document required or reasonably requested to allow the other
                    party to make
                    payments under this Agreement without any deduction or withholding
                    for or
                    on the account of any Tax or with such deduction or withholding
                    at a
                    reduced rate

                	
                  Promptly
                    after the earlier of (i) reasonable demand by either party or
                    (ii)
                    learning that such form or document is
                    required

                

        

        

         

        (2) Other
          documents to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                	
                  Covered
                    by Section 3(d) Representation

                
	
                  BSFP
                    and

                  the
                    Counterparty

                	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver this Agreement, any Confirmation , and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under this Agreement, such Confirmation and/or Credit Support
                    Document, as
                    the case may be

                   

                	
                  Upon
                    the execution and delivery of this Agreement and such
                    Confirmation

                	
                  Yes

                
	
                  BSFP
                    and

                  the
                    Counterparty

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    this
                    Agreement, any relevant Credit Support Document, or any Confirmation,
                    as
                    the case may be

                   

                	
                  Upon
                    the execution and delivery of this Agreement and such
                    Confirmation

                	
                  Yes

                
	
                  Counterparty
                    

                	
                  An
                    executed copy of the Pooling and Servicing Agreement

                	
                  Within
                    30 days after the date of this Agreement.

                	
                  No

                

        

        

        7)
          Miscellaneous.
          Miscellaneous

        

        
          	
                  (a)

                	
                  Address
                    for Notices: For the purposes of Section 12(a) of the ISDA Form
                    Master Agreement:

                

        

        

        Address
          for notices or communications to BSFP:

        

        Address:             
           383
          Madison Avenue, New York, New York 10179

        Attention:           
           DPC
          Manager

        Facsimile:            
           (212)
          272-5823

        

        with
          a
          copy to:

        

        Address:             
           One
          Metrotech Center North, Brooklyn, New York 11201

        Attention:           
           Derivative
          Operations - 7th Floor

        Facsimile:            
           (212)
          272-1634

        

        (For
          all
          purposes)

        

        Address
          for notices or communications to the Counterparty:

        

        Address:             
           Wells
          Fargo Bank, N.A. 

                                       
          9062 Old Annapolis Road

        
          	 	 	 	
                  Columbia,
                    Maryland 21045

                

        

        Attention:           
           Client
          Manager - MABS 2006-HE3

        Facsimile:            
           410-884-2380

        
          	 	
                  Phone:

                	 	
                  410-884-2000

                

        

        

        (For
          all
          purposes)

        

        (b) Process
          Agent. For the purpose of Section 13(c) of the ISDA Form Master
          Agreement:

        

        BSFP
          appoints as its 

        Process
          Agent:   Not
          Applicable

        

        The
          Counterparty appoints as its 

        Process
          Agent:  Not
          Applicable

        

        (c) Offices.
          The provisions of Section 10(a) of the ISDA Form Master Agreement will
          not apply
          to this Agreement; neither BSFP nor the Counterparty have any Offices other
          than
          as set forth in the Notices Section and BSFP agrees that, for purposes
          of
          Section 6(b) of the ISDA Form Master Agreement, it shall not in future
          have any
          Office other than one in the United States.

        

        
          	
                  (d)

                	
                  Multibranch
                    Party. For the purpose of Section 10(c) of the ISDA Form Master
                    Agreement:

                

        

        

        BSFP
          is
          not a Multibranch Party.

        

        
          	 	
                  The
                    Counterparty is not a Multibranch
                    Party.

                

        

        

        
          	(e)         
                   	
                  Calculation
                    Agent. The Calculation Agent is
                    BSFP.

                

        

        

        (f)         
           Credit
          Support Document. 

         

        BSFP:
          Not
          applicable, except for any guarantee or contingent agreement
          delivered pursuant
          to paragraph 16 below.

        

        The
          Counterparty: Not Applicable

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        BSFP: Not
          Applicable for BSFP for so long as no Credit Support Document is delivered
          under
          paragraph 16 below, otherwise, the party that is the primary obligor under
          the
          Credit Support Document.

        

        The
          Counterparty: Not Applicable

        

        (h) 
           Governing
          Law. The parties to this Agreement hereby agree that the law of the State
          of New
          York shall govern their rights and duties in whole without regard to the
          conflict of law provisions thereof other than New York General Obligations
          Law
          Sections 5-1401 and 5-1402.

        

        (i) 
           Severability. If
          any
          term, provision, covenant, or condition of this Agreement, or the application
          thereof to any party or circumstance, shall be held to be invalid or
          unenforceable (in whole or in part) for any reason, the remaining terms,
          provisions, covenants, and conditions hereof shall continue in full force
          and
          effect as if this Agreement had been executed with the invalid or unenforceable
          portion eliminated, so long as this Agreement as so modified continues
          to
          express, without material change, the original intentions of the parties
          as to
          the subject matter of this Agreement and the deletion of such portion of
          this
          Agreement will not substantially impair the respective benefits or expectations
          of the parties. 

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        (j) 
           Consent
          to Recording. Each party hereto consents to the monitoring or recording,
          at any
          time and from time to time, by the other party of any and all communications
          between officers or employees of the parties, waives any further notice
          of such
          monitoring or recording, and agrees to notify its officers and employees
          of such
          monitoring or recording. 

        

        (k) 
           Waiver
          of
          Jury Trial. Each
          party waives any right it may have to a trial by jury in respect of any
          Proceedings relating to this Agreement or any Credit Support Document.
          

        

        (l) 
           Additional
          Definitional Provisions. 

        

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

        

        “Moody’s”
          means Moody’s Investors Service, Inc., or any successor.

        

        
          	 	 	
                  “S&P”
                    means Standard & Poor's, a division of The McGraw-Hill Companies,
                    Inc.

                

        

        

        
          	 	 	
                  “DBRS”
                    means Dominion Bond Rating
                    Services.

                

        

        

        8)
          “Affiliate”. Each of BSFP and Counterparty shall be deemed to have no Affiliates
          for purposes of this Agreement, including for purposes of Section 6(b)(ii)
          of
          the ISDA Form Master Agreement.

         

        9)
          Section 3 of the ISDA Form Master Agreement is hereby amended by adding
          at the
          end thereof the following subsection (g): 

        

        “(g) Relationship
          Between Parties.
          

        

        
          	 	 	
                  Each
                    party represents to the other party on each date when it enters
                    into a
                    Transaction that:--

                

        

        

        (1)
          Nonreliance.
          It is
          not relying on any statement or representation of the other party regarding
          the
          Transaction (whether written or oral), other than the representations expressly
          made in this Agreement or the Confirmation in respect of that Transaction.
          

        

        (2)
          Evaluation
          and Understanding.
          

        

        (i) 
           BSFP
          is
          acting for its own account and Wells Fargo Bank, N.A., is acting as Trustee
          on
          behalf of the Supplemental Interest Trust under the Pooling and Servicing
          Agreement, and not for its own account. Each Party has made its own independent
          decisions to enter into this Transaction and as to whether this Transaction
          is
          appropriate or proper for it based upon its own judgment and upon advice
          from
          such advisors as it has deemed necessary. It is not relying on any communication
          (written or oral) of the other party as investment advice or as a recommendation
          to enter into this Transaction; it being understood that information and
          explanations related to the terms and conditions of this Transaction shall
          not
          be considered investment advice or a recommendation to enter into this
          Transaction. It has not received from the other party any assurance or
          guarantee
          as to the expected results of this Transaction.

        

        
          	 	
                  (ii)

                	
                  It
                    is capable of evaluating and understanding (on its own behalf
                    or through
                    independent professional advice), and understands and accepts,
                    the terms,
                    conditions and risks of this Transaction. It is also capable
                    of assuming,
                    and assumes, the financial and other risks of this
                    Transaction.

                

        

        

        (iii) 
          The other party is not acting as an agent or fiduciary or an advisor for
          it in
          respect of this Transaction.

         

        (3)
          Purpose.
          It is
          an “eligible swap participant” as such term is defined in Section 35.1(b)(2) of
          the regulations (17 C.F.R 35) promulgated under, and an “eligible contract
          participant” as defined in Section 1(a)(12) of, the Commodity Exchange Act, as
          amended, and it is entering into the Transaction for the purposes of managing
          its borrowings or investments, hedging its underlying assets or liabilities
          or
          in connection with a line of business.”

         

        10) 
           Pooling and Servicing Agreement. BSFP hereby agrees that, notwithstanding
          any provision of this agreement to the contrary, Counterparty’s obligations to
          pay any amounts owing under this Agreement shall be subject to the Pooling
          and
          Servicing Agreement and BSFP’s right to receive payment of such amounts shall be
          subject to the Pooling and Servicing Agreement.

        

        11) 
           Trustee
          Capacity.
          Trust
          Administrator Liability Limitations. It is expressly understood and agreed
          by
          the parties hereto that (a) this Agreement is executed and delivered by
          Wells
          Fargo Bank, N.A. (“Wells”), not individually or personally but solely as Trust
          Administrator for the MASTR Asset Backed Securities Trust 2006 HE-3, Mortgage
          Pass-Through Certificates, Series 2006-HE3, (b) each of the representations,
          undertakings and agreements herein made on the part of the Counterparty
          is made
          and intended not as a personal representation, undertaking or agreement
          of Wells
          but is made and intended for the purpose of binding only the Counterparty,
          (c)
          nothing herein contained shall be construed as imposing any liability upon
          Wells, individually or personally, to perform any covenant either expressed
          or
          implied contained herein, all such liability, if any, being expressly waived
          by
          the parties hereto and by any Person claiming by, through or under the
          parties
          hereto; provided that nothing in this paragraph shall relieve Wells from
          performing its duties and obligations under the Pooling and Servicing Agreement
          in accordance with the standard of care set forth therein, (d) under no
          circumstances shall Wells be personally liable for the payment of any
          indebtedness or expenses of the Counterparty or be liable for the breach
          or
          failure of any obligation, representation, warranty or covenant made or
          undertaken by the Counterparty under this Agreement or any other related
          documents, other than due to its negligence or willful misconduct in performing
          the obligations of the Trust Administrator under the Pooling and Servicing
          Agreement, (e) any resignation or removal of Wells as Trust Administrator
          for
          the MASTR Asset Backed Securities Trust 2006 HE-3, Mortgage Pass-Through
          Certificates, Series 2006-HE3 shall require the assignment of this agreement
          to
          Wells’ replacement, and (f) Wells has been directed, pursuant to the Pooling and
          Servicing Agreement, to enter into this Agreement and to perform its obligations
          hereunder.

        

        12)
           Proceedings. 
          BSFP
          shall not institute against or cause any other person to institute against,
          or
          join any other person in instituting against, Mortgage Asset Securitization
          Transactions, Inc. or MASTR Asset Backed Securities Trust 2006-HE3, Mortgage
          Pass-Through Certificates, Series 2006-HE3 or the trust created pursuant
          to the
          Pooling and Servicing Agreement, any bankruptcy, reorganization, arrangement,
          insolvency or liquidation proceedings, or other proceedings under any federal
          or
          state bankruptcy, dissolution or similar law, for a period of one year
          and one
          day (or, if longer, the applicable preference period) following indefeasible
          payment in full of the MASTR Asset Backed Securities Trust 2006-HE3, Mortgage
          Pass-Through Certificates, Series 2006-HE3 (the “Certificates”) and any notes
          backed by the Certificates (the “Notes”).

        

        13)
           Set-off.
          Notwithstanding
          any provision of this Agreement or any other existing or future agreement,
          each
          party irrevocably waives any and all rights it may have to set off, net,
          recoup
          or otherwise withhold or suspend or condition payment or performance of
          any
          obligation between it and the other party hereunder against any obligation
          between it and the other party under any other agreements. The provisions
          for
          Set-off set forth in Section 6(e) of the ISDA Form Master Agreement shall
          not
          apply for purposes of this Transaction.

        

        14)
           Additional
          Termination Events.
          The
          following Additional Termination Events will apply: 

        

        (a)
          If a
          Rating Agency Downgrade has occurred and BSFP has not, within the time
          period
          specified therein, complied with paragraph 16 below,
          then an Additional Termination Event shall have occurred with respect to
          BSFP
          and BSFP shall be the sole Affected Party with respect to such Additional
          Termination Event. 

        

        (b)
          If,
          upon the occurrence of a Cap Disclosure Event (as defined in paragraph
          17(ii)
          below) BSFP has not, within 10 calendar days after such Cap Disclosure
          Event
          complied with any of the provisions set forth in paragraph 17(iii) below,
          then
          an Additional Termination Event shall have occurred with respect to BSFP
          and
          BSFP shall be the sole Affected Party with respect to such Additional
          Termination Event.

        

         (c)
          An
          Additional Termination Event shall occur under the ISDA Form Master Agreement
          upon unrescindable notice that the Terminator will purchase all Mortgage
          Loans
          and each related REO Property in accordance with Section 9.01 of the Pooling
          and
          Servicing Agreement. With respect to such Additional Termination Event,
          Counterparty shall be the sole Affected Party and this Transaction shall
          be the
          sole Affected Transaction; provided, however, that notwithstanding Section
          6(b)(iv) of the ISDA Form Master Agreement, only Counterparty may designate
          an
          Early Termination Date in respect of this Additional Termination
          Event.

        

        15)
           Amendment
          to the ISDA Form Master Agreement.
          The
“Failure
          to Pay or Deliver”
          provision in Section 5(a)(i) is hereby amended by deleting the word “third” in
          the third line thereof and inserting the word “second” in place
          thereof.

        

        16)
           Rating
          Agency Downgrade.
          In the
          event that BSFP’s long-term unsecured and unsubordinated debt rating is reduced
          below “AA-” by S&P or its long-term unsecured and unsubordinated debt rating
          is withdrawn or reduced below “Aa3” by Moody’s (and together with S&P and
          DBRS, the “Swap Rating Agencies”, and such rating thresholds, “Approved Rating
          Thresholds” and such a downgrade, a “First Level Downgrade”), then within 30
          days after such rating withdrawal or downgrade (unless, within 30 days
          after
          such withdrawal or downgrade, each such Swap Rating Agency, as applicable,
          has
          reconfirmed the rating of the Certificates and any Notes, which was in
          effect
          immediately prior to such withdrawal or downgrade), BSFP shall, at its
          own
          expense, subject to the Rating Agency Condition, either (i) seek another
          entity
          to replace BSFP as party to this Agreement that meets or exceeds the Approved
          Rating Thresholds on terms substantially similar to this Agreement or (ii)
          obtain a guaranty of, or a contingent agreement of another person with
          the
          Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement.
          BSFP’s failure to do any of the foregoing shall, constitute an Additional
          Termination Event with BSFP as the Affected Party. In the event that BSFP’s
          long-term unsecured and unsubordinated debt rating is withdrawn or reduced
          below
“BBB-” by S&P (such a downgrade, a “Second Level Downgrade”), then within 10
          Business Days after such rating withdrawal or downgrade, BSFP shall, subject
          to
          the Rating Agency Condition and at its own expense, either (i) secure another
          entity to replace BSFP as party to this Agreement that meets or exceeds
          the
          Approved Rating Thresholds on terms substantially similar to this Agreement
          or
          (ii) obtain a guaranty of, or a contingent agreement of another person
          with the
          Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement.
          For purposes of this Agreement, the occurrence of either a First Level
          Downgrade
          or a Second Level Downgrade may be referred to as a “Rating Agency Downgrade”.
          For purposes of this provision, “Rating Agency Condition” means, with respect to
          any particular proposed act or omission to act hereunder that the party
          acting
          or failing to act must consult with each of the Swap Rating Agencies then
          providing a rating of the Certificates and any Notes and receive from each
          of
          the Swap Rating Agencies a prior written confirmation that the proposed
          action
          or inaction would not cause a downgrade or withdrawal of the then-current
          rating
          of the Certificates and any Notes.

         

        17)
           Compliance
          with Regulation AB. 

        

        (i) BSFP
          agrees and acknowledges that Mortgage Asset Securitization Transactions,
          Inc.
          (“Depositor”) is required under Regulation AB under the Securities Act of 1933,
          as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange
          Act”) (“Regulation AB”), to disclose certain financial information regarding
          BSFP or its group of affiliated entities, if applicable, depending on the
          aggregate “significance percentage” of this Agreement and any other derivative
          contracts between BSFP or its group of affiliated entities, if applicable,
          and
          Counterparty, as calculated from time to time in accordance with Item 1115
          of
          Regulation AB. 

        

        (ii) It
          shall
          be a Cap disclosure event (“Cap Disclosure Event”) if, on any Business Day after
          the date hereof, Depositor or Trust Administrator requests from BSFP the
          applicable financial information described in Item 1115 of Regulation AB
          (such
          request to be based on a reasonable determination by Depositor or Trust
          Administrator, in good faith, that such information is required under Regulation
          AB) (the “Cap Financial Disclosure”).

        

        (iii) Upon
          the
          occurrence of a Cap Disclosure Event, BSFP, at its own expense, shall (1)
          (a)
          either (i) provide to Depositor the current Cap Financial Disclosure in
          an
          EDGAR-compatible format (for example, such information may be provided
          in
          Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
          provide written consent to Depositor  to
          incorporation by reference of such current Cap Financial Disclosure as
          are filed
          with the Securities and Exchange Commission in the reports of the Trust
          filed
          pursuant to the Exchange Act, (b) if applicable, cause its outside accounting
          firm to provide its consent to filing or incorporation by reference of
          such
          accounting firm’s report relating to their audits of such current Cap Financial
          Disclosure in the Exchange Act Reports of Depositor , and (c) provide to
          Depositor any
          updated Cap Financial Disclosure with respect to BSFP or any entity that
          consolidates BSFP within five days of the release of any such updated Cap
          Financial Disclosure; , (2) secure another entity to replace BSFP as party
          to
          this Agreement on terms substantially similar to this Agreement and subject
          to
          prior notification to the Swap Rating Agencies, which entity (or a guarantor
          therefor) meets or exceeds the Approved Rating Thresholds and which satisfies
          the Rating Agency Condition and which entity is able to comply with the
          requirements of Item 1115 of Regulation AB or (3) obtain a guaranty of
          the
          BSFP’s obligations under this Agreement from an affiliate of the BSFP that is
          able to comply with the financial information disclosure requirements of
          Item
          1115 of Regulation AB, such that disclosure provided in respect of the
          affiliate
          will satisfy any disclosure requirements applicable to the Cap Provider,
          and
          cause such affiliate to provide Cap Financial Disclosure. If permitted
          by
          Regulation AB, any required Cap Financial Disclosure may be provided by
          incorporation by reference from reports filed pursuant to the Exchange
          Act.

        

        (iv) BSFP
          agrees that, in the event that BSFP provides Cap Financial Disclosure to
          Depositor in accordance with clause (iii)(1) of paragraph 18 or causes
          its
          affiliate to provide Cap Financial Disclosure to Depositor in accordance
          with
          clause (iii)(c) of paragraph 18, it will indemnify and hold harmless Depositor,
          its respective directors or officers and any person controlling Depositor,
          from
          and against any and all losses, claims, damages and liabilities caused
          by any
          untrue statement or alleged untrue statement of a material fact contained
          in
          such Cap Financial Disclosure or caused by any omission or alleged omission
          to
          state in such Cap Financial Disclosure a material fact required to be stated
          therein or necessary to make the statements therein, in light of the
          circumstances under which they were made, not misleading.

        

        18)
           Third
          party Beneficiary. 
          Depositor shall be an express third party beneficiary of this Agreement
          as if a
          party hereto to the extent of Depositor’s rights explicitly specified
          herein.

        

        19)
           Transfer,
          Amendment and Assignment.
          No
          transfer, amendment, waiver, supplement, assignment or other modification
          of
          this Transaction shall be permitted by either party unless each of S&P, DBRS
          and Moody’s has been provided notice of the same and each of S&P, DBRS and
          Moody’s confirms in writing (including by facsimile transmission) that it will
          not downgrade, qualify, withdraw or otherwise modify its then-current rating
          of
          the Certificates or Notes.

         

        20)
           Non-Recourse.
          Notwithstanding any provision herein or in the ISDA Form Master Agreement
          to the
          contrary, the obligations of Counterparty hereunder are limited recourse
          obligations of Counterparty, payable solely from the Swap Account and the
          proceeds thereof, in accordance with the terms of the Pooling and Servicing
          Agreement. In the event that the Swap Account and proceeds thereof should
          be
          insufficient to satisfy all claims outstanding and following the realization
          of
          the Swap Account and the proceeds thereof, any claims against or obligations
          of
          Counterparty under the ISDA Form Master Agreement or any other confirmation
          thereunder still outstanding shall be extinguished and thereafter not revive.
          The Supplemental Interest Trust Trustee shall not have liability for any
          failure
          or delay in making a payment hereunder to BSFP due to any failure or delay
          in
          receiving amounts in the Swap Account from the Trust created pursuant to
          the
          Pooling and Servicing Agreement.

        

        

        
          	 	 	
                  NEITHER
                    THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE
                    OF THE
                    BEAR STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR
                    A CREDIT
                    SUPPORT PROVIDER ON THIS
                    AGREEMENT.

                

        

        

        5.       
           Account
          Details and

        Settlement
          Information:                       
  Payments
          to BSFP:

        
          	 	 	
                  Citibank,
                    N.A., New York

                

        

        ABA
          Number: 021-0000-89, for the account of

        Bear,
          Stearns Securities Corp.

        Account
          Number: 0925-3186, for further credit to

        Bear
          Stearns Financial Products Inc.

        Sub-account
          Number: 102-04654-1-3

        Attention:
          Derivatives Department 

         

        
          	 	 	 	 	 	
                  Payments
                    to Counterparty:

                

        

        Wells
          Fargo Bank, N.A.

        San
          Francisco, CA

        ABA
          Number: 121-000-248

        Account
          Number: 3970771416

        Account
          Name: Corporate Trust Clearing

        FFC:
          50944102

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        Counterparty
          hereby agrees to check this Confirmation and to confirm that the foregoing
          correctly sets forth the terms of the Transaction by signing in the space
          provided below and returning to BSFP a facsimile of the fully-executed
          Confirmation to 212-272-9857.
          For
          inquiries regarding U.S. Transactions, please contact
          Susan Donlon
          by
          telephone at 212-272-2364.
          For all
          other inquiries please contact Derivatives
          Documentation by
          telephone at 353-1-402-6233.
          Originals will be provided for your execution upon your
          request.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

        

        BEAR
          STEARNS FINANCIAL PRODUCTS INC.

        

        

        By: _
          _____________________________________ 

        Name: 

        Title:     

        

        Counterparty,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the Trade Date.

        

        WELLS
          FARGO BANK, N.A., NOT INDIVIDUALLY, BUT SOLELY AS TRUST ADMINISTRATOR FOR
          THE
          MASTR ASSET BACKED SECURITIES TRUST 2006-HE3, MORTGAGE PASS-THROUGH
          CERTIFICATES, SERIES 2006-HE3

        

        

        By: _____________________________________

        Name: 

        Title:

        

        

        am

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        SCHEDULE
          I

        (all
          such
          dates subject to adjustment in accordance with the Business Day
          Convention)

        

        

        
          	
                  From
                    and including

                	
                  To
                    but excluding

                	
                  Notional
                    Amount (USD)

                	
                  Cap
                    Rate (%)

                
	
                  Effective
                    Date

                	
                  3/25/2007

                	
                  49,592.00

                	
                  5.6000

                
	
                  3/25/2007

                	
                  4/25/2007

                	
                  61,940.00

                	
                  5.6000

                
	
                  4/25/2007

                	
                  5/25/2007

                	
                  75,208.00

                	
                  5.6000

                
	
                  5/25/2007

                	
                  6/25/2007

                	
                  89,244.00

                	
                  5.6000

                
	
                  6/25/2007

                	
                  7/25/2007

                	
                  101,984.00

                	
                  5.6000

                
	
                  7/25/2007

                	
                  8/25/2007

                	
                  113,508.00

                	
                  5.6000

                
	
                  8/25/2007

                	
                  9/25/2007

                	
                  123,892.00

                	
                  5.6000

                
	
                  9/25/2007

                	
                  10/25/2007

                	
                  133,220.00

                	
                  5.6000

                
	
                  10/25/2007

                	
                  11/25/2007

                	
                  141,556.00

                	
                  5.6000

                
	
                  11/25/2007

                	
                  12/25/2007

                	
                  148,976.00

                	
                  5.6000

                
	
                  12/25/2007

                	
                  1/25/2008

                	
                  155,536.00

                	
                  5.6000

                
	
                  1/25/2008

                	
                  2/25/2008

                	
                  161,300.00

                	
                  5.6000

                
	
                  2/25/2008

                	
                  3/25/2008

                	
                  166,324.00

                	
                  5.6000

                
	
                  3/25/2008

                	
                  4/25/2008

                	
                  170,712.00

                	
                  5.6000

                
	
                  4/25/2008

                	
                  5/25/2008

                	
                  184,976.00

                	
                  5.6000

                
	
                  5/25/2008

                	
                  6/25/2008

                	
                  195,464.00

                	
                  5.6000

                
	
                  6/25/2008

                	
                  7/25/2008

                	
                  202,784.00

                	
                  5.6000

                
	
                  7/25/2008

                	
                  8/25/2008

                	
                  207,408.00

                	
                  5.6000

                
	
                  8/25/2008

                	
                  9/25/2008

                	
                  209,768.00

                	
                  5.7000

                
	
                  9/25/2008

                	
                  10/25/2008

                	
                  208,100.00

                	
                  5.7000

                
	
                  10/25/2008

                	
                  11/25/2008

                	
                  206,104.00

                	
                  5.7000

                
	
                  11/25/2008

                	
                  12/25/2008

                	
                  203,820.00

                	
                  5.7000

                
	
                  12/25/2008

                	
                  1/25/2009

                	
                  201,288.00

                	
                  5.7000

                
	
                  1/25/2009

                	
                  2/25/2009

                	
                  198,536.00

                	
                  5.7000

                
	
                  2/25/2009

                	
                  3/25/2009

                	
                  195,588.00

                	
                  5.7000

                
	
                  3/25/2009

                	
                  4/25/2009

                	
                  192,480.00

                	
                  5.7000

                
	
                  4/25/2009

                	
                  5/25/2009

                	
                  189,228.00

                	
                  5.7000

                
	
                  5/25/2009

                	
                  6/25/2009

                	
                  185,856.00

                	
                  5.7000

                
	
                  6/25/2009

                	
                  7/25/2009

                	
                  182,384.00

                	
                  5.7000

                
	
                  7/25/2009

                	
                  8/25/2009

                	
                  178,836.00

                	
                  5.7000

                
	
                  8/25/2009

                	
                  9/25/2009

                	
                  175,220.00

                	
                  5.7000

                
	
                  9/25/2009

                	
                  10/25/2009

                	
                  171,556.00

                	
                  5.7000

                
	
                  10/25/2009

                	
                  11/25/2009

                	
                  167,860.00

                	
                  5.7000

                
	
                  11/25/2009

                	
                  12/25/2009

                	
                  164,136.00

                	
                  5.7000

                
	
                  12/25/2009

                	
                  1/25/2010

                	
                  160,404.00

                	
                  5.7000

                
	
                  1/25/2010

                	
                  2/25/2010

                	
                  156,672.00

                	
                  5.7000

                
	
                  2/25/2010

                	
                  3/25/2010

                	
                  152,944.00

                	
                  5.7000

                
	
                  3/25/2010

                	
                  4/25/2010

                	
                  149,236.00

                	
                  5.7000

                
	
                  4/25/2010

                	
                  5/25/2010

                	
                  145,548.00

                	
                  5.7000

                
	
                  5/25/2010

                	
                  6/25/2010

                	
                  141,892.00

                	
                  5.7000

                
	
                  6/25/2010

                	
                  7/25/2010

                	
                  138,272.00

                	
                  5.7000

                
	
                  7/25/2010

                	
                  8/25/2010

                	
                  134,692.00

                	
                  5.7000

                
	
                  8/25/2010

                	
                  9/25/2010

                	
                  131,156.00

                	
                  5.7000

                
	
                  9/25/2010

                	
                  10/25/2010

                	
                  127,672.00

                	
                  5.7000

                
	
                  10/25/2010

                	
                  11/25/2010

                	
                  124,240.00

                	
                  5.7000

                
	
                  11/25/2010

                	
                  12/25/2010

                	
                  120,864.00

                	
                  5.7000

                
	
                  12/25/2010

                	
                  1/25/2011

                	
                  117,544.00

                	
                  5.7000

                
	
                  1/25/2011

                	
                  2/25/2011

                	
                  114,288.00

                	
                  5.7000

                
	
                  2/25/2011

                	
                  3/25/2011

                	
                  111,092.00

                	
                  5.7000

                
	
                  3/25/2011

                	
                  4/25/2011

                	
                  107,956.00

                	
                  5.7000

                
	
                  4/25/2011

                	
                  5/25/2011

                	
                  104,888.00

                	
                  5.7000

                
	
                  5/25/2011

                	
                  6/25/2011

                	
                  101,888.00

                	
                  5.7000

                
	
                  6/25/2011

                	
                  7/25/2011

                	
                  98,944.00

                	
                  5.7000

                
	
                  7/25/2011

                	
                  Termination
                    Date

                	
                  96,072.00

                	
                  5.7000

                

        

        

        

      

       

       

       

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

       

      ANNUAL
        STATEMENT OF COMPLIANCE PURSUANT TO SECTION 3.20

       

      MASTR
        ASSET BACKED SECURITIES TRUST 2006-HE3, 

       

      MORTGAGE
        PASS-THROUGH CERTIFICATES

       

      I,
        _____________________, hereby certify that I am a duly appointed
        __________________________ of HomEq Servicing Corporation (the “Servicer”), and
        further certify as follows:

       

      1. This
        certification is being made pursuant to the terms of the Pooling and Servicing
        Agreement, dated as of August 1, 2006 (the “Agreement”), among Mortgage Asset
        Securitization Transactions, Inc., as depositor, Wells Fargo Bank, N.A. as
        the
        master servicer, the trust administrator and custodian, the Servicer and
        U.S.
        Bank National Association, as trustee.

       

      2. The
        undersigned officer of the Servicer hereby certifies that (i) a review of
        the
        activities of the Servicer during the preceding calendar year and of performance
        under the Agreement has been made under such officers’ supervision and (ii) to
        the best of such officers’ knowledge, based on such review, the Servicer has
        fulfilled all of its obligations under the Agreement in all material respects
        throughout such year.

       

      Capitalized
        terms not otherwise defined herein have the meanings set forth in the
        Agreements.

       

      Dated:
        _____________, 2006

       

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        _____________.

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	
                By:

              
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                

              

      

       

       

      I,
        _________________________, a (an) __________________ of the Servicer, hereby
        certify that _________________ is a duly elected, qualified, and acting
        _______________________ of the Servicer and that the signature appearing
        above
        is his/her genuine signature.

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Certificate as of
        ______________.

      
        	 	 	 
	 	 
	 
 	 
 	 
 
	 	 	
                By:

              
	 	
                
                  

                

              
	 	
                Name:

                
                  Title:

                

              

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        M

       

      FORM
        OF
        INTEREST RATE SWAP AGREEMENT

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
         

        
 

        

        BEAR
          STEARNS FINANCIAL PRODUCTS INC.

        383
          MADISON AVENUE

        NEW
          YORK,
          NEW YORK 10179

        212-272-4009

        

        

        

        

        
          	DATE:	
                  August
                    30, 2006

                

        

           

        
          
            
              	TO:	
                      Wells
                        Fargo Bank, N.A., not individually, but solely as Supplemental
                        Interest
                        Trust Trustee on behalf of the Supplemental Interest Trust
                        for the MASTR
                        Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through
                        Certificates, Series
                        2006-HE3

                    

            

            
              	ATTENTION:	
                      Client
                        Manager - MABS 2006-HE3  

                    

            

          

        

        
          	
                  TELEPHONE:

                	
                  410-884-2000   

                

        

        
          	FACSIMILE:	
                  410-715-2380

                

        

         

        
          	FROM:	
                  Derivatives
                    Documentation

                

        

        
          	TELEPHONE:	
                  212-272-2711
                    

                

        

        
          	FACSIMILE:	
                  212-272-9857
                    

                

        

        

        
          	SUBJECT:	
                  Fixed
                    Income Derivatives Confirmation and Agreement

                

        

        

        
          	REFERENCE
                  NUMBER:	
                  FXNSC8631

                

        

        
           

        

        The
          purpose of this letter agreement ("Agreement") is to confirm the terms
          and
          conditions of the Transaction entered into on the Trade Date specified
          below
          (the " Transaction") between Bear Stearns Financial Products Inc. ("BSFP")
          and
          Wells Fargo Bank, N.A., not individually, but solely as Supplemental Interest
          Trust Trustee on behalf of the Supplemental Interest Trust for MASTR Asset
          Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series
          2006-HE3 ("Counterparty") under the Pooling and Servicing Agreement, dated
          as of
          August 1, 2006, among Wells Fargo Bank, N.A., as Master Servicer and Trust
          Administrator, HomEq Servicing Corporation, as Servicer, Mortgage Asset
          Securitization Transactions, Inc., as Depositor and U.S. Bank National
          Association, as Trustee (the “Trustee”) (the “Pooling and Servicing Agreement”).
          This letter agreement constitutes the sole and complete "Confirmation,"
          as
          referred to in the "ISDA Form Master Agreement" (as defined below), as
          well as a
“Schedule” as referred to in the ISDA Form Master Agreement.

        

        1. This
          Agreement is subject to the 2000
          ISDA Definitions (the
          “Definitions”), as published by the International Swaps and Derivatives
          Association, Inc. (“ISDA”). You and we have agreed to enter into this Agreement
          in lieu of negotiating a Schedule to the 1992 ISDA Master Agreement
          (Multicurrency—Cross Border) form (the "ISDA Form Master Agreement") but,
          rather, an ISDA Form Master Agreement shall be deemed to have been executed
          by
          you and us on the date we entered into the Transaction. In the event of
          any
          inconsistency between the provisions of this Agreement and the Definitions
          or
          the ISDA Form Master Agreement, this Agreement shall prevail for purposes
          of the
          Transaction. Terms capitalized but not defined herein shall have the meanings
          attributed to them in the Pooling and Servicing Agreement.

        

        

        2. The
          terms
          of the particular Transaction to which this Confirmation relates are as
          follows:

        

        
          	
                	Notional
                  Amount:	
                  With
                    respect to any Calculation Period, the amount set forth for such
                    period in
                    Schedule I attached hereto.

                

        

        

        
          	
                	Trade
                  Date:	
                  August
                    23, 2006

                

        

        

        
          	
                	Effective
                  Date:	
                  August
                    30, 2006

                

        

        

        
          	
                	Termination
                  Date:	
                  August
                    25, 2011, provided, however, for the purposes of determining
                    the Floating
                    Amount to be paid in respect of the final Calculation Period,
                    such date
                    shall be subject to adjustment in accordance with the Business
                    Day
                    Convention.

                

        

        

        Fixed
          Amount: 

        

        
          	 	 	
                  Fixed
                    Rate Payer:

                	
                  Counterparty

                

        

        

        
          	
                	
                  Fixed
                    Rate Payer 

                  Period
                    End Dates:

                	
                  The
                    25th
                    calendar day of each month during the Term of this Transaction,
                    commencing
                    September 25, 2006, and ending on the Termination Date, with
                    No
                    Adjustment.

                

        

        

        
          	
                	
                  Fixed
                    Rate Payer

                  Payment
                    Dates:

                	
                  Early
                    Payment shall be applicable. The Fixed Rate Payer Payment Date
                    shall be
                    one Business Day prior to each Fixed Rate Payer Period End
                    Date.

                

        

        

        
          	 	 	
                  Fixed
                    Rate:

                	
                  With
                    respect to any Calculation Period, the rate set forth for such
                    period in
                    Schedule I attached hereto.

                

        

        

        
          	
                	Fixed
                  Amount:	
                  To
                    be determined in accordance with the following Formula: 

                   

                  250*Fixed Rate*Notional Amount*Fixed
                    Rate Day
                    Count Fraction

                

        

         

        Fixed
          Rate Day 

        
          	 	 	
                  Count
                    Fraction:

                	
                  30/360

                

        

        

         

        Floating
          Amounts: 

        

        
          	 	 	
                  Floating
                    Rate Payer:

                	
                  BSFP

                

        

        
           

          Floating
            Rate Payer

          
            	 	 	
                    Period
                      End Dates: 

                  	
                    The
                      25th
                      calendar day of each month during
                      the Term
                      of this Transaction, commencing September 25, 2006, and ending
                      on the
                      Termination Date, subject to adjustment in accordance with
                      the Business
                      Day Convention.

                  

          

          
            
               

              Floating
                Rate Payer

              
                	 	 	
                        Payment
                          Dates: 

                      	
                        Early
                          Payment shall be applicable. The Floating Rate Payer Payment
                          Date shall be
                          one Business Day prior to each Floating Rate Payer Period
                          End
                          Date.

                      

              

               

            

          

        

        Floating
          Rate for initial

        
          	 	 	
                  Calculation
                    Period:

                	
                  To
                    be determined.

                

        

        

        
          	 	 	
                  Floating
                    Rate Option:

                	
                  USD-LIBOR-BBA

                

        

        
          

          
            	 	 	
                    Floating
                      Amount: 

                  	
                    To
                      be determined in accordance with the following Formula: 

                     

                    250*Floating
                      Rate Option*Notional
                      Amount*Floating Rate Day Count
                      Fraction

                  

          

           

        

        
          	
                	Designated
                  Maturity:	
                  One
                    month

                

        

        

        
          	 	 	
                  Spread:

                	
                  None

                

        

        

        Floating
          Rate Day 

        
          	
                	Count
                  Fraction:	
                  Actual/360

                

        

        

        
          	
                	Reset
                  Dates:	
                  The
                    first day of each Calculation
                    Period.

                

        

        

        
          	
                	Compounding:	
                  Inapplicable

                

        

        

        
          	
                	Business
                  Days:	
                  New
                    York

                

        

        

        
          	
                	Business
                  Day Convention:	
                  Following

                

        

        

        
          	3.	Additional
                  Provisions:	
                  Each
                    party hereto is hereby advised and acknowledges that the other
                    party has
                    engaged in (or refrained from engaging in) substantial financial
                    transactions and has taken (or refrained from taking) other material
                    actions in reliance upon the entry by the parties into the Transaction
                    being entered into on the terms and conditions set forth herein
                    and in the
                    Confirmation relating to such Transaction, as applicable. This
                    paragraph
                    shall be deemed repeated on the trade date of each
                    Transaction.

                

        

        

        
          
            
              	4.	
                      Provisions
                        Deemed Incorporated in a Schedule to the ISDA Form Master
                        Agreement:

                    

            

          

        

        

        
          
            	 1)	
                    The
                      parties agree that subparagraph (ii) of Section 2(c) of the
                      ISDA Form
                      Master Agreement will apply to any
                      Transaction.

                  

          

        

        

        
          	2)	
                  Termination
                    Provisions.
                    For purposes of the ISDA Form Master
                    Agreement:

                

        

        

        
          	(a)	
                  "Specified
                    Entity" is not applicable to BSFP or Counterparty for any purpose.
                    

                

        

        

        
          
            	(b)	
                    “Breach
                      of Agreement” provision of Section 5(a)(ii) will not apply to BSFP or
                      Counterparty.

                  

          

        

        

        
          	
                  (c)

                	
                  “Credit
                    Support Default” provisions of Section 5(a)(iii) will not apply to
                    Counterparty and will not apply to BSFP unless BSFP has obtained
                    a
                    guarantee or other contingent agreement pursuant to paragraph
                    15
                    below.

                

        

        

        
          (d)      “Misrepresentation”
            provisions or Section 5(a)(iv) will not apply to BSFP or
            Counterparty.

        

        

        
          (e)      
            "Specified
            Transaction" is not applicable to BSFP or Counterparty for any purpose,
            and,
            accordingly, Section 5(a)(v) shall not apply to BSFP or
            Counterparty.

        

        

        
          (f)       
            The
            "Cross Default" provisions of Section 5(a)(vi) will not apply to BSFP
            or to
            Counterparty. 

        

        

        
          (g)      
            The
            "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not apply
            to BSFP
            or Counterparty.

        

        

        
          (h)      
            The
            “Bankruptcy” provision of Section 5(a)(vii)(2) will be inapplicable to
            Counterparty.

        

        

        
          (i)       
            The
            "Automatic Early Termination" provision of Section 6(a) will not apply
            to BSFP
            or to Counterparty.

        

        

        
          (j)       
            Payments
            on Early Termination. For the purpose of Section 6(e) of the ISDA Form
            Master
            Agreement:

        

         

        (i)    Market
          Quotation will apply.

         

        (ii)    The
          Second Method will apply. 

        

        (k)      
          "Termination
          Currency" means United States Dollars. 

        

        3)
          Tax
          Representations. 

        

        (a)
          Payer
          Representations. For the purpose of Section 3(e) of the ISDA Form Master
          Agreement, each of BSFP and the Counterparty will make the following
          representations:

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of the ISDA Form Master
          Agreement) to be made by it to the other party under this Agreement. In
          making
          this representation, it may rely on: 

        

        (i) the
          accuracy of any representations made by the other party pursuant to Section
          3(f)
          of this Agreement;

        

        (ii) the
          satisfaction of the agreement contained in Sections 4(a)(i) or 4(a)(iii)
          of the
          ISDA Form Master Agreement and the accuracy and effectiveness of any document
          provided by the other party pursuant to Sections 4(a)(i) or 4(a)(iii) of
          the
          ISDA Form Master Agreement; and

        

        (iii) the
          satisfaction of the agreement of the other party contained in Section 4(d)
          of
          the
          ISDA Form Master Agreement,
          provided that it shall not be a breach of this representation where reliance
          is
          placed on clause (ii) and the other party does not deliver a form or document
          under Section 4(a)(iii) of the ISDA Form Master Agreement by reason of
          material
          prejudice to its legal or commercial position. 

        

        (b)
          Payee
          Representations. For the purpose of Section 3(f) of the ISDA Form Master
          Agreement, each of BSFP and the Counterparty make the following representations.
          

         

        The
          following representation will apply to BSFP: 

        

        BSFP
          is a
          corporation organized under the laws of the State of Delaware and its U.S.
          taxpayer identification number is 13-3866307. 

        

        The
          following representation will apply to the Counterparty: 

        

        Wells
          Fargo Bank N.A. is Supplemental Interest Trust Trustee of the Supplemental
          Interest Trust.

        

        4)
          Tax
          Event. The provisions of Section 2(d)(i)(4) and 2(d)(ii) of the ISDA Form
          Master
          Agreement shall not apply to Counterparty and Counterparty shall not be
          required
          to pay any additional amounts referred to therein.

        

        5)
          Documents
          to be Delivered.
          For the
          purpose of Section 4(a) of the ISDA Form Master Agreement:

        

        (1)      
          Tax
          forms, documents, or certificates to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                
	
                  BSFP
                    and

                  the
                    Counterparty

                	
                  Any
                    document required or reasonably requested to allow the other
                    party to make
                    payments under this Agreement without any deduction or withholding
                    for or
                    on the account of any Tax or with such deduction or withholding
                    at a
                    reduced rate

                	
                  Promptly
                    after the earlier of (i) reasonable demand by either party or
                    (ii)
                    learning that such form or document is
                    required

                

        

         

        (2)      
          Other
          documents to be delivered are:

        

        
          	
                  Party
                    required to deliver document

                	
                  Form/Document/

                  Certificate

                	
                  Date
                    by which to

                  be
                    delivered

                	
                  Covered
                    by Section 3(d) Representation

                
	
                  BSFP
                    and

                  the
                    Counterparty

                	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver this Agreement, any Confirmation , and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under this Agreement, such Confirmation and/or Credit Support
                    Document, as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement and such
                    Confirmation

                	
                  Yes

                
	
                  BSFP
                    and

                  the
                    Counterparty

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    this
                    Agreement, any relevant Credit Support Document, or any Confirmation,
                    as
                    the case may be

                	
                  Upon
                    the execution and delivery of this Agreement and such
                    Confirmation

                	
                  Yes

                
	
                  Counterparty
                    

                	
                  An
                    executed copy of the Pooling and Servicing Agreement

                	
                  Within
                    30 days after the date of this Agreement.

                	
                  No

                

        

        

        

        6)
          Miscellaneous.
          Miscellaneous

        

        
          	
                  (a)

                	
                  Address
                    for Notices:   For the purposes of Section 12(a) of the
                    ISDA Form Master Agreement:

                

        

         

        
          Address
            for notices or communications to BSFP:

          

          Address:     
            383
            Madison Avenue, New York, New York 10179

          Attention:    DPC
            Manager

          Facsimile:     (212)
            272-5823

          

          with
            a
            copy to:

          

          Address:     
            One
            Metrotech Center North, Brooklyn, New York 11201

          Attention:    Derivative
            Operations - 7th Floor

          Facsimile:    
(212)
            272-1634

          

          (For
            all
            purposes)

          

          Address
            for notices or communications to the Counterparty:

          

          Address:     
            Wells
            Fargo Bank, N.A. 

                    9062
            Old Annapolis
            Road

                    Columbia,
            Maryland
            21045

          Attention:    Client
            Manager - MABS 2006-HE3

          Facsimile:    
410-884-2380

          
                           
              Phone:         
              410-884-2000

          

          

          (For
            all
            purposes)

          

          
            	(b)	
                    Process
                      Agent. For the purpose of Section 13(c) of the ISDA Form Master
                      Agreement:

                  

          

          

          BSFP
            appoints as its 

          Process
            Agent:   Not
            Applicable

          

          The
            Counterparty appoints as its 

          Process
            Agent:  Not
            Applicable

          

          
            
              	(c)	
                      Offices.
                        The provisions of Section 10(a) of the ISDA Form Master Agreement
                        will not
                        apply to this Agreement; neither BSFP nor the Counterparty
                        have any
                        Offices other than as set forth in the Notices Section and
                        BSFP agrees
                        that, for purposes of Section 6(b) of the ISDA Form Master
                        Agreement, it
                        shall not in future have any Office other than one in the
                        United
                        States.

                    

            

          

           

        

        
          
            
              	
                      (d)

                    	
                      Multibranch
                        Party. For the purpose of Section 10(c) of the ISDA Form Master
                        Agreement:

                    

            

          

        

        

        BSFP
          is
          not a Multibranch Party.

        

        
          	 	
                  The
                    Counterparty is not a Multibranch
                    Party.

                

        

        

        
          
            	(e)	
                    Calculation
                      Agent. The Calculation Agent is
                      BSFP.

                  

          

        

        

        
          	(f)	
                  Credit
                    Support Document. 

                

        

         

        BSFP:
          Not
          applicable, except for any guarantee or contingent agreement
          delivered pursuant
          to paragraph 15 below.

        

        The
          Counterparty: Not Applicable

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        
          BSFP:Not
            Applicable for BSFP for so long as no Credit Support Document is delivered
            under
            paragraph 15 below, otherwise, the party that is the primary obligor
            under the
            Credit Support Document.

        

        

        The
          Counterparty: Not Applicable

        

        (h)    Governing
          Law. The parties to this Agreement hereby agree that the law of the State
          of New
          York shall govern their rights and duties in whole without regard to the
          conflict of law provisions thereof other than New York General Obligations
          Law
          Sections 5-1401 and 5-1402.

        

        (i)    
Severability. If
          any
          term, provision, covenant, or condition of this Agreement, or the application
          thereof to any party or circumstance, shall be held to be invalid or
          unenforceable (in whole or in part) for any reason, the remaining terms,
          provisions, covenants, and conditions hereof shall continue in full force
          and
          effect as if this Agreement had been executed with the invalid or unenforceable
          portion eliminated, so long as this Agreement as so modified continues
          to
          express, without material change, the original intentions of the parties
          as to
          the subject matter of this Agreement and the deletion of such portion of
          this
          Agreement will not substantially impair the respective benefits or expectations
          of the parties. 

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition. 

        

        (j)    
Consent
          to Recording. Each party hereto consents to the monitoring or recording,
          at any
          time and from time to time, by the other party of any and all communications
          between officers or employees of the parties, waives any further notice
          of such
          monitoring or recording, and agrees to notify its officers and employees
          of such
          monitoring or recording. 

        

        (k)    Waiver
          of
          Jury Trial. Each
          party waives any right it may have to a trial by jury in respect of any
          Proceedings relating to this Agreement or any Credit Support Document.
          

        

        (l)    
Additional
          Definitional Provisions. 

        

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise: 

        

        “Moody’s”
          means Moody’s Investors Service, Inc., or any successor.

        

        
          	 	 	
                  “S&P”
                    means Standard & Poor's, a division of The McGraw-Hill Companies,
                    Inc.

                

        

        

        
          	 	 	
                  “DBRS”
                    means Dominion Bond Rating
                    Services.

                

        

         

        7)
          "Affiliate". Each of BSFP and Counterparty shall be deemed to have no any
          Affiliates for purposes of this Agreement, including for purposes of Section
          6(b)(ii) of the ISDA Form Master Agreement.

         

        8)
          Section 3 of the ISDA Form Master Agreement is hereby amended by adding
          at the
          end thereof the following subsection (g): 

        

        “(g)       
          Relationship
          Between Parties.
          

        

        
          	 	 	
                  Each
                    party represents to the other party on each date when it enters
                    into a
                    Transaction that:--

                

        

        

        (1)
          Nonreliance.
          It is
          not relying on any statement or representation of the other party regarding
          the
          Transaction (whether written or oral), other than the representations expressly
          made in this Agreement or the Confirmation in respect of that Transaction.
          

        

        (2)
          Evaluation
          and Understanding.
          

        

        
          	
                	(i)	
                  BSFP
                    is acting for its own account and Wells Fargo Bank, N.A., is
                    acting as
                    Supplemental
                    Interest Trust Trustee
                    on behalf of the Supplemental Interest Trust under the Pooling
                    and
                    Servicing Agreement, and not for its own account. Each Party
                    has made its
                    own independent decisions to enter into this Transaction and
                    as to whether
                    this Transaction is appropriate or proper for it based upon its
                    own
                    judgment and upon advice from such advisors as it has deemed
                    necessary. It
                    is not relying on any communication (written or oral) of the
                    other party
                    as investment advice or as a recommendation to enter into this
                    Transaction; it being understood that information and explanations
                    related
                    to the terms and conditions of this Transaction shall not be
                    considered
                    investment advice or a recommendation to enter into this Transaction.
                    It
                    has not received from the other party any assurance or guarantee
                    as to the
                    expected results of this
                    Transaction.

                

        

        

        
          	 	
                  (ii)

                	
                  It
                    is capable of evaluating and understanding (on its own behalf
                    or through
                    independent professional advice), and understands and accepts,
                    the terms,
                    conditions and risks of this Transaction. It is also capable
                    of assuming,
                    and assumes, the financial and other risks of this
                    Transaction.

                

        

        

        
          	
                	(iii)	
                  The
                    other party is not acting as an agent or fiduciary or an advisor
                    for it in
                    respect of this Transaction.

                

        

         

        (3)
          Purpose.
          It is
          an “eligible swap participant” as such term is defined in Section 35.1(b)(2) of
          the regulations (17 C.F.R 35) promulgated under, and an “eligible contract
          participant” as defined in Section 1(a)(12) of, the Commodity Exchange Act, as
          amended, and it is entering into the Transaction for the purposes of managing
          its borrowings or investments, hedging its underlying assets or liabilities
          or
          in connection with a line of business.” 

         

        9)
          Pooling and Servicing Agreement. BSFP hereby agrees that, notwithstanding
          any
          provision of this agreement to the contrary, Counterparty’s obligations to pay
          any amounts owing under this Agreement shall be subject to the Pooling
          and
          Servicing Agreement and BSFP’s right to receive payment of such amounts shall be
          subject to the Pooling and Servicing Agreement.

        

        10)
          Supplemental Interest Trust Trustee Liability Limitations. It is expressly
          understood and agreed by the parties hereto that (a) this Agreement is
          executed
          and delivered by Wells Fargo Bank, N.A. (“Wells”), not individually or
          personally but solely as Supplemental Interest Trust Trustee on behalf
          of the
          Supplemental Interest Trust, (b) each of the representations, undertakings
          and
          agreements herein made on the part of the Counterparty is made and intended
          not
          as a personal representation, undertaking or agreement of Wells but is
          made and
          intended for the purpose of binding only the Counterparty, (c) nothing
          herein
          contained shall be construed as imposing any liability upon Wells, individually
          or personally, to perform any covenant either expressed or implied contained
          herein, all such liability, if any, being expressly waived by the parties
          hereto
          and by any Person claiming by, through or under the parties hereto; provided
          that nothing in this paragraph shall relieve Wells from performing its
          duties
          and obligations under the Pooling and Servicing Agreement in accordance
          with the
          standard of care set forth therein, (d) under no circumstances shall Wells
          be
          personally liable for the payment of any indebtedness or expenses of the
          Counterparty or be liable for the breach or failure of any obligation,
          representation, warranty or covenant made or undertaken by the Counterparty
          under this Agreement or any other related documents, other than due to
          its
          negligence or willful misconduct in performing the obligations of the
          Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement,
          (e) any resignation or removal of Wells as trustee on behalf of the Supplemental
          Interest Trust shall require the assignment of this agreement to Wells’
replacement, and (f) Wells has been directed, pursuant to the Pooling and
          Servicing Agreement, to enter into this Agreement and to perform its obligations
          hereunder.

        

        11)
          Proceedings. 
          BSFP
          shall not institute against or cause any other person to institute against,
          or
          join any other person in instituting against, the Supplemental Interest
          Trust,
          Mortgage Asset Securitization Transactions, Inc. or MASTR Asset Backed
          Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series 2006-HE3
          or the trust created pursuant to the Pooling and Servicing Agreement, any
          bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
          or other proceedings under any federal or state bankruptcy, dissolution
          or
          similar law, for a period of one year and one day (or, if longer, the applicable
          preference period) following indefeasible payment in full of the MASTR
          Asset
          Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series
          2006-HE3 (the “Certificates”) and any notes backed by the Certificates (the
“Notes”).

        

        12)
          Set-off. Notwithstanding
          any provision of this Agreement or any other existing or future agreement,
          each
          party irrevocably waives any and all rights it may have to set off, net,
          recoup
          or otherwise withhold or suspend or condition payment or performance of
          any
          obligation between it and the other party hereunder against any obligation
          between it and the other party under any other agreements. The provisions
          for
          Set-off set forth in Section 6(e) of the ISDA Form Master Agreement shall
          not
          apply for purposes of this Transaction.

        

        13)
          Additional
          Termination Events.
          The
          following Additional Termination Events will apply: 

        

        (a)
          If a
          Rating Agency Downgrade has occurred and BSFP has not, within the time
          period
          specified therein, complied with paragraph 15
          below,
          then an Additional Termination Event shall have occurred with respect to
          BSFP
          and BSFP shall be the sole Affected Party with respect to such Additional
          Termination Event. 

        

        (b)
          If,
          upon the occurrence of a Swap Disclosure Event (as defined in paragraph
          16(ii))
          below) BSFP has not, within 10 calendar days after such Swap Disclosure
          Event
          complied with any of the provisions set forth in paragraph 16(iii) below,
          then
          an Additional Termination Event shall have occurred with respect to BSFP
          and
          BSFP shall be the sole Affected Party with respect to such Additional
          Termination Event.

        

        (c)
          If,
          without the prior written consent of BSFP where such consent is required
          under
          the Pooling and Servicing Agreement (such consent not to be unreasonably
          withheld), an amendment or supplemental agreement is made to the Pooling
          and
          Servicing Agreement which amendment or supplemental agreement could reasonably
          be expected to have a material adverse effect on the interests of BSFP
          under
          this Agreement, an Additional Termination Event shall have occurred with
          respect
          to Counterparty and Counterparty shall be the sole Affected Party with
          respect
          to such Additional Termination Event and all Transactions hereunder shall
          be
          Affected Transactions.

        

        (d)
          If
          the Trustee is unable to pay, or fails or admits in writing its inability
          to
          pay, on any Distribution Date, any Monthly Interest Distributable Amount
          with
          respect to the Class A Certificates or of the ultimate payment of principal
          with
          respect to the Class A Certificates, in either case to the extent required
          pursuant to the terms of the Pooling and Servicing Agreement to be paid
          to the
          Class A Certificates on such Distribution Date, then an Additional Termination
          Event shall have occurred with respect to Counterparty and Counterparty
          shall be
          the sole Affected Party with respect to such Additional Termination Event;
          

        

        (e)
          An
          Additional Termination Event shall occur upon the notice to Certificateholders
          of an Optional Termination becoming unrescindable in accordance with Article
          IX
          of the Pooling and Servicing Agreement (such notice, the “Optional Termination
          Notice”). 

        

        With
          respect to such Additional Termination Event: 

        

        (i)
          Counterparty shall be the sole Affected Party and this Transaction shall
          be the
          sole Affected Transaction; 

        

        (ii)
          notwithstanding anything to the contrary in Section 6(b)(iv) of the ISDA
          Form
          Master Agreement or Section 6(c)(i) of the ISDA Form Master Agreement,
          the final
          Distribution Date specified in the Optional Termination Notice is hereby
          designated as the Early Termination Date in respect of all Affected
          Transactions; 

        

        (iii)
          Section 2(a)(iii)(2) of the ISDA Form Master Agreement shall not be applicable
          to any Affected Transaction; notwithstanding anything to the contrary in
          Section
          6(c)(ii) of the ISDA Form Master Agreement, payments and deliveries under
          Section 2(a)(i) of the ISDA Form Master Agreement or Section 2(e) of the
          ISDA
          Form Master Agreement in respect of the Terminated Transactions will be
          required
          to be made through and including the Early Termination Date; provided,
          for the
          avoidance of doubt, that any such payments or deliveries that are made
          on or
          prior to the Early Termination Date will not be treated as Unpaid Amounts
          in
          determining the amount payable in respect of an Early Termination Date;
          

        

        (iv)
          notwithstanding anything to the contrary in Section 6(d)(i) of the ISDA
          Form
          Master Agreement, (A) if, no later than 4:00 pm New York City time on the
          day
          that is four Business Days prior to the final Distribution Date specified
          in the
          Optional Termination Notice, the Trust Administrator requests the amount
          of the
          Estimated Swap Termination Payment, BSFP shall provide to the Trust
          Administrator in writing (which may be done in electronic format) the amount
          of
          the Estimated Swap Termination Payment no later than 2:00 pm New York City
          time
          on the following Business Day and (B) if the Trust
          Administrator provides written notice (which may be done in electronic
          format)
          to BSFP no later than two Business Days prior to the final Distribution
          Date
          specified in the Optional Termination Notice that all requirements of the
          Optional Termination have been met, then BSFP shall, no later than one
          Business
          Day prior to the final Distribution Date specified in the Optional Termination
          Notice, make the calculations contemplated by Section 6(e) of the ISDA
          Form
          Master Agreement (as amended herein) and provide to the Trust Administrator
          in
          writing (which may be done in electronic format) the amount payable by
          either
          Counterparty or BSFP in respect of the related Early Termination Date;
          provided,
          however, that the amount payable by Counterparty, if any, in respect of
          the
          related Early Termination Date shall be the lesser of (x) the amount calculated
          to be due by the Counterparty pursuant to Section 6(e) of the ISDA Form
          Master
          Agreement and (y) the Estimated Swap Termination Payment.

        

        (v)
          notwithstanding anything to the contrary in Section 6(d)(ii) of the ISDA
          Form
          Master Agreement, any amount due from the Counterparty to BSFP in respect
          of the
          Early Termination Date will be payable on the Early Termination Date and
          any
          amount due from BSFP to the Counterparty in respect of the Early Termination
          Date will be payable one Business Day prior to the Early Termination Date;
          and

        

        “Estimated
          Swap Termination Payment” shall mean, with respect to an Early Termination Date,
          an amount determined by BSFP in its sole discretion as the maximum payment
          that
          could be owed by Counterparty with respect to such Early Termination Date
          pursuant to Section 6(e) of the ISDA Form Master Agreement taking into
          account
          then current market conditions.

        

        The
          Trust
          Administrator
          shall be
          an express third party beneficiary of this Agreement as if a party hereto
          to the
          extent of the Trust
          Administrator’s
          rights
          specified in paragraph 13(e) hereof.

         

        14)
          Amendment
          to the ISDA Form Master Agreement.
          The
“Failure
          to Pay or Deliver”
          provision in Section 5(a)(i) is hereby amended by deleting the word “third” in
          the third line thereof and inserting the word “second” in place
          thereof.

        

        15)
          Rating
          Agency Downgrade.
          In the
          event that BSFP’s long-term unsecured and unsubordinated debt rating is reduced
          below “AA-” by S&P or its long-term unsecured and unsubordinated debt rating
          is withdrawn or reduced below “Aa3” by Moody’s (and together with S&P and
          DBRS, the “Swap Rating Agencies”, and such rating thresholds, “Approved Rating
          Thresholds” and such a downgrade, a “First Level Downgrade”), then within 30
          days after such rating withdrawal or downgrade (unless, within 30 days
          after
          such withdrawal or downgrade, each such Swap Rating Agency, as applicable,
          has
          reconfirmed the rating of the Certificates and any Notes, which was in
          effect
          immediately prior to such withdrawal or downgrade), BSFP shall, at its
          own
          expense, subject to the Rating Agency Condition, either (i) seek another
          entity
          to replace BSFP as party to this Agreement that meets or exceeds the Approved
          Rating Thresholds on terms substantially similar to this Agreement or (ii)
          obtain a guaranty of, or a contingent agreement of another person with
          the
          Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement.
          BSFP’s failure to do any of the foregoing shall, constitute an Additional
          Termination Event with BSFP as the Affected Party. In the event that BSFP’s
          long-term unsecured and unsubordinated debt rating is withdrawn or reduced
          below
“BBB-” by S&P (such a downgrade, a “Second Level Downgrade”), then within 10
          Business Days after such rating withdrawal or downgrade, BSFP shall, subject
          to
          the Rating Agency Condition and at its own expense, either (i) secure another
          entity to replace BSFP as party to this Agreement that meets or exceeds
          the
          Approved Rating Thresholds on terms substantially similar to this Agreement
          or
          (ii) obtain a guaranty of, or a contingent agreement of another person
          with the
          Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement.
          For purposes of this Agreement, the occurrence of either a First Level
          Downgrade
          or a Second Level Downgrade may be referred to as a “Rating Agency Downgrade”.
          For purposes of this provision, “Rating Agency Condition” means, with respect to
          any particular proposed act or omission to act hereunder that the party
          acting
          or failing to act must consult with each of the Swap Rating Agencies then
          providing a rating of the Certificates and any Notes and receive from each
          of
          the Swap Rating Agencies a prior written confirmation that the proposed
          action
          or inaction would not cause a downgrade or withdrawal of the then-current
          rating
          of the Certificates and any Notes.

         

        16)
          Compliance with Regulation AB. 

        

        (i) BSFP
          agrees and acknowledges that Mortgage Asset Securitization Transactions,
          Inc.
          (“Depositor”) is required under Regulation AB under the Securities Act of 1933,
          as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange
          Act”) (“Regulation AB”), to disclose certain financial information regarding
          BSFP or its group of affiliated entities, if applicable, depending on the
          aggregate “significance percentage” of this Agreement and any other derivative
          contracts between BSFP or its group of affiliated entities, if applicable,
          and
          Counterparty, as calculated from time to time in accordance with Item 1115
          of
          Regulation AB. 

        

        (ii) It
          shall
          be a swap disclosure event (“Swap Disclosure Event”) if, on any Business Day
          after the date hereof, Depositor requests from BSFP the applicable financial
          information described in Item 1115 of Regulation AB (such request to be
          based on
          a reasonable determination by Depositor or Administrator, in good faith,
          that
          such information is required under Regulation AB) (the “Swap Financial
          Disclosure”).

        

        (iii) Upon
          the
          occurrence of a Swap Disclosure Event, BSFP, at its own expense, shall
          1(a)
          either (i) provide to Depositor the current Swap Financial Disclosure in
          an
          EDGAR-compatible format (for example, such information may be provided
          in
          Microsoft Word® or Microsoft Excel® format but not in .pdf format) or (ii)
          provide written consent to Depositor to
          incorporation by reference of such current Swap Financial Disclosure as
          are
          filed with the Securities and Exchange Commission in the reports of the
          Trust
          filed pursuant to the Exchange Act, (b) if applicable, cause its outside
          accounting firm to provide its consent to filing or incorporation by reference
          of such accounting firm’s report relating to their audits of such current Swap
          Financial Disclosure in the Exchange Act Reports of Depositor, and (c)
          provide
          to Depositor any
          updated Swap Financial Disclosure with respect to BSFP or any entity that
          consolidates BSFP within five days of the release of any such updated Swap
          Financial Disclosure; (2) secure another entity to replace BSFP as party
          to this
          Agreement on terms substantially similar to this Agreement and subject
          to prior
          notification to the Swap Rating Agencies, which entity (or a guarantor
          therefor)
          meets or exceeds the Approved Rating Thresholds and which satisfies the
          Rating
          Agency Condition and which entity is able to comply with the requirements
          of
          Item 1115 of Regulation AB or (3) obtain a guaranty of the BSFP’s obligations
          under this Agreement from an affiliate of the BSFP that is able to comply
          with
          the financial information disclosure requirements of Item 1115 of Regulation
          AB,
          such that disclosure provided in respect of the affiliate will satisfy
          any
          disclosure requirements applicable to the Swap Provider, and cause such
          affiliate to provide Swap Financial Disclosure. If permitted by Regulation
          AB,
          any required Swap Financial Disclosure may be provided by incorporation
          by
          reference from reports filed pursuant to the Exchange Act.

        

        (iv) BSFP
          agrees that, in the event that BSFP provides Swap Financial Disclosure
          to
          Depositor in accordance with clause (iii)(a) of paragraph 16 or causes
          its
          affiliate to provide Swap Financial Disclosure to Depositor in accordance
          with
          clause (iii)(c) of paragraph 16, it will indemnify and hold harmless Depositor,
          its respective directors or officers and any person controlling Depositor,
          from
          and against any and all losses, claims, damages and liabilities caused
          by any
          untrue statement or alleged untrue statement of a material fact contained
          in
          such Swap Financial Disclosure or caused by any omission or alleged omission
          to
          state in such Swap Financial Disclosure a material fact required to be
          stated
          therein or necessary to make the statements therein, in light of the
          circumstances under which they were made, not misleading.

        

        17)
          Third
          party Beneficiary. Depositor
          shall be an express third party beneficiary of this Agreement as if a party
          hereto to the extent of Depositor’s rights explicitly specified
          herein.

        

        18)
          Transfer,
          Amendment and Assignment.
          No
          transfer, amendment, waiver, supplement, assignment or other modification
          of
          this Transaction shall be permitted by either party unless each of S&P, DBRS
          and Moody’s has been provided notice of the same and each of S&P, DBRS and
          Moody’s confirms in writing (including by facsimile transmission) that it will
          not downgrade, qualify, withdraw or otherwise modify its then-current rating
          of
          any Certificates or Notes.

         

        19)
          Non-Recourse.
          Notwithstanding any provision herein or in the ISDA Form Master Agreement
          to the
          contrary, the obligations of Counterparty hereunder are limited recourse
          obligations of Counterparty, payable solely from the Swap Account and the
          proceeds thereof, in accordance with the terms of the Pooling and Servicing
          Agreement. In the event that the Swap Account and proceeds thereof should
          be
          insufficient to satisfy all claims outstanding and following the realization
          of
          the Swap Account and the proceeds thereof, any claims against or obligations
          of
          Counterparty under the ISDA Form Master Agreement or any other confirmation
          thereunder still outstanding shall be extinguished and thereafter not revive.
          The Supplemental Interest Trust Trustee shall not have liability for any
          failure
          or delay in making a payment hereunder to BSFP due to any failure or delay
          in
          receiving amounts in the Swap Account from the Trust created pursuant to
          the
          Pooling and Servicing Agreement.

        

        
          	 	 	
                  NEITHER
                    THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE
                    OF THE
                    BEAR STEARNS COMPANIES INC. OTHER THAN BSFP IS AN OBLIGOR OR
                    A CREDIT
                    SUPPORT PROVIDER ON THIS
                    AGREEMENT.

                

        

        

         

        
          	5.	
                  Account Details and

                  SettlementInformation: 

                	
                   

                  Payments
                    to BSFP:
Citibank,
                    N.A., New York

                  
                    ABA
                      Number: 021-0000-89, for the account of

                    Bear,
                      Stearns Securities Corp.

                    Account
                      Number: 0925-3186, for further credit to

                    Bear
                      Stearns Financial Products Inc.

                    Sub-account
                      Number: 102-04654-1-3

                    Attention:
                      Derivatives Department 

                  

                

        

        
          
             

            
              	 	
                       

                    	
                      Payments
                        to Counterparty:

                      
                        Wells
                          Fargo Bank, N.A.

                        San
                          Francisco, CA

                        ABA
                          Number: 121-000-248

                        Account
                          Number: 3970771416

                        Account
                          Name: Corporate Trust Clearing

                        FFC:
                          50944101

                      

                    

            

          

        

        

        This
          Agreement may be executed in several counterparts, each of which shall
          be deemed
          an original but all of which together shall constitute one and the same
          instrument.

        

        Counterparty
          hereby agrees to check this Confirmation and to confirm that the foregoing
          correctly sets forth the terms of the Transaction by signing in the space
          provided below and returning to BSFP a facsimile of the fully-executed
          Confirmation to 212-272-9857.
          For
          inquiries regarding U.S. Transactions, please contact
          Susan Donlon
          by
          telephone at 212-272-2364.
          For all
          other inquiries please contact Derivatives
          Documentation by
          telephone at 353-1-402-6233.
          Originals will be provided for your execution upon your
          request.

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

        

        BEAR
          STEARNS FINANCIAL PRODUCTS INC.

         

         

        
          	 	 	 	 
	By:	 	 	 
	
                  
                    

                  

                	 	 	
                
	
                  Name: 

                  Title:     

                	 	 	 

        

         

         

        Counterparty,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the Trade Date.

        

        WELLS
          FARGO BANK, N.A., NOT INDIVIDUALLY, BUT SOLELY AS SUPPLEMENTAL INTEREST
          TRUST
          TRUSTEE ON BEHALF OF THE SUPPLEMENTAL INTEREST TRUST FOR THE MASTR ASSET
          BACKED
          SECURITIES TRUST 2006-HE3, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
          2006-HE3

        

        

        
          	 	 	 	 
	By:	 	 	 
	
                  
                    

                  

                	 	 	
                
	
                  Name: 

                  Title:     

                	 	 	 

        

        

        
 

        am

        

        SCHEDULE
          I

        

        (where
          for the purposes of (i) determining Floating Amounts, all such dates subject
          to
          adjustment in accordance with the Following Business Day Convention and
          (ii)
          determining Fixed Amounts, all such dates subject to No
          Adjustment.)

        

        
          	
                  From
                    and including

                	
                  To
                    but excluding

                	
                   

                  Notional
                    Amount (USD)

                	
                  Fixed
                    Rate (%)

                
	 	 	 	 
	
                  Effective
                    Date

                	
                  9/25/2006

                	
                  2,219,284.00

                	
                  5.6000

                
	
                  9/25/2006

                	
                  10/25/2006

                	
                  2,189,736.00

                	
                  5.6000

                
	
                  10/25/2006

                	
                  11/25/2006

                	
                  2,153,020.00

                	
                  5.6000

                
	
                  11/25/2006

                	
                  12/25/2006

                	
                  2,109,164.00

                	
                  5.6000

                
	
                  12/25/2006

                	
                  1/25/2007

                	
                  2,058,300.00

                	
                  5.6000

                
	
                  1/25/2007

                	
                  2/25/2007

                	
                  2,000,588.00

                	
                  5.6000

                
	
                  2/25/2007

                	
                  3/25/2007

                	
                  1,936,308.00

                	
                  5.6000

                
	
                  3/25/2007

                	
                  4/25/2007

                	
                  1,865,752.00

                	
                  5.6000

                
	
                  4/25/2007

                	
                  5/25/2007

                	
                  1,789,348.00

                	
                  5.6000

                
	
                  5/25/2007

                	
                  6/25/2007

                	
                  1,707,576.00

                	
                  5.6000

                
	
                  6/25/2007

                	
                  7/25/2007

                	
                  1,629,576.00

                	
                  5.6000

                
	
                  7/25/2007

                	
                  8/25/2007

                	
                  1,555,196.00

                	
                  5.6000

                
	
                  8/25/2007

                	
                  9/25/2007

                	
                  1,484,264.00

                	
                  5.6000

                
	
                  9/25/2007

                	
                  10/25/2007

                	
                  1,416,616.00

                	
                  5.6000

                
	
                  10/25/2007

                	
                  11/25/2007

                	
                  1,352,100.00

                	
                  5.6000

                
	
                  11/25/2007

                	
                  12/25/2007

                	
                  1,290,544.00

                	
                  5.6000

                
	
                  12/25/2007

                	
                  1/25/2008

                	
                  1,231,836.00

                	
                  5.6000

                
	
                  1/25/2008

                	
                  2/25/2008

                	
                  1,175,844.00

                	
                  5.6000

                
	
                  2/25/2008

                	
                  3/25/2008

                	
                  1,122,400.00

                	
                  5.6000

                
	
                  3/25/2008

                	
                  4/25/2008

                	
                  1,071,184.00

                	
                  5.6000

                
	
                  4/25/2008

                	
                  5/25/2008

                	
                  974,948.00

                	
                  5.6000

                
	
                  5/25/2008

                	
                  6/25/2008

                	
                  888,456.00

                	
                  5.6000

                
	
                  6/25/2008

                	
                  7/25/2008

                	
                  810,820.00

                	
                  5.6000

                
	
                  7/25/2008

                	
                  8/25/2008

                	
                  740,996.00

                	
                  5.6000

                
	
                  8/25/2008

                	
                  9/25/2008

                	
                  678,256.00

                	
                  5.7000

                
	
                  9/25/2008

                	
                  10/25/2008

                	
                  643,232.00

                	
                  5.7000

                
	
                  10/25/2008

                	
                  11/25/2008

                	
                  610,136.00

                	
                  5.7000

                
	
                  11/25/2008

                	
                  12/25/2008

                	
                  578,836.00

                	
                  5.7000

                
	
                  12/25/2008

                	
                  1/25/2009

                	
                  549,236.00

                	
                  5.7000

                
	
                  1/25/2009

                	
                  2/25/2009

                	
                  521,232.00

                	
                  5.7000

                
	
                  2/25/2009

                	
                  3/25/2009

                	
                  494,736.00

                	
                  5.7000

                
	
                  3/25/2009

                	
                  4/25/2009

                	
                  469,664.00

                	
                  5.7000

                
	
                  4/25/2009

                	
                  5/25/2009

                	
                  445,936.00

                	
                  5.7000

                
	
                  5/25/2009

                	
                  6/25/2009

                	
                  423,476.00

                	
                  5.7000

                
	
                  6/25/2009

                	
                  7/25/2009

                	
                  402,216.00

                	
                  5.7000

                
	
                  7/25/2009

                	
                  8/25/2009

                	
                  382,084.00

                	
                  5.7000

                
	
                  8/25/2009

                	
                  9/25/2009

                	
                  363,020.00

                	
                  5.7000

                
	
                  9/25/2009

                	
                  10/25/2009

                	
                  344,968.00

                	
                  5.7000

                
	
                  10/25/2009

                	
                  11/25/2009

                	
                  327,868.00

                	
                  5.7000

                
	
                  11/25/2009

                	
                  12/25/2009

                	
                  311,664.00

                	
                  5.7000

                
	
                  12/25/2009

                	
                  1/25/2010

                	
                  296,316.00

                	
                  5.7000

                
	
                  1/25/2010

                	
                  2/25/2010

                	
                  281,768.00

                	
                  5.7000

                
	
                  2/25/2010

                	
                  3/25/2010

                	
                  267,980.00

                	
                  5.7000

                
	
                  3/25/2010

                	
                  4/25/2010

                	
                  254,908.00

                	
                  5.7000

                
	
                  4/25/2010

                	
                  5/25/2010

                	
                  242,516.00

                	
                  5.7000

                
	
                  5/25/2010

                	
                  6/25/2010

                	
                  230,768.00

                	
                  5.7000

                
	
                  6/25/2010

                	
                  7/25/2010

                	
                  219,624.00

                	
                  5.7000

                
	
                  7/25/2010

                	
                  8/25/2010

                	
                  209,056.00

                	
                  5.7000

                
	
                  8/25/2010

                	
                  9/25/2010

                	
                  199,028.00

                	
                  5.7000

                
	
                  9/25/2010

                	
                  10/25/2010

                	
                  189,512.00

                	
                  5.7000

                
	
                  10/25/2010

                	
                  11/25/2010

                	
                  180,484.00

                	
                  5.7000

                
	
                  11/25/2010

                	
                  12/25/2010

                	
                  171,916.00

                	
                  5.7000

                
	
                  12/25/2010

                	
                  1/25/2011

                	
                  163,780.00

                	
                  5.7000

                
	
                  1/25/2011

                	
                  2/25/2011

                	
                  156,056.00

                	
                  5.7000

                
	
                  2/25/2011

                	
                  3/25/2011

                	
                  148,720.00

                	
                  5.7000

                
	
                  3/25/2011

                	
                  4/25/2011

                	
                  141,756.00

                	
                  5.7000

                
	
                  4/25/2011

                	
                  5/25/2011

                	
                  135,136.00

                	
                  5.7000

                
	
                  5/25/2011

                	
                  6/25/2011

                	
                  128,852.00

                	
                  5.7000

                
	
                  6/25/2011

                	
                  7/25/2011

                	
                  122,872.00

                	
                  5.7000

                
	
                  7/25/2011

                	
                  Termination
                    Date

                	
                  117,188.00

                	
                  5.7000

                

        

        

        

      

       

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

       

      FORM
        OF
        SWAP ADMINISTRATION AGREEMENT

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
 

        SWAP
          ADMINISTRATION AGREEMENT

         

        This
          Swap
          Administration Agreement, dated as of August 30, 2006 (this “Agreement”), among
          Wells Fargo Bank, N.A. (“Wells Fargo”), as swap administrator (“Swap
          Administrator”) and as trust administrator and supplemental interest trust
          trustee (in such capacity, the “Trust Administrator” and “Supplemental Interest
          Trust Trustee”) under the Pooling and Servicing Agreement, as hereinafter
          defined (in such capacity, the “Trustee”), and UBS Real Estate Securities Inc
          (“UBSRES”).

         

        WHEREAS,
          the Trust Administrator, on behalf of the holders of the MASTR Asset-Backed
          Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, is counterparty
          to an Interest Rate Swap Agreement (the “Swap Agreement”), a copy of which is
          attached hereto as Exhibit A, between the Supplemental Interest Trust Trustee
          and Bear Stearns Financial Products Inc. (“Bear Stearns”);
          and

         

        WHEREAS,
          it is desirable to irrevocably appoint the Swap Administrator, and the
          Swap
          Administrator desires to accept such appointment, to receive and distribute
          funds payable by Bear Stearns under the Swap Agreement as provided herein;
          

         

        NOW,
          THEREFORE, in consideration of the mutual covenants contained herein, and
          for
          other good and valuable consideration, the receipt and adequacy of which
          are
          hereby acknowledged, the parties agree as follows: 

         

        1.       
          Definitions.
          Capitalized terms used but not otherwise defined herein shall have the
          respective meanings assigned thereto in the Pooling and Servicing Agreement,
          dated as of August 1, 2006 (the “Pooling and Servicing Agreement”), among
          Mortgage Asset Securitization Transactions, Inc., as depositor, Wells Fargo
          Bank, N.A. as master servicer, trust administrator and custodian, HomEq
          Servicing Corporation as servicer and the Trustee, relating to the MASTR
          Asset-Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates
          (the
“Certificates”), or in the related Indenture, as the case may be, as in effect
          on the date hereof. 

         

        
          	
                	2.	
                  Swap
                    Administrator.
                    

                

        

         

        (a)  The
          Swap
          Administrator is hereby irrevocably appointed to receive all funds paid
          to the
          Supplemental Interest Trust Trustee by Bear Stearns, or its successors
          in
          interest (the “Swap Provider”) under the Swap Agreement (including any Swap
          Termination Payment) and the Swap Administrator hereby accepts such appointment
          and hereby agrees to receive such amounts from the Supplemental Interest
          Trust
          Trustee and to distribute on each Distribution Date such amounts in the
          following order of priority:

         

        (i)  first,
          to
          the Trust Administrator for deposit into the Swap Account, an amount equal
          to
          the sum of the following amounts remaining outstanding after distribution
          of the
          Net Monthly Excess Cashflow: (A) Unpaid Interest Shortfall Amounts, (B)
          Net WAC
          Rate Carryover Amounts; (C) an
          amount necessary to maintain or restore the Overcollateralization Target
          Amount;
          and
          (D) any
          Allocated Realized Loss Amounts;

         

        (ii)  second,
          to UBSRES, any amounts remaining after payment of (i) above, provided,
          however,
          upon the
          issuance of notes by an issuer (the “Trust”), secured by all or a portion of the
          Class CE Certificates and the Class P Certificates (the “NIM Notes”), UBSRES
          hereby instructs the Swap Administrator to make any payments under this
          clause
          2(a)(ii) in the following order of priority:

         

        (A)  to
          the
          Indenture Trustee for the Trust, for deposit into the Note Account (each
          as to
          defined in the related Indenture), and until satisfaction and discharge
          of the
          Indenture, the Floating Amount (as defined in Annex I); and

         

        (B)  concurrently,
          to the Holders of the Class CE Certificates, pro
          rata
          based on
          the outstanding Notional Amount of each such Certificate; provided, however,
          that any Swap Termination Payment received by the Swap Administrator shall
          not
          be payable to the Holders of the Class CE Certificates pursuant to this
          clause
          (ii)(B) without the prior written consent of the NIMS Insurer, if any and
          the
          Rating Agencies.

         

        (b)  The
          Swap
          Administrator agrees to hold any amounts received from the Supplemental
          Interest
          Trust Trustee in trust upon the terms and conditions and for the exclusive
          use
          and benefit of the Trustee, the Trust Administrator and the Indenture Trustee,
          as applicable (in turn for the benefit of the Certificateholders, the
          Noteholders and the NIMS Insurer, if any) as set forth herein. The rights,
          duties and liabilities of the Swap Administrator in respect of this Agreement
          shall be as follows:

         

        (i) The
          Swap
          Administrator shall have the full power and authority to do all things
          not
          inconsistent with the provisions of this Agreement that it may deem advisable
          in
          order to enforce the provisions hereof. The Swap Administrator shall not
          be
          answerable or accountable except for its own bad faith, willful misconduct
          or
          negligence. The Swap Administrator shall not be required to take any action
          to
          exercise or enforce any of its rights or powers hereunder which, in the
          opinion
          of the Swap Administrator, shall be likely to involve expense or liability
          to
          the Swap Administrator, unless the Swap Administrator shall have received
          an
          agreement satisfactory to it in its sole discretion to indemnify it against
          such
          liability and expense.

         

        (ii) The
          Swap
          Administrator shall not be liable with respect to any action taken or omitted
          to
          be taken by it in good faith in accordance with the direction of any party
          hereto or the NIMS Insurer, if any, or otherwise as provided herein, relating
          to
          the time, method and place of conducting any proceeding for any remedy
          available
          to the Swap Administrator or exercising any right or power conferred upon
          the
          Swap Administrator under this Agreement.

         

        (iii) The
          Swap
          Administrator may perform any duties hereunder either directly or by or
          through
          agents or attorneys of the Swap Administrator. The Swap Administrator shall
          not
          be liable for the acts or omissions of its agents or attorneys so long
          as the
          Swap Administrator chose such Persons with due care.

         

        3.        Swap
          Administration Account.
          The
          Swap Administrator shall segregate and hold all funds received from the
          Supplemental Interest Trust Trustee (including any Swap Termination Payment)
          separate and apart from any of its own funds and general assets and shall
          establish and maintain in the name of the Swap Administrator one or more
          segregated accounts (such account or accounts, the “Swap Account”), held in
          trust for the benefit of the Trustee, the Trust Administrator, the Indenture
          Trustee and the parties to this Agreement. All amounts on deposit in the
          Swap
          Account shall remain uninvested unless the Swap Administrator receives
          instructions to the contrary from any party hereto, with the consent of
          the NIMS
          Insurer, if any. The Swap Administrator hereby agrees that it holds and
          shall
          hold the Swap Account and all amounts deposited therein in trust for the
          exclusive use and benefit of the Trustee, the Trust Administrator and the
          Indenture Trustee as their interests may appear.

         

        4.       
          Replacement
          Swap Agreements.
          

         

        The
          Supplemental Interest Trust Trustee shall, at the direction of the NIMS
          Insurer,
          if any, or, with the consent of the NIMS Insurer, if any, at the direction
          of
          UBSRES, enforce all of its rights and exercise any remedies under the Swap
          Agreement. In the event the Swap Agreement is terminated as a result of
          the
          designation by either party thereto of an Early Termination Date (as defined
          therein), the Trust Administrator shall, at the direction of UBSRES, find
          a
          replacement counterparty to enter into a replacement swap
          agreement.

         

        Any
          Swap
          Termination Payment received by the Swap Administrator from the Supplemental
          Interest Trust Trustee shall be deposited in the Swap Account and shall
          be used
          to make any upfront payment required under a replacement swap agreement
          and any
          upfront payment received from the counterparty to a replacement swap agreement
          shall be used to pay any Swap Termination Payment owed to the Swap
          Provider.

         

        If
          the
          Supplemental Interest Trust Trustee is unable to appoint a successor swap
          provider within 30 days of the early termination of the Swap Agreement,
          then the Supplemental Interest Trust Trustee will establish, and will deposit
          any Swap Termination Payment received from the original Swap Provider into,
          a
          separate, non-interest bearing reserve account (a "Swap Termination Reserve
          Account") and will, on each subsequent Distribution Date, withdraw from
          the
          amount then remaining on deposit in the Swap Termination Reserve Account
          an
          amount equal to the Net Swap Payment, if any, that would have been paid
          to the
          Supplemental Interest Trust by the original Swap Provider calculated in
          accordance with the terms of the original Swap Agreement, and distribute
          such
          amount in accordance with this Agreement and the Pooling and Servicing
          Agreement.

         

        5.       
          Representations
          and Warranties of Wells Fargo.
          Wells
          Fargo represents and warrants as follows:

         

        (a)  Wells
          Fargo is duly organized and validly existing as a national banking association
          under the laws of the United States and has all requisite power and authority
          to
          execute and deliver this Agreement, to perform its obligations as Swap
          Administrator hereunder.

         

        (b)  The
          execution, delivery and performance of this Agreement by Wells Fargo as
          Trust
          Administrator have been duly authorized in the Pooling and Servicing
          Agreement.

         

        (c)  This
          Agreement has been duly executed and delivered by Wells Fargo as Swap
          Administrator, Trust Administrator and Supplemental Interest Trust Trustee
          and
          is enforceable against Wells Fargo in such capacities in accordance with
          its
          terms, except as enforceability may be affected by bankruptcy, insolvency,
          fraudulent conveyance, reorganization, moratorium and other similar laws
          relating to or affecting creditors’ rights generally, general equitable
          principles (whether considered in a proceeding in equity or at
          law).

         

        
          	
                	6.	
                  Replacement
                    of Swap Administrator.

                

        

         

        Any
          corporation, bank, trust company or association into which the Swap
          Administrator may be merged or converted or with which it may be consolidated,
          or any corporation, bank, trust company or association resulting from any
          merger, conversion or consolidation to which the Swap Administrator shall
          be a
          party, or any corporation, bank, trust company or association succeeding
          to all
          or substantially all the corporate trust business of the Swap Administrator,
          shall be the successor of the Swap Administrator hereunder, without the
          execution or filing of any paper or any further act on the part of any
          of the
          parties hereto, except to the extent that assumption of its duties and
          obligations, as such, is not effected by operation of law.

         

        No
          resignation or removal of the Swap Administrator and no appointment of
          a
          successor Swap Administrator shall become effective until the appointment
          by
          UBSRES of a successor swap administrator acceptable to the NIMS Insurer,
          if any.
          Any successor swap administrator shall execute such documents or instruments
          necessary or appropriate to vest in and confirm to such successor swap
          administrator all such rights and powers conferred by this
          Agreement.

         

        The
          Swap
          Administrator may resign at any time by giving written notice thereof to
          the
          other parties hereto with a copy to the NIMS Insurer, if any. If a successor
          swap administrator shall not have accepted the appointment hereunder within
          30
          days after the giving by the resigning Swap Administrator of such notice
          of
          resignation, the resigning Swap Administrator may petition any court of
          competent jurisdiction for the appointment of a successor swap administrator
          acceptable to the NIMS Insurer, if any.

         

        In
          the
          event of a resignation or removal of the Swap Administrator, UBSRES shall
          promptly appoint a successor Swap Administrator acceptable to the NIMS
          Insurer,
          if any. If no such appointment has been made within 10 days of the resignation
          or removal, the NIMS Insurer, if any, may appoint a successor Swap
          Administrator.

         

        
          	
                	7.	
                  Trust
                    Administrator Obligations.

                

        

         

        Whenever
          the Supplemental Interest Trust Trustee, as a party to the Swap Agreement,
          has
          the option or is requested in such capacity, whether such request is by
          the
          counterparty to such agreement, to take any action or to give any consent,
          approval or waiver that it is entitled to take or give in such capacity,
          including, without limitation, in connection with an amendment of such
          agreement
          or the occurrence of a default or termination event thereunder, the Supplemental
          Interest Trust Trustee shall promptly notify the parties hereto and the
          NIMS
          Insurer, if any, of such request in such detail as is available to it and,
          shall, on behalf of the parties hereto and the NIMS Insurer, if any, take
          such
          action in connection with the exercise and/or enforcement of any rights
          and/or
          remedies available to it in such capacity with respect to such request
          as the
          NIMS Insurer, if any, shall direct in writing; provided that if no such
          direction is received prior to the date that is established for taking
          such
          action or giving such consent, approval or waiver (notice of which date
          shall be
          given by the Supplemental Interest Trust Trustee to the parties hereto
          and the
          NIMS Insurer, if any), the Supplemental Interest Trust Trustee may abstain
          from
          taking such action or giving such consent, approval or waiver.

         

        The
          Supplemental Interest Trust Trustee shall forward to the parties hereto
          and the
          NIMS Insurer, if any, on the Payment Date following its receipt thereof
          copies
          of any and all notices, statements, reports and/or other material communications
          and information (collectively, the “Swap Reports”) that it receives in
          connection with the Swap Agreement or from the counterparty
          thereto.

         

        
          	
                	8.	
                  Miscellaneous.
                    

                

        

         

        (a)  This
          Agreement shall be governed by and construed in accordance with the laws
          of the
          State of New York.

         

        (b)  Any
          action or proceeding against any of the parties hereto relating in any
          way to
          this Agreement may be brought and enforced in the courts of the State of
          New
          York sitting in the borough of Manhattan or of the United States District
          Court
          for the Southern District of New York and the Swap Administrator irrevocably
          submits to the jurisdiction of each such court in respect of any such action
          or
          proceeding. The Swap Administrator waives, to the fullest extent permitted
          by
          law, any right to remove any such action or proceeding by reason of improper
          venue or inconvenient forum.

         

        (c)  This
          Agreement may be amended, supplemented or modified in writing by the parties
          hereto, but only with the consent of the NIMS Insurer, if any.

         

        (d)  This
          Agreement may not be assigned or transferred without the prior written
          consent
          of the NIMS Insurer, if any; provided, however, the parties hereto acknowledge
          and agree to the assignment of the rights of UBSRES as provided under this
          Agreement pursuant to the Sale Agreement, the Trust Agreement and the
          Indenture.

         

        (e)  This
          Agreement may be executed by one or more of the parties to this Agreement
          on any
          number of separate counterparts (including by facsimile transmission),
          and all
          such counterparts taken together shall be deemed to constitute one and
          the same
          instrument.

         

        (f)  Any
          provision of this Agreement which is prohibited or unenforceable in any
          jurisdiction shall, as to such jurisdiction, be ineffective to the extent
          of
          such prohibition or unenforceability without invalidating the remaining
          provisions hereof, and any such prohibition or unenforceability in any
          jurisdiction shall not invalidate or render unenforceable such provision
          in any
          other jurisdiction.

         

        (g)  The
          representations and warranties made by the parties to this Agreement shall
          survive the execution and delivery of this Agreement. No act or omission
          on the
          part of any party hereto shall constitute a waiver of any such representation
          or
          warranty.

         

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

         

        (i)  The
          representations and warranties made by the parties to this Agreement shall
          survive the execution and delivery of this Agreement. No act or omission
          on the
          part of any party hereto shall constitute a waiver of any such representation
          or
          warranty.

         

        9.  Third-Party
          Beneficiary.
          Each of
          the Note Insurer, the Backup Note Insurer and the Indenture Trustee, if
          any,
          shall be deemed a third-party beneficiary of this Agreement to the same
          extent
          as if it were a party hereto, and shall have the right to enforce the provisions
          of this Agreement.

         

        10.  Swap
          Administrator and Trust Administrator Rights.
          The
          Swap Administrator shall be entitled to the same rights, protections and
          indemnities afforded to the Trust Administrator under the Pooling and Servicing
          Agreement and the Indenture Trustee under the Indenture, in each case,
          as if
          specifically set forth herein with respect to the Swap
          Administrator.

         

        The
          Trust
          Administrator and the Supplemental Interest Trust Trustee shall be entitled
          to
          the same rights, protections and indemnities afforded to the Trust Administrator
          under the Pooling and Servicing Agreement as if specifically set forth
          herein
          with respect to the Trust Administrator.

         

        11.  Limited
          Recourse.
          It is
          expressly understood and agreed by the parties hereto that this Agreement
          is
          executed and delivered by the Trust Administrator, not in its individual
          capacity but solely as trust administrator under the Pooling and Servicing
          Agreement. Notwithstanding any other provisions of this Agreement, the
          obligations of the Trust Administrator under this Agreement are non-recourse
          to
          the Trust Administrator, its assets and its property, and shall be payable
          solely from the assets of the Trust Fund, and following realization of
          such
          assets, any claims of any party hereto shall be extinguished and shall
          not
          thereafter be reinstated. No recourse shall be had against any principal,
          director, officer, employee, beneficiary, shareholder, partner, member,
          trustee,
          agent or affiliate of the Trust Administrator or any person owning, directly
          or
          indirectly, any legal or beneficial interest in the Trust Administrator,
          or any
          successors or assigns of any of the foregoing (the “Exculpated Parties”) for the
          payment of any amount payable under this Agreement. The parties hereto
          shall not
          enforce the liability and obligations of the Trust Administrator to perform
          and
          observe the obligations contained in this Agreement by any action or proceeding
          wherein a money judgment establishing any personal liability shall be sought
          against the Trust Administrator, subject to the following sentence, or
          the
          Exculpated Parties. The agreements in this paragraph shall survive termination
          of this Agreement and the performance of all obligations hereunder.

        
 

        IN
          WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
          and
          delivered as of the day and year first above written. 

         

        
          	 	 	 
	 	
                  WELLS
                    FARGO BANK, N.A.

                  as
                    Swap Administrator

                
	 
 	 
 	 
 
	 	 	By: 
	 	
                  
                    

                  

                
	 	
                  Name: 

                  Title:

                

        

         

         

        
          
            	 	 	 
	 	
                    
                      WELLS
                        FARGO BANK, N.A.

                      not
                        in its individual capacity but solely as Trust 

                      Administrator
                        and Supplemental Interest Trust 

                      Trustee
                        under the Pooling and Servicing Agreement 

                    

                  
	 
 	 
 	 
 
	 	 	By: 
	 	
                    
                      

                    

                  
	 	
                    Name: 

                    Title:

                  

          

          
             

             

            
              	 	 	 
	 	
                      
                        UBS
                          REAL ESTATE SECURITIES INC.

                      

                    
	 
 	 
 	 
 
	 	 	By: 
	 	
                      
                        

                      

                    
	 	
                      Name: 

                      Title:

                    

            

            
              	 	 	 
	 	
                      
                         

                      

                    
	 
 	 
 	 
 
	 	 	By: 
	 	
                      
                        

                      

                    
	 	
                      Name: 

                      Title:

                    

            

             

          

        

        EXHIBIT
          A

         

        SWAP
          AGREEMENT

        
 

        ANNEX
          I

        

        The
          amounts paid under clause 2(a)(ii) of the Swap Administration Agreement
          shall be
          calculated as follows:

        

        
          	
                  Floating
                    Amount:

                	 
	 	 
	
                  Floating
                    Rate Payer:

                	
                  Bear
                    Stearns

                
	 	 
	
                  Cap
                    Rate:

                	
                  15.00%

                
	 	 
	
                  Floating
                    Amount

                	
                  To
                    be determined in accordance with the following formula:

                   

                  The
                    product of: (i) 250; (ii) the Cap Rate, (iii) the Notional Amount;
                    and
                    (iv) the Floating Rate Day Count Fraction;

                   

                  provided,
                    however,
                    the Swap Administrator will only be obligated to pay the Floating
                    Amount
                    up to the amount remaining after payments are made under clause
                    2(a)(i) of
                    the Swap Administration Agreement.

                   

                  The
                    Floating Amount shall be paid to the Indenture Trustee for payment
                    in
                    accordance with Section 2.09(e) of the Indenture.

                
	 	 
	
                  Floating
                    Rate Day Count Fraction:

                	
                  Actual/360.

                
	 	 
	
                  Notional
                    Amount:

                	
                  The
                    amount set forth for such period in the Amortization Schedule
                    A.

                

        

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        SCHEDULE
          A TO ANNEX I

        

        INTEREST
          RATE SWAP SCHEDULE

         

        
          	
                  Distribution
                    Date

                	 	
                  Base
                    Calculation Amount

                
	
                  September
                    25, 2006

                	 	
                  $2,219,284

                
	
                  October
                    25, 2006

                	 	
                  $2,189,736

                
	
                  November
                    25, 2006

                	 	
                  $2,153,020

                
	
                  December
                    25, 2006

                	 	
                  $2,109,164

                
	
                  January
                    25, 2007

                	 	
                  $2,058,300

                
	
                  February
                    25, 2007

                	 	
                  $2,000,588

                
	
                  March
                    25, 2007

                	 	
                  $1,936,308

                
	
                  April
                    25, 2007

                	 	
                  $1,865,752

                
	
                  May
                    25, 2007

                	 	
                  $1,789,348

                
	
                  June
                    25, 2007

                	 	
                  $1,707,576

                
	
                  July
                    25, 2007

                	 	
                  $1,629,576

                
	
                  August
                    25, 2007

                	 	
                  $1,555,196

                
	
                  September
                    25, 2007

                	 	
                  $1,484,264

                
	
                  October
                    25, 2007

                	 	
                  $1,416,616

                
	
                  November
                    25, 2007

                	 	
                  $1,352,100

                
	
                  December
                    25, 2007

                	 	
                  $1,290,544

                
	
                  January
                    25, 2008

                	 	
                  $1,231,836

                
	
                  February
                    25, 2008

                	 	
                  $1,175,844

                
	
                  March
                    25, 2008

                	 	
                  $1,122,400

                
	
                  April
                    25, 2008

                	 	
                  $1,071,184

                
	
                  May
                    25, 2008

                	 	
                  $974,948

                
	
                  June
                    25, 2008

                	 	
                  $888,456

                
	
                  July
                    25, 2008

                	 	
                  $810,820

                
	
                  August
                    25, 2008

                	 	
                  $740,996

                
	
                  September
                    25, 2008

                	 	
                  $678,256

                
	
                  October
                    25, 2008

                	 	
                  $643,232

                
	
                  November
                    25, 2008

                	 	
                  $610,136

                
	
                  December
                    25, 2008

                	 	
                  $578,836

                
	
                  January
                    25, 2009

                	 	
                  $549,236

                
	
                  February
                    25, 2009

                	 	
                  $521,232

                
	
                  March
                    25, 2009

                	 	
                  $494,736

                
	
                  April
                    25, 2009

                	 	
                  $469,664

                
	
                  May
                    25, 2009

                	 	
                  $445,936

                
	
                  June
                    25, 2009

                	 	
                  $423,476

                
	
                  July
                    25, 2009

                	 	
                  $402,216

                
	
                  August
                    25, 2009

                	 	
                  $382,084

                
	
                  September
                    25, 2009

                	 	
                  $363,020

                
	
                  October
                    25, 2009

                	 	
                  $344,968

                
	
                  November
                    25, 2009

                	 	
                  $327,868

                
	
                  December
                    25, 2009

                	 	
                  $311,664

                
	
                  January
                    25, 2010

                	 	
                  $296,316

                
	
                  February
                    25, 2010

                	 	
                  $281,768

                
	
                  March
                    25, 2010

                	 	
                  $267,980

                
	
                  April
                    25, 2010

                	 	
                  $254,908

                
	
                  May
                    25, 2010

                	 	
                  $242,516

                
	
                  June
                    25, 2010

                	 	
                  $230,768

                
	
                  July
                    25, 2010

                	 	
                  $219,624

                
	
                  August
                    25, 2010

                	 	
                  $209,056

                
	
                  September
                    25, 2010

                	 	
                  $199,028

                
	
                  October
                    25, 2010

                	 	
                  $189,512

                
	
                  November
                    25, 2010

                	 	
                  $180,484

                
	
                  December
                    25, 2010

                	 	
                  $171,916

                
	
                  January
                    25, 2011

                	 	
                  $163,780

                
	
                  February
                    25, 2011

                	 	
                  $156,056

                
	
                  March
                    25, 2011

                	 	
                  $148,720

                
	
                  April
                    25, 2011

                	 	
                  $141,756

                
	
                  May
                    25, 2011

                	 	
                  $135,136

                
	
                  June
                    25, 2011

                	 	
                  $128,852

                
	
                  July
                    25, 2011

                	 	
                  $122,872

                
	
                  August
                    25, 2011

                	 	
                  $117,188

                

        

        
 

      

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Trust
        Administrator - waterfall calculator (may be the Trustee, or may be the Master
        Servicer)

      Back-up
        Servicer - named in the transaction (in the event a Back up Servicer becomes
        the
        Primary Servicer, follow Primary Servicer obligations)

      Custodian
        - safe keeper of pool assets

      Paying
        Agent - distributor of funds to ultimate investor 

      Trustee
        -
        fiduciary of the transaction

      

      Note:
        The
        definitions above describe the essential function that the party performs,
        rather than the party’s title. So, for example, in a particular transaction, the
        trustee may perform the “paying agent” and “securities administrator” functions,
        while in another transaction, the securities administrator may perform these
        functions.

      

      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.

      

      Key:    X
        - obligation

      [X]
        - under consideration for obligation

      

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Servicer

              	
                Wells
                  Fargo

              	
                Custodian

              
	 	
                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

              	 
	
                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. 

              	 	 	 
	
                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

              	 
	
                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

              	 
	
                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

              	 
	
                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

              	 
	
                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

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	
                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

              	 
	 	
                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

              	 
	
                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

              	 
	
                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

              	 
	
                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

              	 
	 	
                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

              	 	 
	
                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

              	 
	
                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

              	 

      

      

       

      EXHIBIT
        P

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

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity or entities indicated as the Responsible
        Party shall be primarily responsible for reporting the information to the
        Trust
        Administrator and the Depositor pursuant to Section 4.06(a)(iv). 

      

      Under
        Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
        included in the periodic Distribution Date statement under Section 4.02,
        provided by the Trust 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 4.02 statement, 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

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the Distribution Date.

              
	
                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.

              	
                4.02
                  statement

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

              	
                4.02
                  statement

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

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

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

              	
                4.02
                  statement

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

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

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

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

              
	
                (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 remaining term, pool factors and prepayment
                  amounts.

              	
                4.02
                  statement

                 

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

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

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

              	
                4.02
                  statement.

                 

                 

                Form
                  10-D report: Depositor

              
	
                (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.

              	
                4.02
                  statement

              
	
                (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.

              	
                4.02
                  statement

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

              	
                Form
                  10-D report: 

                Trust
                  Administrator, Servicer, Depositor

              
	
                (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.

              	
                4.02
                  statement

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

                [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.

                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.

              	
                Form
                  10-D report: Depositor

                 

                Form
                  10-D report: Depositor or Servicer

                 

                 

                 

                 

                Form
                  10-D report: Depositor

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

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

              	
                Depositor

              
	
                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:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                (i)
                  All parties to the Pooling and Servicing Agreement (as to themselves),
                  (ii) the Trustee, Master Servicer and Depositor as to the Issuing
                  entity
                  and (iii) the Depositor as to the Sponsor, any 1110(b) originator
                  and any
                  1100(d)(i) party

              
	
                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.

              	
                 

                 

                 

                Depositor

              
	
                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)

              	
                 

                 

                 

                Trust
                  Administrator

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

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

              	
                Trustee,
                  Trust Administrator

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *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

                Requesting
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Trust
                  Administrator Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Requesting
                  required financial information or effecting incorporation by
                  reference

              	
                 

                Depositor

                Trust
                  Administrator 

                Depositor

              
	
                *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

              	
                Trust
                  Administrator

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

              	
                Depositor

              
	
                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

              	
                Depositor,
                  Sevicer, Master Servicer, Custodian, Trust
                  Administrator

              
	
                1.02

              	
                Termination
                  of a Material Definitive Agreement

              	 
	
                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.

              	
                Depositor,
                  Sevicer, Master Servicer, Custodian, Trust
                  Administrator

              
	
                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, Trustee, Cap Provicer,
                  Custodian

              	
                Depositor,
                  Sevicer, Master Servicer, Custodian, Trust Administrator, Trustee
                  (as to
                  itself)

              
	
                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 4.02 statement

              	
                Depositor/
                  Trust Administrator

              
	
                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

              	
                Trust
                  Administrator

              
	
                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”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 4.07]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Master 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.

              	
                Depositor

              
	
                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.
                  

                Requesting
                  Regulation AB disclosure about any new enhancement or effecting
                  incorporation by reference

              	
                Trust
                  Administrator

                 

                 

                 

                Depositor

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trust
                  Administrator

              
	
                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 Regulation AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                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.

              	
                Depositor

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                Depositor

              
	
                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.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event, other than the
                  Trustee

              
	
                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 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                N/A

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

                Determining
                  applicable disclosure threshold

                Requesting
                  required financial information or effecting incorporation by
                  reference

              	
                 

                 

                Trust
                  Administrator Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                Determining
                  current maximum probable exposure

                Determining
                  current significance percentage

                Requesting
                  required financial information or effecting incorporation by
                  reference

              	
                Depositor

                Trust
                  Administrator 

                 

              
	
                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:

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian

              	
                Seller

                Depositor

                Trustee

                Master
                  Servicer

                Custodian

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

                Seller

                Depositor

                Trustee

                Issuing
                  entity

                Master
                  Servicer

                Originator
                  

                Custodian
                  

                Credit
                  Enhancer/Support Provider, if any

                Significant
                  Obligor, if any

              	
                (i)
                  All parties to the Pooling and Servicing Agreement (as to themselves),
                  (ii) the Depositor as to the Sponsor, Originator, Significant Obligor,
                  Credit Enhancer/Support Provider and (iii) the Depositor as to
                  the Issuing
                  entity 

                 

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Master
                  Servicer

                Trust
                  Administrator

                Custodian

                Servicer

              
	
                Item
                  1123 -Servicer Compliance Statement

              	
                Master
                  Servicer

                Servicer

              

      

       

      EXHIBIT
        Q

      

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      **SEND
        VIA FAX TO [XXX-XXX-XXXX] AND VIA EMAIL TO [             ]
        AND VIA

      OVERNIGHT
        MAIL TO THE ADDRESS IMMEDIATELY BELOW**

      

      Wells
        Fargo Bank, N.A., as Trust Administrator

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Corporate Trust Services- [DEAL NAME]—SEC REPORT PROCESSING

      

      Mortgage
        Asset Securitization Transactions, Inc.

      1285
        Avenue of the Americas

      New
        York,
        New York 10019

      

      RE:
        **Additional Form [10-D][10-K][8-K] Disclosure** Required

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Pooling and Servicing Agreement, dated
        as of
        August 1, 2006, among Mortgage Asset Securitization Transactions, Inc. as
        Depositor, Wells Fargo Bank, N.A. as Master Servicer, Trust Administrator
        and
        Custodian, Wells Fargo Bank, N.A. as Servicer and U.S. Bank National Association
        as Trustee, the undersigned, as [ ], hereby notifies you that certain events
        have come to our attention that [will] [may] need to be disclosed on Form
        [10-D][10-K][8-K].

       

      Description
        of Additional Form [10-D][10-K][8-K] Disclosure:

       

       

      List
        of any Attachments hereto to be included in the Additional Form
        [10-D][10-K][8-K] Disclosure:

       

      

       

      

       

      

       

      Any
        inquiries related to this notification should be directed to [         ],
        phone number:
        [            ];
        email address:
        [         ].

      
        	 	 	 
	 	
                [NAME
                  OF PARTY],

                as
                  [role]

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

              
	 	
                Name:
                  

                Title:

              

      

       

       

      EXHIBIT
        R-1

      FORM
        OF DELINQUENCY REPORT 

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  

                Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

       

      
        
          	Standard File Codes
                  - Delinquency
                  Reporting

        

      

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

      
        	
              	·	
                ASUM-    Approved
                  Assumption

              

      

      
        	
              	·	
                BAP-       
                  Borrower
                  Assistance Program

              

      

      
        	
              	·	
                CO-          
                  Charge Off

              

      

      
        	
              	·	
                DIL-         
                  Deed-in-Lieu

              

      

      
        	
              	·	
                FFA-        
                  Formal Forbearance Agreement

              

      

      
        	
              	·	
                MOD-      
                  Loan Modification

              

      

      
        	
              	·	
                PRE-         
                  Pre-Sale

              

      

      
        	
              	·	
                SS-            
                  Short Sale

              

      

      
        	
              	·	
                MISC-      
                  Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

      NOTE:
        Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      The
        Occupant
        Code
        field should show the current status of the property code as
        follows:

      
        	
              	·	
                Mortgagor

              

      

      
        	
              	·	
                Tenant

              

      

      
        	
              	·	
                Unknown
                  

              

      

      
        	
              	·	
                Vacant

              

      

       

      The
        Property
        Condition
        field should show the last reported condition of the property as follows:
        

      
        	
              	·	
                Damaged

              

      

      
        	
              	·	
                Excellent

              

      

      
        	
              	·	
                Fair

              

      

      
        	
              	·	
                Gone

              

      

      
        	
              	·	
                Good

              

      

      
        	
              	·	
                Poor

              

      

      
        	
              	·	
                Special
                  Hazard

              

      

      
        	
              	·	
                Unknown

              

      

       

      
        	Standard File Codes -
                Delinquency
                Reporting, Continued

      

       

      The
        FNMA
        Delinquent Reason Code
        field should show the Reason for Delinquency as follows: 

       

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

       

      

      
        	Standard File Codes -
                Delinquency
                Reporting, Continued

      

       

      The
        FNMA
        Delinquent Status Code
        field should show the Status of Default as follows: 

       

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

       

      EXHIBIT
        R-2

      MONTHLY
        REMITTANCE ADVICE

      
        	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the Servicer.
                  

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the Servicer.
                  

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer. 

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment amount.
                  

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                 

              	
                 

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO 

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer. 

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

       

      EXHIBIT
        R-3

      FORM
        OF REALIZED LOSS REPORT

      

      Exhibit
        : Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

      2.  

       

      3.  The
        numbers on the 332 form correspond with the numbers listed below.

       

      Liquidation
        and Acquisition Expenses:

      1. The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      2. The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3.
         Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12. Complete
        as applicable. Required documentation:

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period

       

      of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and
        WFB’s approved Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.    The
        total
        of lines 1 through 12.

       

      4.    
        Credits:
        

       

      14-21.  Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow
        Agent / Attorney

       

      Letter
        of
        Proceeds
        Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23.     The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

      
        	 

      

      
 

      
        	Exhibit 3A: Calculation
                of Realized Loss/Gain Form 332

      

       

      Prepared
        by: __________________   Date:
        _______________

      Phone:
        ______________________  Email Address:_____________________

       

       

      
        	 	 	 	 	 
	
                Servicer
                  Loan No.

                 

                 

              	 	
                Servicer
                  Name

              	 	
                Servicer
                  Address 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale  Short
        Sale     Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes     
        No

      If
“Yes”,
        provide deficiency or cramdown amount
        ______________________________

       

      Liquidation
        and Acquisition Expenses:

      (1) Actual
        Unpaid Principal Balance of Mortgage Loan      $
        ______________    (1)

      (2) Interest
        accrued at Net Rate          ________________          (2)

      (3) Accrued
        Servicing Fees                
        ________________          (3)

      (4) Attorney's
        Fees                 
        ________________           (4)

      (5) Taxes
        (see page 2)             
        ________________           (5)

      (6) Property
        Maintenance                  
        ________________          
(6)

      (7) MI/Hazard
        Insurance Premiums (see page 2)             
        ________________           (7)

      (8) Utility
        Expenses                 
        ________________           (8)

      (9) Appraisal/BPO                   
        ________________           (9)

      (10) Property
        Inspections              
        ________________           (10)

      (11) FC
        Costs/Other Legal Expenses            
        ________________           (11)

      (12) Other
        (itemize)                  
        ________________          
(12)

      Cash
        for
        Keys__________________________       
 ________________          
        (12)

      HOA/Condo
        Fees_______________________        
________________           (12)

      ______________________________________     
        ________________           (12)

       

      Total
        Expenses                         
          $
        _______________          (13)

      Credits:

      (14) Escrow
        Balance                          
        $
        _______________          (14)

      (15) HIP
        Refund                                  
        ________________          (15)

      (16) Rental
        Receipts                                   
        ________________         
        (16)

      (17) Hazard
        Loss Proceeds                       
        ________________          (17)

      (18) Primary
        Mortgage Insurance / Gov’t Insurance            
________________          (18a)
        HUD

      Part
        A                                   
        ________________          (18b)
        HUD 

      Part
        B 

      (19) Pool
        Insurance Proceeds                          
        ________________          
        (19)

      (20) Proceeds
        from Sale of Acquired Property              
        ________________          
        (20)

      (21) Other
        (itemize)                             
        ________________          
        (21)

      _________________________________________       
        ________________          
        (21)

       

      Total
        Credits                               
        $________________        
        (22)

      Total
        Realized Loss (or Amount of Gain)               $________________         (23)

       

      Escrow
        Disbursement Detail

      

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

              

      

      
        	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

       

      
 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
        1

       

      MORTGAGE
        LOAN SCHEDULE

       

      [AVAILABLE
        UPON REQUEST]

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
        2

       

      PREPAYMENT
        CHARGE SCHEDULE

      [AVAILABLE
        UPON REQUEST]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]